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インドネシアの気候感受性産業における気候変動開示と企業業績

Climate change disclosure and firm performance in climate sensitive industries in Indonesia (原題)

Fadillah Ahmad Fauzi Pratama, Doddy Setiawan, Nur Chayati, Hooy Chee Wooi, W. C. Mandagie

Discover Sustainability📚 査読済 / ジャーナル2026-06-17#TCFD対象セクター: cross_sector
DOI: 10.1007/s43621-026-03785-7
原典: https://doi.org/10.1007/s43621-026-03785-7
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🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場企業を対象に、気候変動開示（CCD）と財務業績の関連をステークホルダー理論に基づき検証。2019〜2022年の958社年データを重回帰分析し、CCDと将来業績に弱い正の関連を確認。Heckman二段階モデル等で頑健性を確認。新興市場の任意開示制度における理論的・実務的示唆を提供。

English

This study examines the association between corporate climate change disclosure (CCD) and financial performance among Indonesian listed firms in climate-sensitive sectors from 2019-2022. Using 958 firm-year observations and multiple regression with robustness checks, it finds a weak positive link between CCD and future performance. The findings extend stakeholder theory to emerging markets and support policy efforts to strengthen disclosure frameworks.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ開示が始まり、任意開示から強制開示への移行期にある。本研究成果は、開示が企業価値に与える影響の実証エビデンスとして、日本の上場企業や投資家にとって参考になる。特に、新興市場での開示の戦略的意義を示す点で、日本企業の海外子会社やサプライチェーン管理にも示唆を与える。

In the global GX context

This paper contributes to the global discourse on climate disclosure by providing empirical evidence from an emerging market, complementing studies from developed economies. It supports the business case for TCFD-aligned disclosure and informs policymakers in jurisdictions implementing ISSB standards, highlighting the potential benefits of disclosure even in voluntary regimes.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the CCD-performance link in an emerging market, extending stakeholder theory and offering a replicable methodology.

🏢実務担当者:Suggests that climate disclosure can serve as a strategic signal for long-term resilience, potentially influencing investor relations and stakeholder engagement.

🏛政策担当者:Offers empirical support for strengthening climate disclosure frameworks in developing economies, aligning with global ISSB trends.

📄 Abstract（原文）

Drawing on stakeholder theory, this study examines the influence of corporate climate change disclosure (CCD) on the financial performance of firms listed on the Indonesia Stock Exchange (IDX). Focusing on climate-sensitive industry sectors during the 2019–2022 period, the research utilizes a sample of 958 firm-year observations analyzed through multiple linear regression, with results validated via the Heckman two-stage model and robustness tests. The findings reveal a weak positive association between CCD and future firm performance, achieving statistical significance at a conservative threshold. This indicates that while current-year disclosures are associate with subsequent financial outcomes, the magnitude of this effect remains limited. Theoretically, these results extend the boundary conditions of stakeholder theory to emerging markets with voluntary disclosure regimes. Practically, the study suggests that firms can leverage CCD as a strategic signal for long-term resilience and accountability, while providing empirical support for policymakers to strengthen climate disclosure frameworks. Methodologically, this research contributes by applying a TCFD-based framework and rigorous validation techniques, offering a replicable empirical approach for climate-related studies in developing economies.

🔗 Provenance — このレコードを発見したソース

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