Do ESG practices enhance stock returns through firm fundamentals? Evidence from Indonesia
ESG実践は企業ファンダメンタルズを通じて株式リターンを向上させるか？インドネシアからの証拠 (AI 翻訳)
Tilawatil Ciseta Yoda, Tafdil Husni, Elvira Luthan, Rida Rahim
🤖 gxceed AI 要約
日本語
インドネシア非金融企業を対象に、ESGパフォーマンスが株式リターンに与える影響を分析。ESGは直接的な効果を持たないが、全要素生産性やROAを向上させることで間接的にリターンを高めることを発見。新興国市場におけるESGの価値創出メカニズムを示す。
English
This study examines how ESG performance affects stock returns using data from Indonesian non-financial firms (2014-2023). ESG does not directly boost returns, but improves total factor productivity and ROA, which in turn enhance stock returns. ESG operates through fundamental value channels in emerging markets.
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が導入されつつあるが、インドネシアのような新興国市場の実証結果は、日本企業がASEAN地域で事業展開する際のESG戦略に示唆を与える。特に、ESGが直接的な株価プレミアムではなく、ファンダメンタルズ改善を通じて価値創造する点は、日本の投資家や企業にとっても参考になる。
In the global GX context
This paper provides rare empirical evidence from an emerging market on the indirect ESG-return link. It supports the view that ESG creates shareholder value by improving operational efficiency, which is relevant for global investors and multinationals operating in Southeast Asia.
👥 読者別の含意
🔬研究者:Contributes to the ESG-financial performance literature with mediation analysis in an emerging market, showing fundamental channels matter more than direct pricing.
🏢実務担当者:Highlights that ESG investments should be directed at improving productivity and profitability to realize stock market benefits.
🏛政策担当者:Provides support for sustainability reporting regulations that encourage fundamental improvements, not just disclosure.
📄 Abstract（原文）
Type of the article: Research ArticleAbstractThis study examines whether Environmental, Social, and Governance (ESG) performance enhances stock returns directly or indirectly through firm fundamentals in an emerging market context. The analysis focuses on non-financial firms listed on the Indonesian Stock Exchange (IDX) over the period 2014–2023, following the expansion of sustainability reporting regulations in Indonesia. The final sample comprises 4,037 firm-year observations, of which 477 contain available ESG scores obtained from a third-party rating database. Panel data regression models with firm-level controls and mediation analysis are employed to test both direct and indirect relationships. The empirical results indicate that ESG performance has a positive and statistically significant effect on total factor productivity (TFP) and return on assets (ROA), suggesting that sustainability practices are associated with improvements in operational efficiency and profitability. In turn, both TFP and ROA exhibit positive and significant effects on stock returns. However, ESG does not demonstrate a statistically significant direct effect on stock returns after controlling for firm fundamentals. Mediation analysis confirms that ESG influences stock returns indirectly through productivity and profitability channels, with productivity emerging as the stronger transmission mechanism. These findings suggest that, in the Indonesian capital market, ESG operates primarily as a fundamental value-enhancing mechanism rather than as an independent pricing signal. Sustainability performance contributes to shareholder value when it strengthens firms’ internal efficiency and financial resilience, highlighting the importance of fundamental performance channels in emerging markets.
🔗 Provenance — このレコードを発見したソース
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