ESG、環境イノベーション、企業収益性：インドネシアからの直接的・遅延効果の証拠
ESG, environmental innovation, and corporate profitability: Evidence of direct and lagged effects from Indonesia (原題)
Tarsisius Renald Suganda, D. Halim, P. Sastroredjo, Boymurodov Farrukh Farkhod Ugli
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場の非金融企業を対象に、ESGパフォーマンスが環境イノベーションを介して企業収益性に与える影響を分析。2012〜2023年のパネルデータを用い、固定効果回帰と媒介分析を実施。ESGは環境イノベーションと収益性に正の影響を与え、環境イノベーションはROEに有意な効果を示し、遅延効果も確認された。新興市場におけるESG戦略の重要性を示唆。
English
This study analyzes how ESG performance affects corporate profitability through environmental innovation, using panel data from Indonesian non-financial firms (2012-2023). Fixed-effects and mediation analyses show ESG positively influences both environmental innovation and profitability, with environmental innovation significantly improving ROE and showing lagged positive effects on both ROA and ROE. Findings highlight the role of environmental innovation as a transmission mechanism 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開示が進む中、ESGと環境イノベーションの連携が収益性に与える影響を示す本研究成果は、日本企業の開示戦略や投資家対応に示唆を与える。新興市場の事例ではあるが、長期的な価値創造のメカニズムとして参考になる。
In the global GX context
This study contributes to global ESG-performance literature by providing evidence from an emerging market (Indonesia) on the mediating role of environmental innovation. It supports the business case for ESG integration and offers insights for policymakers and managers in aligning ESG initiatives with innovation strategies, relevant to global discussions on sustainable finance and disclosure.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the mediating role of environmental innovation in the ESG-profitability link in an emerging market.
🏢実務担当者:Highlights the importance of aligning ESG initiatives with environmental innovation to enhance long-term profitability.
🏛政策担当者:Suggests that supportive regulatory incentives for environmental innovation can amplify the financial benefits of ESG performance.
📄 Abstract（原文）
This study investigates whether environmental innovation serves as a mechanism through which ESG performance influences corporate profitability in an emerging market context. While prior studies showed a direct association between ESG and firm performance, evidence on the mediating role of environmental innovation remains limited, particularly in Indonesia. Using panel data from all non-financial firms listed on the Indonesia Stock Exchange during 2012-2023, this study employs fixed-effects regression, mediation analysis, and lagged-effect testing. ESG performance is measured by ESG scores, environmental innovation is proxied by environmental innovation scores, and profitability is assessed using return on assets (ROA) and return on equity (ROE). The results indicate that ESG performance positively affects both environmental innovation and profitability. Environmental innovation significantly improves ROE and shows a weaker contemporaneous effect on ROA, while lagged analyses show positive impacts on both profitability measures. The findings extend the ESG-performance literature by demonstrating that environmental innovation acts as a transmission mechanism through which ESG performance generates financial benefits over time in an emerging market setting. For managers and policymakers, the results underscore the importance of aligning ESG initiatives with environmental innovation strategies and supportive regulatory incentives to enhance long-term profitability and sustainable value creation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.26905/afr.v9i2.16932first seen 2026-08-30 05:34:06 · last seen 2026-09-20 05:15:59
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