鉱業の収益性を読み解く：財務指標とESG開示の相互作用（2023–2025年）
Unveiling Mining Profitability: The Interplay of Financial Metrics and ESG Disclosures (2023–2025) (原題)
Dalvin Mugito, Henryanto Wijaya
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の鉱業19社・57観測を対象に、流動性・ソルベンシー・活動性・ESG開示が収益性へ与える影響を回帰分析した実証研究。ソルベンシーは負で有意、流動性も負だが非有意、活動性とESG開示は正だが非有意であった。ESG開示は先行コストを伴い便益が長期に及ぶため、短期収益性への効果が顕在化しにくいと論じる。
English
This study regresses profitability on liquidity, solvency, activity, and ESG disclosure for 19 Indonesian-listed mining firms (57 observations, 2023–2025). Solvency shows a significant negative effect; liquidity is negative but insignificant; activity and ESG disclosure are positive but insignificant. The authors attribute the weak ESG effect to upfront disclosure costs with long-term benefits.
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
新興国鉱業セクターにおけるESG開示と財務パフォーマンスの関係を扱う点は、SSBJ・有報での非財務情報開示が企業価値にどう結びつくかを検討する日本企業にとって参照材料となる。ただし短期収益性では効果が非有意であり、開示の便益が長期・資本コスト経由で現れる可能性を示唆する。
In the global GX context
Adds emerging-market mining evidence to the global debate on whether ESG disclosure translates into financial performance, relevant to ISSB/CSRD adopters assessing the materiality and cost-benefit of disclosure. The insignificant short-term effect supports the view that disclosure benefits accrue via cost of capital and long-horizon valuation rather than near-term profit.
👥 読者別の含意
🔬研究者:Provides a small-sample panel test of ESG disclosure–profitability links in an emerging mining context, useful as a comparison point for meta-analyses.
🏢実務担当者:Suggests ESG disclosure costs may not show near-term profit gains, so sustainability teams should frame disclosure benefits around financing and risk rather than earnings.
🏛政策担当者:Illustrates that mandatory ESG disclosure regimes in emerging markets may need longer horizons and supporting incentives before financial benefits materialize.
📄 Abstract（原文）
The objective of this study is to empirically examine the influence of liquidity, solvency, activity, and ESG disclosure on profitability. The sample focuses on mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2023–2025 period. Utilizing secondary data retrieved from annual financial and sustainability reports published by companies and the IDX, data processing was conducted using EViews 12. Through purposive sampling, 19 companies were selected across three years, resulting in 57 observations. The analytical framework incorporates descriptive statistics, classical assumption tests, and multiple linear regression analysis. The results show that solvency has a negative and significant effect on profitability because the interest and financial costs of debt put pressure on net profit. Liquidity has a negative and insignificant effect because current assets mainly serve as a buffer for short-term obligations. Meanwhile, activity and ESG disclosure have a positive but insignificant effect, because activity reflects daily operational efficiency, while ESG disclosure requires upfront costs with long-term benefits.
🔗 Provenance — このレコードを発見したソース
- openalex https://e-journal.citakonsultindo.or.id/index.php/IJEBIR/article/view/7432first seen 2026-11-14 05:18:12
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