危機下におけるマカースィド・アル＝シャリーアのコミットメントとインドネシア・イスラム資本市場のESGパフォーマンス

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

🔬研究者:危機時のESGスコアと実質的コミットメントの乖離を、レベル変化と傾き変化に分けて識別する実証設計として参考になる。

🏢実務担当者:危機下でも安全・環境システムを守りつつ、年金・育児・保険・包摂・地域福祉など多年次の資金と責任を明示的に確保すべきという実務示唆。

🏛政策担当者:集計ESGスコアだけでなく、次元別・労働力関連指標を組み合わせて評価する規制・開示枠組みの必要性を示唆。

This study examines whether immediate-protection and longer-horizon employee and family-welfare commitments contribute differently to corporate environmental, social, and governance (ESG) performance during a systemic crisis. This study adopts a quantitative explanatory longitudinal design using Panel data combine cross-sectional and temporal information, permit the estimation of within-firm change, and allow time-invariant unobserved firm characteristics. The study uses an unbalanced panel of 84 non-financial companies included in Indonesia’s List of Sharia Securities from 2015 to 2024 which comprising 593 firm-year observations. Results show that PL is positively associated with overall ESG, Environmental, and Social performance outside the COVID-coded period, but none of the PL-COVID interactions is significant. This results implied that the PL-ESG slope therefore does not change detectably during the crisis. PLA is positively associated with all four outcomes outside the COVID-coded period, while its COVID interactions are consistently negative and significant in the primary and firm-clustered specifications. Theoretically, the findings qualify an additive view of Maqasid-oriented responsibility, whereby essential, immediate harm-prevention practices are more crisis-resilient than recurring, longer-horizon welfare commitments, and visible ESG improvement can coexist with a weaker substantive contribution from employee and family-welfare practices. Practically, firms should protect safety and environmental systems while ring-fencing multi-year funding, responsibility, and continuity indicators for pensions, maternity support, insurance, inclusion, and community welfare. Regulators, rating providers, and investors should evaluate aggregate ESG scores together with dimension-specific and workforce indicators. The study contributes by separating crisis-related level changes from slope moderation and by identifying which Maqasid domain is most vulnerable to systemic disruption.

• semanticscholar https://ejournal.umm.ac.id/index.php/JES/article/download/46014/19206first seen 2026-09-15 05:16:26 · last seen 2026-09-21 05:22:03