Pengaruh Pengungkapan ESG Dan Good Corporate Governance Terhadap Kinerja Keuangan: Bukti Empiris Peran Moderasi ESG Investors Dan Good Corporate Governance
ESG開示と良好な企業統治が財務業績に与える影響：ESG投資家と良好な企業統治の調整役の実証的証拠 (AI 翻訳)
Esa Virjinia Ririanti, Ida Nur Aeni
🤖 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基礎化学産業22社を対象に、ESG開示と企業統治（独立取締役、監査委員会）が財務業績（ROA）に与える影響と、ESG投資家の調整効果を分析。独立取締役は業績に正の影響を与えるが、ESG開示と監査委員会は有意な効果を示さず、ESG投資家は監査委員会と業績の関係のみを調整することを発見。
English
This study analyzes the impact of ESG disclosure and corporate governance (independent directors, audit committee) on financial performance (ROA) and the moderating role of ESG investors, using a sample of 22 basic and chemical industry companies listed on the Indonesia Stock Exchange (2022–2024). Results show that independent directors positively affect performance, while ESG disclosure and audit committee have no significant effect. ESG investors only moderate the audit committee–performance relationship.
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
インドネシア市場におけるESG開示とガバナンスの実証研究。日本とは制度や投資家構成が異なるが、新興国での知見として参考になる。
In the global GX context
Provides empirical evidence from an emerging market (Indonesia) on ESG disclosure and governance. While limited by small sample and short period, it contributes to the global dialogue on the effectiveness of ESG practices in different institutional contexts.
👥 読者別の含意
🔬研究者:Useful for comparative studies on ESG and governance in emerging markets.
🏛政策担当者:Highlights the need for stronger governance mechanisms to complement ESG disclosures in developing economies.
📄 Abstract（原文）
This study aims to analyze the impact of Environmental, Social, and Governance Disclosure and Good Corporate Governance on corporate financial performance, as well as to examine the role of ESG investors as a moderating variable. In this study, GCG is proxied by independent commissioners and audit committees, while financial performance is measured using ROA. This study employs a quantitative approach using secondary data obtained from financial statements, annual reports, and sustainability reports of companies in the basic and chemical industries listed on the Indonesia Stock Exchange for the period 2022–2024. The study sample consists of 22 companies with a total of 66 observations selected using purposive sampling. Data analysis in this study was conducted using EViews 12. The analytical methods employed include multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that ESG disclosure and the audit committee do not have a significant effect on financial performance, whereas independent directors have a positive and significant effect. Furthermore, ESG investors only moderate the relationship between the audit committee and financial performance, but do not moderate the relationship between ESG disclosure and independent directors on financial performance. These findings suggest that internal oversight mechanisms through independent directors are more effective in improving financial performance compared to ESG practices. This study provides empirical evidence regarding the importance of strengthening corporate governance and improving the quality of ESG implementation in supporting corporate financial performance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.23969/jp.v11i02.48316first seen 2026-06-05 05:29:09 · last seen 2026-06-15 05:27:29
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