インドネシア・エネルギーセクターにおけるESG開示・所有構造と財務パフォーマンスの関係に対するジェンダー多様性の調整効果
The Moderating Role of Gender Diversity in the Relationship between ESG Disclosure, Ownership Structure, and Financial Performance in Indonesia's Energy Sector (原題)
E. Parwati, Wendy, Giriati
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー企業183件の観測データを用い、ESG開示と所有構造（経営・機関・外国人）が財務パフォーマンスに与える影響を検証。ESG開示と各所有構造はいずれもROAに正の効果を持つ。取締役会のジェンダー多様性も直接的に財務パフォーマンスを高めるが、調整変数としてはESG・所有構造とROAの関係を弱める（交互作用は負）ことを示した。
English
Using 183 firm-year observations from Indonesian listed energy companies, this study tests how ESG disclosure and managerial, institutional, and foreign ownership affect financial performance. ESG disclosure and all three ownership types positively affect ROA, and board gender diversity has a direct positive effect. However, as a moderator, gender diversity weakens the ESG/ownership–ROA links, with significantly negative interaction terms, suggesting diverse boards trade short-term gains for long-term governance.
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
新興国エネルギー企業におけるESG開示と財務の関係を扱う点は、SSBJ・有報開示を進める日本企業が東南アジア事業・投資先の評価に活用できる視点を提供する。ジェンダー多様性が短期的収益を抑え得るという知見は、取締役会構成と開示ガバナンスを議論する日本企業にも示唆的。
In the global GX context
Adds emerging-market empirical evidence to the global ESG-disclosure-to-performance literature relevant to ISSB/TCFD adoption in Asia. The finding that board gender diversity can dampen short-term returns while supporting long-term governance speaks to CSRD/ISSB debates on governance metrics and board composition.
👥 読者別の含意
🔬研究者:ESG開示と財務成果の因果関係、および取締役会多様性の調整効果に関する新興国エビデンスとして参照できる。
🏢実務担当者:東南アジアのエネルギー事業・投資先評価や取締役会構成・ESG開示戦略の設計に活用できる。
🏛政策担当者:新興国でのESG開示義務化とコーポレートガバナンス（女性登用）政策の設計に示唆を与える。
📄 Abstract（原文）
This study examines the impact of Environmental, Social, and Governance (ESG) disclosure and ownership structure, including managerial, institutional, and foreign ownership, on the financial performance of energy sector companies in Indonesia, while also investigating the moderating role of gender diversity. Using a quantitative approach, secondary data were collected from the annual and sustainability reports of energy companies listed on the Indonesia Stock Exchange, resulting in 183 observations analyzed using Stata version 19. The findings reveal that ESG disclosure has a significant positive effect on financial performance, and similarly, managerial, institutional, and foreign ownership each contribute positively to company profitability. Gender diversity is also found to have a direct positive effect on financial performance, indicating that the presence of women on corporate boards enhances oversight quality and supports better decision-making processes. However, as a moderating variable, gender diversity does not strengthen the relationship between ESG disclosure or ownership structure and return on assets (ROA). Instead, the interaction effects between gender diversity and ESG, as well as the three ownership structures, are significantly negative, suggesting that the more rigorous oversight, cautious decision-making, and long-term strategic orientation associated with diverse boards may reduce short-term financial gains despite supporting sustainable corporate governance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journals.ubpd.ac.id/index.php/magisma/article/download/9/2first seen 2026-10-17 05:15:02 · last seen 2026-11-05 06:15:51
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。