所有構造はESG開示に影響するか？インドネシア製造企業からの実証的証拠
Does Ownership Structure Influence ESG Disclosure? Empirical Evidence from Manufacturing Companies in Indonesia (原題)
Syawalya Rahma, Siti Jubaedah
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場製造企業264社・年（2022–2024年）を対象に、所有構造がESG開示（GRIスタンダード指標）に与える影響を回帰分析で検証。ブロック所有、経営者所有、外国人所有がESG開示を有意に促進する一方、機関投資家所有は有意でなかった。2022年インドネシア・グリーンタクソノミー導入後のESG開示を分析した点が新規。
English
Using 264 firm-year observations of Indonesian listed manufacturing firms (2022–2024), this study regresses ESG disclosure (GRI index) on ownership structure. Block, managerial, and foreign ownership positively affect ESG disclosure, while institutional ownership is insignificant. It uniquely examines disclosure after Indonesia's 2022 Green Taxonomy.
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基準・有報開示の拡大が進む中、所有構造とESG開示の関係は投資家の議決権行使やエンゲージメント戦略を考える上で示唆に富む。新興国での実証は、日本企業のサプライチェーンESGデューデリジェンスにも関連する。
In the global GX context
This adds emerging-market evidence to global disclosure scholarship on how ownership concentration and foreign ownership shape ESG transparency, relevant to ISSB adoption and transition finance debates in Southeast Asia. It also highlights the role of national green taxonomies in driving disclosure.
👥 読者別の含意
🔬研究者:所有構造とESG開示の因果関係について、新興国・製造業の新たな実証証拠を提供する。
🏢実務担当者:外国人株主やブロック株主の存在がESG開示の質を高める可能性を示唆し、投資家対応の優先順位付けに役立つ。
🏛政策担当者:グリーンタクソノミー導入後の開示促進には、所有構造に応じたインセンティブ設計が有効であることを示唆する。
📄 Abstract（原文）
The primary objective of this study is to analyze the impact of ownership structure comprising institutional ownership, block ownership, management ownership, and foreign ownership on environmental, social, and governance (ESG) disclosure. ESG disclosure is proxied using the GRI Standard index. Profitability (ROA) and firm size are used as control variables in this study. The study used a quantitative causal approach through multiple linear regression analysis to test the hypotheses with the aid of SPSS. The research data were obtained from the annual reports and sustainability reports of manufacturing companies listed on the Indonesia Stock Exchange for the period 2022–2024. Using a purposive sampling method, 264 observations that met the research criteria were obtained. The results indicate that block ownership, management ownership, and foreign ownership have a positive effect on ESG disclosure. Meanwhile, institutional ownership does not have a significant effect on ESG disclosure. These results confirm that high levels of ESG disclosure can be attributed to how block, management, and foreign ownership encourage companies to enhance transparency and sustainability practices. This study provides insights into the factors that can encourage companies to engage in ESG disclosure, which can inform investors’ decision-making. Additionally, this research examines ESG disclosure during the period following the implementation of the 2022 Indonesian Green Taxonomy, a topic that has been limited in previous studies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.untidar.ac.id/index.php/rak/article/download/3860/1580first seen 2026-10-26 05:20:22 · last seen 2026-11-06 05:25:08
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