監査委員会の財務専門性、開示で裏付けられた企業デジタル化、および開示で裏付けられたESGプロファイル：透明性と企業価値

Audit Committee Financial Expertise, Disclosure-Evidenced Corporate Digitalization, and Disclosure-Evidenced ESG Profile: Transparency and Firm Value (原題)

Atika Rahmi, Riska Franita, Rizal Indra Tjahya

Indonesian Journal of Taxation and Accounting📚 査読済 / ジャーナル2026-09-29#ESG経営インパクト: 資金調達対象セクター: cross_sector

DOI: 10.66053/ijota.v4i3.1214

原典: https://doi.org/10.66053/ijota.v4i3.1214

🤖 gxceed AI 要約

日本語

インドネシア上場非金融企業306社・1,782社年（2018–2024年）のパネルデータを用い、監査委員会の財務専門性（ACFE）、開示で裏付けられたデジタル化（DIG）、ESGプロファイル（ESGP）が会計透明性（AT）を介して企業価値（FV）と関連するかを検証した。ACFE・DIG・ESGPはいずれもATと正に関連し、ATはFVと正に関連。ATを介した間接効果は有意で、AT投入後も直接効果が残った。ただしDIG・ESGP・ATが同一の企業報告書に由来する点が限界である。

English

Using an unbalanced panel of 306 Indonesian listed non-financial firms (1,782 firm-year observations, 2018–2024) with firm and year fixed effects, the study tests whether audit committee financial expertise (ACFE), disclosure-evidenced digitalization (DIG), and a disclosure-evidenced ESG profile (ESGP) relate to firm value (FV) via accounting transparency (AT). All three positively associate with AT, and AT with FV; bootstrap indirect effects are significant and direct associations persist. A key limitation is that DIG, ESGP, and AT share the same corporate-report source.

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・インドネシアにおけるESG開示と企業価値の関係を透明性経由で示す実証で、SSBJ・有報でのESG開示拡充が日本企業の資本コストや企業価値にどう効くかを考える際の比較材料となる。ただし開示の「内容」と「検証された実績」を区別する視点は日本実務にも示唆的。

In the global GX context

Adds emerging-market (Indonesia) evidence linking disclosure-evidenced ESG profiles to firm value through accounting transparency, complementing TCFD/ISSB-era disclosure scholarship that mostly draws on developed markets. Its explicit distinction between disclosure-evidenced ESG and verified sustainability performance speaks to greenwashing and assurance debates in CSRD/ISSB contexts.

👥 読者別の含意

🔬研究者:ESG開示・透明性・企業価値の媒介経路を新興国パネルで検証する際の設計と限界（共通源泉バイアス）の参考になる。

🏢実務担当者:ESG・デジタル化の開示が透明性を通じ企業価値に資する可能性を示すが、開示内容と実績の乖離には注意が必要。

🏛政策担当者:開示の質・検証可能性を高める規制設計が、透明性と企業価値の連動に寄与しうる点を示唆する。

📄 Abstract（原文）

Purpose – This study investigates whether audit committee financial expertise (ACFE), disclosure-evidenced corporate digitalization (DIG), and a disclosure-evidenced environmental, social, and governance (ESG) profile (ESGP) are associated with firm value (FV), directly and statistically through accounting transparency (AT). ESGP represents evidence in corporate reports rather than independently verified sustainability performance. Methods – An unbalanced panel of 306 Indonesian listed non-financial firms, comprising 1,782 firm-year observations from 2018–2024, was analyzed using firm and year fixed effects and company-clustered standard errors. Three indirect associations were assessed with 5,000 bootstrap resamples clustered by company. Findings – ACFE, DIG, and ESGP were positively associated with AT (β = 0.073, 0.215, and 0.128, respectively). AT was positively associated with FV (β = 0.184). The estimated indirect associations through AT were 0.013 for ACFE (95% confidence interval [CI]: [0.004, 0.026]), 0.040 for DIG (95% CI [0.021, 0.065]), and 0.024 for ESGP (95% CI [0.010, 0.044]). Positive conditional direct associations remained after AT entered the valuation model. Research implications – The findings suggest that the specificity and interpretability of financial information merit attention when firms report governance, digital, and ESG-related activities. Their practical relevance is limited by the shared corporate-report source of DIG, ESGP, and AT. Originality – The integrated model distinguishes the coded content of ESGP from AT and examines three parallel statistical transmission paths in Indonesian firms. The observational, contemporaneous design does not establish causal mediation, investor responses, or underlying sustainability outcomes.

🔗 Provenance — このレコードを発見したソース

openalex https://doi.org/10.66053/ijota.v4i3.1214first seen 2026-10-17 04:48:27
semanticscholar https://ejournal.abcollab.id/index.php/IJOTA/article/download/1214/873first seen 2026-10-20 04:59:57 · last seen 2026-11-06 05:25:06

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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。