EFEK MODERASI TIPE INDUSTRI DALAM HUBUNGAN ESG DISCLOSURE TERHADAP FIRM VALUE: STUDI EMPIRIS PADA PERUSAHAAN YANG TERDAFTAR DI BEI
業種タイプのESG開示と企業価値の関係に対する調整効果：インドネシア証券取引所上場企業の実証研究 (AI 翻訳)
Febria Agatha Br Sembiring
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場企業2020-2024年のデータを用いて、ESG開示が企業価値に与える影響と業種タイプの調整効果を分析した。パネルデータ回帰の結果、ESG開示は企業価値に有意な影響を与えず、業種タイプも調整効果を示さなかった。これはインドネシアの投資家がESG情報を投資判断の主要要因としてまだ活用していないことを示唆する。
English
This study examines the effect of ESG disclosure on firm value and the moderating role of industry type using panel data from Indonesian listed companies (2020-2024). Results show no significant effect of ESG disclosure on firm value, and industry type does not moderate the relationship. The findings suggest Indonesian investors have not yet integrated ESG information as a primary fundamental factor in investment decisions.
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
インドネシア市場ではESG開示が企業価値に結びついていないという結果は、日本の投資家行動や開示の実効性を考える上で参考になる。日本でもESG情報の価値関連性が必ずしも確立していない可能性を示唆する。
In the global GX context
This study adds to the literature on ESG disclosure and firm value in emerging markets (Indonesia). It highlights that in some contexts, ESG disclosure may not yet be value-relevant, which is important for understanding the global heterogeneity of ESG integration.
👥 読者別の含意
🔬研究者:Useful for researchers studying ESG disclosure value relevance in emerging markets.
🏢実務担当者:For corporate sustainability teams in Indonesia or similar markets, it suggests that current ESG disclosure may not boost firm value, so strategic focus might need to shift.
🏛政策担当者:Regulators in Indonesia might consider enhancing the materiality and comparability of ESG disclosure to increase its relevance.
📄 Abstract（原文）
The awareness of adopting Environmental, Social, and Governance (ESG) principles has become a crucial issue in achieving corporate sustainability and attracting investor interest in the capital market. This study aims to examine the effect of ESG disclosure on firm value and analyze the role of industry type as a moderating variable. The research objects include companies listed on the Indonesia Stock Exchange from 2020 to 2024 that met the purposive sampling criteria, resulting in a total of 250 observations. ESG disclosure, as the independent variable, is measured using ESG scores, while the dependent variable is firm value, measured through market valuation proxies. Data analysis was conducted using the panel data regression method with a Fixed Effect Robust model. The results of this study indicate that ESG disclosure does not have a significant effect on firm value. Furthermore, the industry type variable was found to be unable to moderate the relationship between ESG and firm value. This suggests that investors in Indonesia have not yet utilized ESG information as a primary fundamental factor in investment decision-making that impacts market valuation. These findings also demonstrate a homogeneity in disclosure across various industrial sectors, which tends to be performed as a form of compliance with financial authority regulations rather than a strategic effort to enhance firm value
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.35446/akuntansikompetif.v9i2.2782first seen 2026-07-18 07:47:31
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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。