Innovation, Green Management, and Value Creation in Indonesian Healthcare: The Mediating Role of Business Sustainability
インドネシアヘルスケアにおけるイノベーション、グリーンマネジメント、価値創造：ビジネスサステナビリティの媒介的役割 (AI 翻訳)
Wiwik Utami, Erna Setiany, Rieke Pernamasari, A. A. Pitchay
🤖 gxceed AI 要約
日本語
インドネシアのヘルスケア企業を対象に、知的資本（VAIC）とESGスコア、炭素排出開示（CEDI）が企業価値（MVA）に与える影響を分析。VAICのみが有意な正の効果を示し、ESGとCEDIは市場価値に影響を与えなかった。これは、新興国ではサステナビリティ開示がまだ株主価値に結びついていないことを示唆する。
English
This study examines the impact of intellectual capital (VAIC), ESG scores, and carbon emission disclosure (CEDI) on firm value (MVA) in Indonesian healthcare firms. Results show only VAIC has a significant positive effect, while ESG and CEDI do not affect market value, suggesting sustainability disclosure has not yet translated into financial returns in this emerging market context.
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
本論文は、インドネシアのヘルスケアセクターにおいて、ESG開示がまだ市場評価に結びついていないことを示す。日本ではSSBJ開示基準の導入が進むが、同様に短期での市場効果が限定的である可能性を示唆しており、投資家教育や規制の成熟度の重要性を浮き彫りにする。
In the global GX context
This paper provides evidence from an emerging market (Indonesia) that carbon disclosure and ESG scores are not yet priced by investors, highlighting the gap between sustainability reporting and market valuation. Globally, it underscores the need for complementary investor education and regulatory maturity to make disclosure value-relevant, especially as ISSB standards are adopted across jurisdictions.
👥 読者別の含意
🔬研究者:Provides empirical evidence that intellectual capital and sustainability practices function as separate strategic priorities in emerging-market healthcare, challenging the assumption of an immediate link between ESG disclosure and firm value.
🏢実務担当者:Sustainability teams in emerging-market healthcare firms should recognize that carbon disclosure may not yet yield market rewards, but it remains important for regulatory compliance and future investor expectations.
🏛政策担当者:Regulators in emerging markets should consider that mandatory ESG disclosure alone may not drive market value; complementary measures such as investor awareness and rating standardization are needed.
📄 Abstract（原文）
This study examines how innovation and green management influence business sustainability and firm value in Indonesian healthcare companies. Innovation is measured using Value-Added Intellectual Capital (VAIC) efficiency, green management through Environmental, Social, and Governance (ESG) scores, business sustainability as carbon emission disclosure (CEDI), and firm value as Market Value Added (MVA). The sample consists of 123 firm-year observations from healthcare firms listed on the Indonesia Stock Exchange (2019–2023). Based on the capital-based theory of sustainability and stakeholder theory, hypotheses are tested using fixed-effect panel regression, Baron and Kenny mediation analysis, and Structural Equation Modelling (SEM). The results show that VAIC is the only significant predictor of MVA, with a consistent positive effect across all model specifications. Neither ESG Score nor CEDI shows a significant effect on market value, indicating that sustainability disclosure has not yet translated into measurable financial returns in this context. Within the structural model, ESG governance is the strongest predictor of carbon disclosure, while firms with higher VAIC tend to prioritise value creation over environmental reporting. All mediation hypotheses are rejected. These findings suggest that intellectual capital and sustainability practices currently function as separate strategic priorities in Indonesian healthcare. Intellectual capital produces tangible market value in the short term, while the financial benefits of sustainability disclosure are likely to emerge only as Indonesia’s ESG reporting standards and investor awareness continue to develop.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19060440first seen 2026-06-26 05:39:53
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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。