ESG開示が企業価値に与える影響：インドネシアのインフラ・不動産企業からの証拠
The Effect of Environmental, Social, and Governance (ESG) Disclosure on Firm Value Evidence from Infrastructure and Property & Real Estate Firms in Indonesia (原題)
Daffa Eka Agfianto, Ratna Septiyanti
🤖 gxceed AI 要約
日本語
インドネシア証券取引所に上場するインフラ・不動産企業38社（2021–2024年、152件）を対象に、ESG開示・収益性・レバレッジが企業価値（Tobin's Q）に与える影響を重回帰分析で検証。ESG開示と収益性は企業価値に有意な影響を与えず、レバレッジのみが正で有意な影響を示した。モデル全体の説明力は12.28%にとどまり、ESG開示の市場評価への寄与は限定的であることを示唆する。
English
This study examines how ESG disclosure, profitability, and leverage affect firm value among 38 infrastructure and property/real estate firms listed on the Indonesia Stock Exchange (2021–2024, 152 firm-year observations). Using multiple linear regression, it finds ESG disclosure and profitability have no significant effect on Tobin's Q, while leverage has a positive significant effect. The model explains only 12.28% of variation, suggesting ESG disclosure's market valuation impact is limited in these sectors.
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基準や有報でのサステナビリティ開示が進むが、本論文は新興国におけるESG開示と企業価値の関係を示す。日本企業の開示戦略を考える上で、市場評価への影響が限定的である可能性を示唆する比較材料となる。
In the global GX context
While global frameworks like ISSB and CSRD push mandatory ESG disclosure, this study from Indonesia finds no significant link between ESG disclosure and firm value in infrastructure and real estate. It adds emerging-market evidence to the debate on whether disclosure translates into market valuation, relevant for global standard-setting discussions.
👥 読者別の含意
🔬研究者:新興国におけるESG開示と企業価値の関係について、レバレッジが支配的な決定要因であることを示す実証的証拠を提供する。
🏢実務担当者:インドネシアのインフラ・不動産セクターでは、ESG開示が短期的な企業価値向上に直結しない可能性を理解し、開示戦略を検討する際の参考にできる。
🏛政策担当者:新興国でのESG開示義務化を検討する際、開示が市場評価に結びつくまでに時間や追加措置が必要である可能性を示唆する。
📄 Abstract（原文）
This study aims to examine the effects of ESG disclosure, profitability, and leverage on firm value among infrastructure and property and real estate companies listed on the Indonesia Stock E change during the 2021–2024 period. Using a quantitative approach, this study analyzes 38 companies, resulting in 152 firm-year observations. ESG disclosure is measured using a disclosure index, profitaility is proxied by Return on Assets (ROA), leverage is measured by the Debt-to-Asset Ratio (DAR), and firm value is represented by Tobin’s Q. The data are analyzed using multiple linear regression to examine both the partial and simultaneous effects of the independent variables on firm value. The results indicate that ESG disclosure does not have a significant effect on firm value (p = 0.2530), and profitability also has no significant effect on firm value (p = 0.0916). In contrast, leverage has a positive and significant effect on firm value (p = 0.0007; β = 0.602271). The simultaneous test indicates that ESG disclosure, profitability, and leverage jointly have a significant effect on firm value (p = 0.000053). However, the model explains only 12.28% of the variation in firm value, suggesting that other factors outside the model play a substantial role in determining market valuation. These findings indicate that leverage represents a more prominent determinant of firm value than ESG disclosure and profitability within the observed sectors and period.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61132/ijema.v3i3.1289first seen 2026-09-14 04:47:55
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