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THE EFFECT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE DISCLOSURE ON FIRM VALUE IN ENERGY SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN THE 2021-2023 PERIOD

環境・社会・ガバナンス（ESG）開示が企業価値に与える影響：2021-2023年インドネシア証券取引所上場エネルギーセクター企業の分析 (AI 翻訳)

Priskila Sinaga, Arthur Simanjuntak, Farida Sagala, Mitha Christina Ginting

Jurnal Ilmiah Accusiプレプリント2025-05-25#ESG
DOI: 10.36985/94t7h561
原典: https://doi.org/10.36985/94t7h561

🤖 gxceed AI 要約

日本語

本研究は、インドネシア証券取引所に上場するエネルギー企業67社を対象に、ESG開示が企業価値（Tobin's Q、PBV、PER）に与える影響を分析した。GRI基準に基づくESG開示指数を用いた定量分析の結果、ESG開示は企業価値に有意な正の影響を与えることが示された。分析期間は2021〜2023年。

English

This study examines the effect of ESG disclosure on firm value for 67 energy-sector companies listed on the Indonesia Stock Exchange from 2021-2023. Using a GRI-based ESG disclosure index and multiple linear regression, it finds that environmental, social, and governance disclosure positively influences firm value measured by Tobin's Q, PBV, and PER.

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

インドネシアのエネルギー企業におけるESG開示と企業価値の関係を実証した点で、新興国のESG実務に示唆を与える。日本企業にもアジア新興国市場でのESG戦略参考となる。

In the global GX context

This paper provides empirical evidence from an emerging market (Indonesia) on the value relevance of ESG disclosure in the energy sector. It contributes to the global ESG disclosure literature, particularly for countries developing mandatory sustainability reporting frameworks.

👥 読者別の含意

🔬研究者:Adds to ESG-firm value literature with evidence from an Indonesian energy context, using a GRI-based disclosure index.

🏢実務担当者:Energy companies in emerging markets can use this to justify enhanced ESG reporting for investor relations.

🏛政策担当者:Indonesian regulators may consider this as support for mandatory sustainability reporting in the energy sector.

📄 Abstract（原文）

This study aims to examine the effect of Environmental, Social, and Governance Disclosure (ESG) on firm value. The dependent variable used in this study is firm value measured using Tobin's Q, PBV, and PER. While the independent variable ESG Disclosure is measured based on the ESG disclosure index adjusted to the Global Reporting Initiative (GRI) guidelines and measured using CSRIj. This study uses a quantitative approach with secondary data obtained from the company's annual report and sustainability report during the observation period and the data used in this study were obtained from the company's website or the IDX website (BEI). The population used in the study were energy sector companies listed on the Indonesia Stock Exchange for the 2021-2023 period. The sample of this study was determined using the purposive sampling method, so that the number of samples that met the criteria was 67 company data. The research hypothesis testing used multiple linear regression analysis. This study processes data using Microsoft Excel and conducts testing using SPSS 25 software. The results of this study indicate that Environmental, Social, and Governance Disclosure have an effect on company value (Firm Value)

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