ESGが企業価値に与える影響：機関所有は関係を強化するか？

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence on ESG-firm value link in an emerging market banking context, useful for comparative studies.

🏢実務担当者:Suggests that mere ESG disclosure may not enhance firm value without effective communication and institutional support.

🏛政策担当者:Indicates that regulatory efforts to promote ESG disclosure may need complementary measures to enhance market relevance.

This study examines the influence of Environmental, Social, and Governance (ESG) disclosure on company value and investigates whether institutional ownership moderates this relationship in banking sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The study is motivated by the critical role of the banking sector in the Indonesian financial system, accounting for approximately seventy-three percent of total national financial assets, as well as the persistent inconsistency in previous research findings regarding the effect of ESG disclosure on firm value. The sample consists of one hundred and forty-four firm-year observations obtained from banking companies selected using purposive sampling with criteria including the consecutive publication of annual reports and sustainability reports during the observation period. Panel data regression analysis with the Fixed Effect Model was employed to test the proposed hypotheses. The results indicate that ESG disclosure does not have a significant effect on company value, suggesting that sustainability information has not been optimally integrated into investors' valuation assessments in the Indonesian banking sector. Furthermore, institutional ownership does not moderate the relationship between ESG disclosure and company value, implying that institutional investors' supervisory function has not effectively enhanced the credibility or market relevance of ESG information. Among the control variables, firm size has a significant negative effect on company value, while profitability does not significantly influence company value. These findings suggest that investors in the Indonesian banking sector still prioritize traditional financial performance over non-financial sustainability information, and institutional ownership alone is insufficient to strengthen the market response to ESG disclosure.

• semanticscholar https://ijamesc.com/index.php/go/article/download/879/610first seen 2026-09-09 05:46:54 · last seen 2026-09-22 05:22:01