Exploring the Influence of ESG Transparency and Profitability Ratios on Firm Value in Emerging Markets
新興国市場におけるESG透明性と収益性指標が企業価値に与える影響の探求 (AI 翻訳)
Iqbal Pangestu Santoso
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの食品飲料業界におけるESG開示と収益性指標が企業価値に与える影響をパネルデータ分析で検証。ESG開示とROAは企業価値（PBV）に正の影響、ROEは負の影響を与えることが示され、持続可能性報告と資産効率の重要性を強調。調整済みR²は96%と高い説明力を示した。
English
This study examines the impact of ESG disclosure and profitability ratios on firm value in Indonesia's food and beverage industry using panel data regression (2019-2023). It finds that ESG disclosure and ROA positively affect firm value (PBV), while ROE has a negative effect. The model explains 96% of variance, highlighting the importance of sustainability reporting and asset efficiency in emerging markets.
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
日本企業が新興国進出やサプライチェーン管理を検討する際、ESG開示が現地企業価値にどう影響するかの参考になる。ただしSSBJや日本の有報制度との直接的な関連は薄い。
In the global GX context
While focused on Indonesia, this study reinforces the global evidence that ESG transparency is value-relevant in emerging markets. For disclosure frameworks like ISSB or GRI, it provides empirical support for the materiality of ESG information in less mature capital markets.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure effects in an emerging market context, useful for comparative studies on market-based valuation impacts.
🏢実務担当者:Offers insights for firms operating in emerging markets on how ESG disclosure can enhance firm value, particularly through asset efficiency (ROA).
🏛政策担当者:Suggests that mandating ESG disclosure in emerging markets may positively influence corporate valuation, supporting regulatory initiatives like IDX's sustainability reporting rules.
📄 Abstract（原文）
This study aims to examine the impact of Environmental, Social, and Governance (ESG) disclosure and financial performance on firm value among companies in Indonesia’s food and beverage industry listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. Using a quantitative research approach, the study employs panel data regression with purposive sampling across 24 companies, yielding a total of 96 observations. The independent variables consist of ESG disclosure and financial performance indicators, including Net Profit Margin (NPM), Return on Assets (ROA), Return on Equity (ROE), and Leverage, while firm value is measured using the Price to Book Value (PBV) ratio. Statistical analysis using the Fixed Effect Model (FEM) reveals that ESG disclosure and ROA have a positive and significant effect on firm value, whereas ROE exhibits a negative and significant relationship. Meanwhile, NPM and Leverage show no significant influence. The joint test results indicate that all independent variables simultaneously affect firm value with a coefficient of determination (R²) of 96.12%, suggesting that variations in firm value can be largely explained by ESG disclosure and financial performance metrics. These findings highlight the importance of sustainability reporting and efficient asset utilization in enhancing corporate valuation. The study contributes to the growing body of literature on sustainable finance by emphasizing the role of ESG transparency as a strategic factor influencing investor perception and firm competitiveness in emerging markets.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.33751/jssah.v5i2.12843first seen 2026-05-05 19:08:28
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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。