インドネシアエネルギーセクターにおける炭素開示・グリーンイノベーションと企業価値：機関投資家所有の調整効果
INSTITUTIONAL OWNERSHIP MODERATING CARBON DISCLOSURE, GREEN INNOVATION, AND FIRM VALUE IN THE INDONESIAN ENERGY SECTOR (原題)
F. Fathihani, Ainun Jariah, I. Sari, Retno Puji Astuti
🤖 gxceed AI 要約
日本語
インドネシアの炭素集約型エネルギー企業108社・年を対象に、炭素排出開示（CED）とグリーンイノベーション（GI）が企業価値（Tobin's Q）に与える影響をパネル回帰で検証。CEDは企業価値を有意に高める一方、GIの直接効果は非有意。機関投資家所有が両関係を有意に調整し、GIを企業価値のプラス要因に転換することを示した。
English
Using 108 firm-year observations from Indonesian carbon-intensive energy firms (2022–2025), this panel regression study finds carbon emission disclosure significantly raises firm value (Tobin's Q), while green innovation has no significant direct effect. Institutional ownership significantly moderates both relationships, turning green innovation into a positive value driver. Governance monitoring is shown to be a boundary condition for markets to price sustainability practices 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
日本ではSSBJ基準・有価証券報告書でのサステナビリティ開示が義務化方向にあり、開示の企業価値効果や機関投資家のモニタリング機能を実証した本稿は、日本企業の開示対応や投資家エンゲージメントの根拠として示唆に富む。新興国特有の文脈はあるが、開示とガバナンスの相互作用という論点は日本でも直接応用可能。
In the global GX context
Amid ISSB/IFRS S1-S2 adoption and CSRD-driven global disclosure harmonization, this paper offers emerging-market evidence that carbon disclosure is priced by markets and that institutional ownership amplifies the valuation of green innovation. It adds to the disclosure-value literature by identifying governance monitoring as a boundary condition, relevant to transition-finance debates in carbon-intensive sectors.
👥 読者別の含意
🔬研究者:開示と企業価値の関係におけるガバナンス調整効果を、新興国パネルデータで示した実証的貢献。
🏢実務担当者:炭素開示の充実と機関投資家との対話が企業価値評価に資することを示す実務的示唆。
🏛政策担当者:開示義務化と機関投資家のモニタリング強化が市場評価を促す政策設計の根拠となり得る。
📄 Abstract（原文）
This study examines the effects of carbon emission disclosure (CED) and green innovation (GI) on firm value (Tobin's Q), while evaluating the moderating role of good corporate governance proxied by institutional ownership within carbon-intensive firms. Focusing on the Indonesian energy sector over the 2022–2025 period, the initial sample of 42 companies yielded 168 firm-year observations. Following outlier treatment, the final dataset comprised 108 firm-year observations. Hypotheses were tested using Panel Data Regression, with the Random Effects Model (REM) selected based on formal specification tests (Chow, Lagrange Multiplier, and Hausman tests). The empirical findings demonstrate that CED exerts a positive and statistically significant direct effect on firm value, signaling transparent climate risk management to the market. Green innovation exhibits an insignificant direct effect on firm value, indicating that green R&D investments incur immediate financial burdens while economic returns are delayed. Institutional ownership significantly moderates both relationships, reinforcing the positive impact of CED on market valuation and transforming green innovation into a positive driver of firm value. This study extends signaling and agency theories by demonstrating that governance monitoring is a vital boundary condition for financial markets to value corporate sustainability practices in emerging markets. The findings provide actionable insights for corporate managers to integrate governance oversight with decarbonization strategies and guide investors in evaluating non-financial environmental metrics.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.ppmi.web.id/index.php/jmie/article/download/4742/2972first seen 2026-11-12 05:59:20 · last seen 2026-11-13 06:04:28
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