DETERMINING COMPANY VALUE IN THE DIGITAL ECONOMY ERA: ANALYSIS OF DIGITAL INNOVATION, INTANGIBLE ASSETS, AND SUSTAINABILITY REPORTING
デジタル経済時代における企業価値の決定要因：デジタルイノベーション、無形資産、サステナビリティ報告の分析 (AI 翻訳)
Mutmainah Mutmainah, Melinda Wijaya
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のテクノロジー企業23社（2023-2025年）を対象に、デジタルイノベーション、無形資産、サステナビリティ報告が企業価値（Tobin's Q）に与える影響を実証分析。サステナビリティ報告は企業価値に有意な正の影響を与え、ESG透明性が投資家の信頼を高める高品質シグナルであることを示した。一方、デジタルイノベーションは短期的な費用負担として負の影響が見られた。
English
This study empirically examines the impact of digital innovation, intangible assets, and sustainability reporting on firm value (Tobin's Q) for 23 Indonesian technology firms (2023-2025). Results show sustainability reporting significantly and positively influences firm value, indicating ESG transparency as a high-quality signal enhancing investor trust. Digital innovation has a negative effect, perceived as short-term cost burden. Contributes to integrating financial and non-financial factors in valuation.
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開示が始まり、ESG情報の投資家評価が注目される中、新興国市場でのESG開示と企業価値の関連性を示す本研究成果は、日本の上場企業が開示戦略を検討する際の参考になる。特に、ESG透明性が情報非対称性を緩和し企業価値向上に寄与するという知見は、日本企業の統合報告書や有報での非財務情報開示の重要性を裏付ける。
In the global GX context
This study provides empirical evidence from an emerging market (Indonesia) that sustainability reporting positively impacts firm value, reinforcing the global trend toward ESG disclosure as a value driver. It complements TCFD/ISSB/CSRD frameworks by showing that transparency signals quality to investors, relevant for global disclosure scholarship and practice.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure and firm value in an emerging market, useful for comparative studies.
🏢実務担当者:Highlights the value of transparent sustainability reporting in enhancing investor trust and firm valuation.
🏛政策担当者:Suggests that promoting ESG disclosure standards can improve market efficiency and investor confidence.
📄 Abstract（原文）
This study aims to empirically examine the impact of digital innovation, intangible assets, and sustainability reporting on company value in Indonesia's technology sector. The shift from physical assets to digital ecosystems poses significant challenges for firm valuation, often leading to an information gap in which conventional financial statements fail to reflect true economic value. Using Signalling Theory, this research analyses how investors respond to financial and non-financial information. The study employs a quantitative explanatory approach, focusing on technology companies listed on the Indonesia Stock Exchange from 2023 to 2025. Through purposive sampling, 23 companies were selected, resulting in 69 observations. The data were analysed using multiple linear regression. Company value is measured by Tobin's Q, while independent variables include R&D intensity, intangible asset ratios, and ESG disclosure indexes. The results reveal that digital innovation has a significant negative effect on company value, suggesting that investors perceive high innovation costs as short-term financial burdens. Intangible assets show no significant impact, indicating a decoupling between book value and market valuation. Conversely, sustainability reporting significantly and positively influences company value, proving that ESG transparency is a high-quality signal that enhances investor trust. These findings contribute to accounting literature by integrating financial and non-financial factors into a single empirical model. Practically, the study recommends that management strengthen communication strategies through transparent sustainability reporting to mitigate information asymmetry and maximise shareholder wealth in the digital era.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.32424/icsema.v2i1.880first seen 2026-08-11 04:40:07
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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。