The Influence of The Board of Commissioners' Tenure on Firm Value With Sustainability Reporting Disclosure as an Intervening Variable
取締役会の在任期間が企業価値に与える影響：サステナビリティ報告の開示を媒介変数として (AI 翻訳)
Ita Lestari, Risa Nurdzanah
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場の鉱業・化学製造企業26社を対象に、取締役会の在任期間が企業価値に与える影響を、サステナビリティ報告の開示を媒介変数として分析した。2020～2024年のデータを用いたパス分析の結果、取締役会の在任期間は企業価値や開示の質に有意な影響を与えないが、サステナビリティ開示自体は企業価値に正の影響を与えることが示された。ただし、媒介効果は確認されなかった。
English
This study analyzes the effect of board of commissioners' tenure on firm value with sustainability reporting disclosure as mediator, using 26 Indonesian manufacturing companies from 2020-2024. Path analysis shows board tenure has no significant impact on firm value or disclosure quality, but sustainability disclosure positively affects firm value. No mediation effect is found.
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
本論文はインドネシア市場を対象とするが、サステナビリティ開示が企業価値を高めるという結果は、日本のSSBJ基準や統合報告書における開示強化の取り組みとも整合する。日本企業がインドネシアなど新興市場で投資判断を行う際、本結果は現地のガバナンス構造と開示の重要性を理解する参考となる。
In the global GX context
The paper provides empirical evidence from an emerging market that sustainability reporting disclosure positively affects firm value, complementing developed-market findings. It challenges the assumption that board tenure drives disclosure quality, suggesting that investors and regulators globally should focus on strengthening disclosure standards rather than governance structure alone.
👥 読者別の含意
🔬研究者:Adds to governance-disclosure-value nexus literature in an emerging market context.
🏢実務担当者:Highlights that sustainability disclosure quality can directly enhance firm value, beyond board composition.
🏛政策担当者:Supports policies to strengthen sustainability reporting standards as a means to improve market valuation.
📄 Abstract（原文）
This study was conducted to analyze the relationship between the tenure of the board of commissioners and firm value, utilizing sustainability reporting disclosure as an intervening variable. The research focuses on manufacturing entities within the mining and chemical industry sectors listed on the Indonesia Stock Exchange throughout the 2020–2024 period. In this framework, the tenure of the board of commissioners serves as the independent variable, while firm value measured via the Tobin’s Q ratio acts as the dependent variable, with sustainability disclosure transparency across economic, environmental, and social dimensions functioning as the mediating variable. Through purposive sampling, a sample of 26 manufacturing companies was selected for a five-year observation period, and the collected data were analyzed using path analysis techniques with SPSS 25 software. The empirical findings reveal that the duration of the board of commissioners' tenure has no significant impact on either market value or the quality of sustainability disclosures; however, sustainability disclosure itself demonstrates a significant positive influence on firm value, despite not proving to function as a mediator in this model. This phenomenon suggests that market appreciation is driven more by transparency regarding sustainability issues than by board seniority, implying that these findings may serve as a reference for issuers, investors, and policymakers in Indonesia to strengthen sustainability reporting standards as a vital element of long-term responsible corporate governance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jurnal.unda.ac.id/index.php/KEIZAI/article/download/560/372first seen 2026-07-04 05:22:22
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