インドネシアのESGリーダー企業における企業価値にとって、開示よりもイノベーションが重要な理由
Why Innovation Matters More Than Disclosure for Firm Value in Indonesian ESG Leaders? (原題)
Rintan Nuzul Ainy, Navaya Helena, Lu’lu’ Nafiati
🤖 gxceed AI 要約
日本語
インドネシアのESGリーダー企業32社を対象に、炭素排出開示、グリーンイノベーション、エコ効率が企業価値（Tobin's Q）に与える影響をPLS-SEMで分析。グリーンイノベーションは企業価値を高める一方、炭素排出開示は逆に低下させ、エコ効率は有意でない。環境パフォーマンスは直接効果も媒介効果も持たない。
English
Analyzing 32 Indonesian ESG-listed firms with PLS-SEM, this study finds that green innovation significantly increases firm value, while carbon emission disclosure significantly decreases it, and eco-efficiency has no effect. Environmental performance neither directly affects firm value nor mediates these relationships, challenging assumptions about disclosure and certification as value drivers.
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
インドネシアのESG市場の実証研究であり、日本企業への直接適用は限定的だが、開示と実質的な革新の価値の違いは、SSBJ対応や統合報告書で開示過多になりがちな日本企業に示唆を与える。
In the global GX context
This emerging-market evidence that disclosure may not always enhance firm value, while innovation does, adds nuance to global debates on disclosure effectiveness, relevant for ISSB and CSRD implementation contexts where compliance burden is high.
👥 読者別の含意
🔬研究者:Provides evidence from an emerging market on the differential value relevance of disclosure vs. innovation, useful for comparative studies.
🏢実務担当者:Suggests that beyond compliance disclosure, investing in green innovation may be more value-relevant for investors.
🏛政策担当者:Highlights that mandatory disclosure alone may not boost market valuation; policies fostering innovation may be needed.
📄 Abstract（原文）
Purpose: The study examines whether carbon emission disclosure, green innovation, and eco-efficiency affect firm value differently, and whether environmental performance mediates these relationships, among Indonesian ESG-listed firms. Methods/Study design/Approach: The quantitative study analyzes a balanced panel of 32 firms listed on the ESG Sector Leaders IDX KEHATI index with 96 firm-year observations in 2021–2023 using PLS-SEM with bootstrapped confidence intervals. Carbon emissions disclosure and green innovation are measured using content analysis; eco-efficiency is measured using ISO 14001 certification; environmental performance is measured using PROPER ratings; and firm value is measured using Tobin’s Q. Result/Findings: Green innovation significantly increases firm value, while carbon emission disclosure significantly decreases it; eco-efficiency has no significant effect. Environmental performance does not significantly affect firm value directly, nor does it mediate any of the three relationships tested. Novelty/Originality/Value: The study is among the first to jointly test compliance-based (disclosure and certification) and capability-based (innovation) sustainability practices within a single PLS-SEM framework for ESG-listed Indonesian firms, distinguishing between the credibility of the signals each sends to investors. It contributes evidence that environmental performance does not function as a market-valuation channel.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.15294/aaj.v15i1.35409first seen 2026-09-08 04:42:14
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