GHG排出量と炭素開示品質が企業価値に与える影響：機関投資家保有の調整効果
GHG Emission Volume, Carbon Disclosure Quality on Firm Value: The Moderating Role of Institutional Ownership (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー企業13社・65社年データ（2020-2024）を用い、GHG排出量と炭素開示品質が企業価値に与える影響を機関投資家保有の調整効果とともに検証。排出量の負の効果は非有意、炭素開示品質は正で限界的に有意、機関投資家保有は直接的に正で有意だが調整効果は確認されなかった。GRI-305開示の価値関連性と炭素リスク管理・ガバナンス強化の重要性を示唆。
English
Using 65 firm-year observations from 13 Indonesian-listed energy firms (2020-2024), this study examines how GHG emissions and carbon disclosure quality affect firm value, with institutional ownership as moderator. Emissions show a negative but insignificant effect; carbon disclosure quality is positive and marginally significant; institutional ownership has a positive significant direct effect but no moderating effect. Findings support prioritizing carbon risk management and higher-quality GRI-305 reporting.
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
新興国・インドネシアの炭素開示と企業価値の実証研究であり、日本企業のSSBJ対応や有報での気候開示の価値関連性を考える上で、制度的文脈の違いを踏まえた比較材料となる。機関投資家保有が調整効果を持たない点は、日本での投資家エンゲージメント設計を検討する際の参照事例。
In the global GX context
Adds emerging-market evidence to the global disclosure literature (TCFD/ISSB), showing that carbon disclosure quality has only marginal value relevance and that institutional ownership does not moderate the emissions-value link. Useful for comparing how disclosure-value relationships differ between emerging and developed markets under GRI-305 and ISSB-aligned frameworks.
👥 読者別の含意
🔬研究者:新興国における炭素開示の価値関連性と機関投資家保有の調整効果の限界を示す実証データを提供する。
🏢実務担当者:炭素リスク管理とGRI-305開示品質の向上が企業価値に寄与しうることを示唆し、開示戦略の優先順位づけに活用できる。
🏛政策担当者:規制当局が高品質な炭素報告を促すインセンティブ設計を検討する根拠となり、国内機関投資家向け開示の価値関連性向上に示唆を与える。
📄 Abstract（原文）
Growing global greenhouse gas emissions are exerting more pressure on companies to demonstrate responsibility regarding climate issues. This research examines the effect of GHG emission volume and carbon disclosure quality on firm value among energy companies listed on the Indonesia Stock Exchange during 2020-2024, with institutional ownership as a moderating variable. Using panel data from 65 firm-year observations across 13 purposively selected companies, GHG emissions volume, carbon disclosure quality, firm value, and institutional ownership were measured and analyzed using Moderated Regression Analysis with a Fixed Effects Model. Results show that GHG Emission Volume has a negative but statistically insignificant effect on firm value, whereas carbon disclosure quality has a positive and marginally significant effect in the moderated model. Institutional ownership exerts a positive and significant direct effect on firm value, yet fails to significantly moderate either the GHG emission volume-firm value or the carbon disclosure quality-firm value relationship. These findings imply that energy companies should prioritize carbon risk management alongside governance improvements, while regulators should incentivize higher-quality carbon reporting to enhance the value relevance of GRI-305 disclosures for domestic institutional investors. A robustness check using Tobin’s Q confirms the consistency of the institutional ownership effect across alternative proxies for firm value.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jurnal.unimus.ac.id/index.php/MAX/article/download/21347/9616first seen 2026-09-12 05:46:18 · last seen 2026-09-22 05:15:13
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