ESG AND THE MEDIATING ROLE OF INVESTMENT DECISIONS ON OWNERSHIP STRUCTURE AND FIRM VALUE
ESGと所有構造と企業価値の関係における投資判断の媒介的役割 (AI 翻訳)
Doni Stiadi, Isti Fadah, Hari Sukarno, Novi Puspitasari
🤖 gxceed AI 要約
日本語
本研究はインドネシア証券取引所に上場するエネルギー企業27社（2017-2021年）を対象に、ESG、所有構造、投資判断が企業価値に与える影響をPLS-SEMで分析した。結果、ESGと所有構造は直接企業価値に影響を与えるが、ESGは投資判断に有意な影響を与えず、投資判断は所有構造と企業価値の関係のみを媒介することが示された。
English
This study examines 27 energy companies listed on the Indonesian Stock Exchange (2017-2021) using PLS-SEM. It finds that ESG and ownership structure directly influence firm value, but ESG does not significantly affect investment decisions. Investment decisions only mediate the relationship between ownership structure and firm value.
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
インドネシアの新興市場におけるESG開示の実証研究であり、SSBJや有報でのESG情報開示が進む日本企業にとって、ESGと企業価値の直接的な関連性を示唆する点で参考になる。ただし、投資判断への媒介効果が限定的である点は留意が必要。
In the global GX context
This empirical study from an emerging market provides evidence that ESG disclosure directly impacts firm value, but not through investment decisions. For global GX scholarship, it adds to the literature on ESG-firm value relationship in a context with major environmental challenges, though the specific mediation pathway is limited.
👥 読者別の含意
🔬研究者:Researchers interested in the mediating role of investment decisions in ESG-firm value relationships, especially in emerging markets, may find the non-significant ESG-investment link noteworthy.
🏢実務担当者:Corporate sustainability teams in emerging markets can use the findings to justify ESG integration as directly value-relevant, but should not overemphasize its role in investment decisions.
🏛政策担当者:Policymakers in emerging economies may note that ESG disclosure appears to directly affect firm value, supporting regulatory efforts to mandate ESG reporting.
📄 Abstract（原文）
Investment decisions made by investors and company management are not only based on a company's financial performance but also on environmental sustainability, which is considered a responsibility for the impact of company activities. This study examines energy companies listed on the Indonesian Stock Exchange, an emerging market with major environmental and governance challenges. Integrating ESG into corporate strategy is crucial as a form of responsibility and response to global climate change. This study used a purposive sampling technique and identified 27 energy sector companies during the 2017–2021 period, resulting in a total of 135 observations. ESG disclosures were obtained from sustainability reports and annual financial reports, which serve as proxies for company transparency and commitment to sustainable practices. The research data was analyzed using the Structural Equation Model (SEM) method with Partial Least Squares (PLS) techniques. The findings indicate that ESG, ownership structure, and investment decisions significantly influence firm value. Ownership structure influences investment decisions, but ESG has no significant impact on investment decisions. As a result, investment decisions only serve as a mediating variable in the relationship between ownership structure and firm value, while ESG demonstrates a direct relationship with firm value.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.18623/rvd.v23.6163first seen 2026-05-15 18:55:56
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