The Influence of ESG Disclosure, Green Investment, and Firm Size on Firm Value through Financial Performance as an Intervening Variable in Lq45 Manufacturing Companies (2019–2024)
ESG開示、グリーン投資、企業規模が企業価値に与える影響：財務業績を介在変数とするLQ45製造企業（2019～2024年） (AI 翻訳)
Anita Agustiani, Mulyanto Nugroho, Nekky Rahmiyati
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのLQ45製造企業（2019～2024年）を対象に、ESG開示、グリーン投資、企業規模が財務業績を介して企業価値に与える影響を検証。結果、企業規模は財務業績と企業価値を向上させるが、ESG開示は財務業績を改善するものの企業価値には直接影響せず、グリーン投資と財務業績の介在効果は確認されなかった。ESG報告の質と透明性向上の重要性を指摘。
English
This study examines the impact of ESG disclosure, green investment, and firm size on firm value through financial performance as a mediator in Indonesian LQ45 manufacturing companies (2019-2024). Results show that firm size positively affects both financial performance and firm value, while ESG disclosure improves financial performance but not firm value. Green investment and financial performance show no significant effects, and no mediation is found. Recommendations emphasize improving ESG reporting quality and transparency.
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
日本企業にとって、ESG開示の質と透明性の向上は重要だが、本稿はインドネシアのLQ45企業を対象としており、日本のGX文脈（SSBJ、有報など）とは直接関連しない。しかし、ESG開示と財務パフォーマンスの関係を検証した点は参考になる。
In the global GX context
Although focused on Indonesia, this study contributes to the global literature on ESG disclosure and firm performance. It highlights the need for quality over formality in ESG reporting, aligning with global trends such as ISSB standards and the push for decision-useful sustainability information.
👥 読者別の含意
🔬研究者:This paper provides empirical evidence from an emerging market on the limited direct effect of ESG disclosure on firm value, suggesting the need for further research on mediating mechanisms.
🏢実務担当者:For corporate sustainability teams, the study emphasizes improving ESG reporting quality and communicating economic benefits of green investments.
🏛政策担当者:Regulators can note the finding that ESG disclosure improves financial performance but not directly value, implying a need for better integration of sustainability into corporate strategy.
📄 Abstract（原文）
The primary objective of this study is to verify and analyze the influence of ESG Disclosure, Green Investment, and Firm Size on Firm Value, with Financial Performance serving as a mediating variable. The research focuses on manufacturing companies listed on the LQ45 index of the Indonesia Stock Exchange (IDX) for the period 2019–2024. Adopting a quantitative methodology, the study utilizes data derived from annual reports. From a total population of 45 manufacturing firms, purposive sampling was employed to select a sample of 13 companies within the food and beverage sector for a six-year observation. Data analysis was conducted using Structural Equation Modeling (SEM) facilitated by Partial Least Square (PLS) software version 4.0. The results of this study indicate that: (1) Firm Size is the dominant factor, positively impacting both Financial Performance and Firm Value; (2) ESG Disclosure improves Financial Performance but not Firm Value; and (3) Green Investment and Financial Performance show no significant effects on value. Crucially, no mediation effect was found. The recommendations of this study are that LQ45 manufacturing companies must prioritize the quality of ESG reporting over administrative formality, and ensure that sustainability practices generate real operational value added. Furthermore, companies must increase transparency and conduct independent verification of sustainability reports. Additionally, they should communicate the economic benefits of green investment more clearly to all stakeholders.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.55927/ajabm.v5i1.24first seen 2026-05-15 18:22:43
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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。