設備投資（CAPEX）、タックス・プランニング、ESG開示が企業価値に与える影響
The Effect of Capital Expenditures (CAPEX), Tax Planning, and ESG Disclosure on Firm Value (原題)
Arimas Yudiantoro, Astrie Krisnawati
🤖 gxceed AI 要約
日本語
インドネシア証券取引所に上場する鉱物・石炭鉱業13社を対象に、設備投資、タックス・プランニング、ESG開示が企業価値に与える影響をパネルデータ分析で検証。設備投資と実効税率は企業価値に負の有意な影響を与えるが、ESG開示は統計的に有意でないことを示した。
English
This study examines the impact of capital expenditures, tax planning, and ESG disclosure on firm value using panel data from 13 Indonesian mining companies (2019-2025). Findings show that CAPEX and effective tax rate negatively affect firm value, while ESG disclosure has no significant effect.
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
日本ではSSBJ開示が始まり、ESG情報の投資判断への活用が進む中、本稿はESG開示単独では企業価値に直結しない可能性を示唆し、開示の質や統合的な情報発信の重要性を再認識させる。
In the global GX context
This study contributes to the global debate on the value relevance of ESG disclosure, particularly in emerging markets. It suggests that mere disclosure breadth may not suffice, aligning with ISSB's focus on decision-useful information.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure's limited short-term value relevance in an emerging market context.
🏢実務担当者:Highlights that ESG disclosure alone may not boost firm value; integrating with financial metrics is crucial.
🏛政策担当者:Suggests that mandatory ESG disclosure may need to emphasize quality and materiality to be effective.
📄 Abstract（原文）
This study examines whether capital expenditures (Capex), tax planning, and environmental, social, and governance (ESG) disclosure are associated with firm value among mineral and coal mining companies listed on the Indonesia Stock Exchange during 2019–2025. A quantitative panel-data design was applied to 91 firm-year observations from 13 companies selected through purposive sampling. The findings show that Capex, ETR, and ESG disclosure jointly affect firm value (Prob. F = 0.001445). Individually, Capex has a negative and significant coefficient (−1.124264; p = 0.0148), and ETR also has a negative and significant coefficient (−0.764349; p = 0.0101), while ESG disclosure is statistically insignificant (−0.111901; p = 0.5366). The model explains 16.22% of the variation in transformed firm value (R² = 0.162228). These results indicate that investment intensity and effective tax burden are relevant to market valuation, whereas the breadth of ESG disclosure alone is not sufficient to explain short-run differences in firm value.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.55927/eajmr.v5i8.278first seen 2026-08-28 04:48:26
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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。