サステナビリティ開示は企業価値に影響するか？エネルギーセクター企業における独立取締役の調整効果
Does Sustainability Disclosure Affect Firm Value? The Moderating Role of Independent Commissioners in Energy Sector Firms (原題)
D. Fitriana, Juniarti Gunawan
🤖 gxceed AI 要約
日本語
インドネシアのエネルギー企業40社（2021-2024年）を対象に、GRI基準に基づくサステナビリティ開示が企業価値（PBR）に与える影響を分析。社会開示のみが企業価値に有意な正の影響を与え、独立取締役は環境開示の正の効果を強め、社会開示の効果を弱めることを示した。規制当局に対し、GRI 11のようなセクター別基準の強化を提言している。
English
Analyzes 40 Indonesian energy firms (2021-2024) to examine how GRI-based sustainability disclosures affect firm value (PBR). Only social disclosure shows a significant positive effect; independent commissioners strengthen the environmental disclosure effect but weaken the social one. Recommends sector-specific standards like GRI 11 to regulators.
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基準の導入が進む中、開示の質と企業価値の関係を実証的に示す本研究は、日本企業の統合報告や投資家対応の参考になる。特に独立取締役の役割は、日本のコーポレートガバナンス改革の文脈でも示唆に富む。
In the global GX context
As global disclosure frameworks (ISSB, CSRD) evolve, this study provides empirical evidence from an emerging market on how sustainability disclosure quality and board independence interact to affect firm value. It highlights the importance of sector-specific standards (GRI 11) for high-risk industries, relevant to regulators worldwide.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating role of independent commissioners in the ESG-firm value relationship, using content analysis based on GRI standards.
🏢実務担当者:Suggests that improving social disclosure may directly enhance firm value, and that board independence can influence how environmental disclosures are perceived by markets.
🏛政策担当者:Supports the enforcement of sector-specific disclosure standards like GRI 11 to improve market transparency and comparability.
📄 Abstract（原文）
This research investigates the influence of sustainability disclosures covering economic, environmental, and social dimensions on corporate valuation (Price to Book Value) while examining the moderating influence of independent board members within the Indonesian energy industry. Grounded in Signaling and Institutional Theories, the study adopts a quantitative causal framework using panel data from 40 IDX-listed energy entities spanning 2021 to 2024 (160 firm-year observations). Non-financial reporting quality was quantified through content analysis integrating the GRI Universal Standards 2021 and sector-specific GRI 11 guidelines, controlling for profitability (ROA) and liquidity (Current Ratio). Content analysis findings indicate divergent reporting priorities: social metrics recorded the highest compliance at an average of 59%, followed by environmental disclosure at 34%, and economic disclosure at 19%. Empirical estimation reveals that among the three ESG pillars, only social reporting yields a direct, positive, and statistically significant effect on firm value, whereas economic and environmental disclosures fail to show a significant direct impact. Furthermore, independent commissioners significantly moderate these relationships, strengthening the positive impact of environmental disclosures while negatively moderating social disclosures. The content analysis scores provide contextual insights in the discussion, illustrating how market participants evaluate material issues in high-risk sectors. These findings emphasize the necessity for regulatory bodies like the OJK to enforce sector-specific standards such as GRI 11 to enhance market transparency.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.lembagakita.com/ijmsit/article/download/7730/5022first seen 2026-11-04 05:31:42 · last seen 2026-11-06 05:24:32
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