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The Effect of Financial Digitalization and Institutional Ownership on Company Value with Green Finance as a Mediating

金融のデジタル化と機関所有権が企業価値に与える影響：グリーンファイナンスの媒介効果 (AI 翻訳)

Ichtiara Khaira, Sri Marti Pramudena

Asian Journal of Applied Business and Management📚 査読済 / ジャーナル2026-02-26#気候金融
DOI: 10.55927/ajabm.v5i1.13
原典: https://doi.org/10.55927/ajabm.v5i1.13

🤖 gxceed AI 要約

日本語

本研究は、インドネシアのフィンテック新興企業を対象に、金融のデジタル化と機関所有権が企業価値に与える影響を、グリーンファイナンスの媒介効果を考慮して分析した。結果、デジタル化は企業価値に影響せず、機関所有権は正の効果を示した。グリーンファイナンスは媒介効果を持たず、持続可能性の象徴的な実践よりも所有構造とガバナンスの重要性が示唆された。

English

This study analyzes the effect of financial digitalization and institutional ownership on firm value, with green finance as a mediating variable, in Indonesian fintech startups. Results show digitalization has no effect on firm value, while institutional ownership has a positive effect. Green finance does not mediate the relationships. The findings emphasize ownership structure and governance over symbolic sustainability practices.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

In the global GX context

This paper provides evidence on the limited mediating role of green finance in an emerging market fintech context, contributing to the debate on whether green finance genuinely drives firm value or remains a symbolic practice. It highlights challenges for transition finance in developing economies.

👥 読者別の含意

🔬研究者:Researchers can examine the mediation model and consider replication with larger samples across different emerging markets.

🏛政策担当者:Policymakers in emerging markets may note that strengthening corporate governance could be more effective than promoting green finance alone.

📄 Abstract（原文）

This study aims to analyze the effect of financial digitalization and institutional ownership on firm value, with green finance as a mediating variable, in fintech startups in Indonesia. The research population includes all fintech startup companies listed on the Indonesia Stock Exchange during the period from 2021 to 2024. Based on purposive sampling criteria, the number of firms that met the requirements and were used as the research sample was ten fintech companies. Data collection was conducted using secondary data obtained from annual financial statements, sustainability reports, and official publications of the Indonesia Stock Exchange. This study employs a quantitative approach using descriptive statistical analysis, panel data regression, and the Sobel test to examine the mediating role of green finance. The results indicate that financial digitalization has no effect on firm value, while institutional ownership has a positive effect on firm value. Financial digitalization affects green finance, whereas institutional ownership has no effect on green finance. Green finance also has no effect on firm value and cannot mediate the relationships among variables. The implications highlight the importance of strengthening ownership structure and corporate governance rather than emphasizing symbolic sustainability practices. These findings contribute academically and inform strategic decisions for stakeholders.

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