Sustainability disclosure as a mediator: The effects of profitability, leverage, and institutional ownership on firm value in Indonesian Banking (2021–2024)
媒介としての持続可能性開示：インドネシア銀行業における収益性、レバレッジ、機関所有権が企業価値に与える影響（2021-2024） (AI 翻訳)
Anggya Julliet Jennyver Mangundap, J. Sondakh, Hendrik Gamaliel
🤖 gxceed AI 要約
日本語
本研究は、2021～2024年にインドネシア証券取引所に上場する銀行34行のパネルデータを用いて、収益性、レバレッジ、機関所有権が持続可能性開示と企業価値に与える影響をSEM-PLSで分析。持続可能性開示がレバレッジと企業価値の関係を完全媒介し、機関所有権と企業価値の関係を部分媒介することを示した。開示の質向上が銀行経営と規制当局にとって重要であることを示唆。
English
Using SEM-PLS on 136 firm-year observations from 34 Indonesian banks (2021–2024), this study finds that sustainability disclosure fully mediates the leverage–firm value relationship and partially mediates the institutional ownership–firm value relationship, while profitability does not affect disclosure. Results highlight sustainability disclosure as a critical non-financial channel linking financial and governance factors to firm value, offering implications for bank management and 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
日本の開示実務では、SSBJ基準や有報でのサステナビリティ情報の拡充が進むが、本論文は銀行業に特化し開示の媒介効果を検証。日本企業の開示戦略や金融機関の評価に示唆を与える可能性があるが、インドネシア固有の制度環境に基づくため直接適用には注意が必要。
In the global GX context
Globally, sustainability disclosure standards (ISSB, CSRD) are evolving, and this study provides evidence from an emerging market banking sector on how disclosure mediates the impact of leverage and ownership on firm value. It contributes to the disclosure scholarship by quantifying indirect effects, though the Indonesian context limits direct generalizability to developed markets.
👥 読者別の含意
🔬研究者:Provides empirical evidence on sustainability disclosure as a mediating variable in an emerging-market banking context, useful for meta-analyses or comparative studies on disclosure-firm value mechanisms.
🏢実務担当者:For bank sustainability teams, the finding that leverage and institutional ownership influence disclosure quality suggests strategic focus areas for improving transparency and firm value.
🏛政策担当者:Indonesian regulators (OJK, IAI) can use the evidence to refine sustainability disclosure standards that account for sector-specific financial characteristics.
📄 Abstract（原文）
This study examines the effects of profitability, leverage, and institutional ownership on sustainability disclosure and firm value among banking companies listed on the Indonesia Stock Exchange during 2021–2024, addressing persistent variation in disclosure quality despite the rapid rise in sustainability-reporting compliance. Using a quantitative, explanatory design with Structural Equation Modeling–Partial Least Squares (SEM-PLS), the study analyzes 136 firm-year observations from 34 banks selected through purposive sampling. The structural model explains 26.2% of the variance in firm value (R² = 0.262) and 10.8% of the variance in sustainability disclosure (R² = 0.108). Leverage (β = −0.214; p = 0.004) and institutional ownership (β = −0.273; p = 0.001) significantly and negatively affect sustainability disclosure, whereas profitability shows no significant effect (β = 0.020; p = 0.819). Sustainability disclosure (β = 0.392; p < 0.001), profitability (β = 0.135; p = 0.001), and institutional ownership (β = −0.176; p = 0.046) significantly affect firm value, while leverage exerts no significant direct effect (p = 0.206). Sustainability disclosure fully mediates the leverage–firm value relationship (p = 0.009) and partially mediates the institutional ownership–firm value relationship (p = 0.002), but does not mediate the profitability–firm value relationship (p = 0.820). By repositioning sustainability disclosure as a mediating mechanism and applying a banking-adjusted GRI checklist within a highly leveraged, capital-regulated industry, this study provides novel evidence that sustainability disclosure functions as a critical non-financial channel linking financial and governance characteristics to firm value. The findings offer practical implications for bank management seeking to strengthen disclosure quality and for regulators, including Indonesia's Financial Services Authority (OJK) and the Indonesian Institute of Accountants (IAI), in advancing forthcoming sustainability-disclosure standards.
🔗 Provenance — このレコードを発見したソース
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