The Role of ESG Disclosure in Moderating Financial Distress on Company Value
ESG情報開示が財務的困難と企業価値の関係を調整する役割 (AI 翻訳)
Faradilla Saulina Febriani, Z. Machmuddah
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの製造業企業85社を対象に、ESG情報開示が財務的困難と企業価値の関係に与える緩和効果を分析した。結果、ESG開示は財務的困難が企業価値を低下させる負の影響を軽減することが示された。これはシグナリング理論と正当性理論を支持する知見である。
English
This study examines how ESG disclosure moderates the negative impact of financial distress on firm value using data from 85 Indonesian manufacturing companies. The results show that ESG disclosure mitigates the negative effect of financial distress, supporting Signaling and Legitimacy Theory.
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
インドネシアの事例であるが、ESG開示が財務的困難時の企業価値低下を緩和するという知見は、SSBJ対応が進む日本企業にとっても示唆に富む。特に、経済不況下でのESG開示の戦略的価値を示唆している。
In the global GX context
This paper provides emerging-market evidence that ESG disclosure can buffer firm value during financial distress. For global audiences, it reinforces the business case for maintaining ESG transparency during economic downturns, relevant to ISSB and CSRD implementation.
👥 読者別の含意
🔬研究者:This study offers a moderation analysis framework linking ESG disclosure to firm value under financial distress, useful for extending to climate-related disclosure.
🏢実務担当者:Corporate sustainability teams can use these findings to advocate for continued ESG disclosure even during financial hardship to protect valuation.
🏛政策担当者:Regulators may note that ESG disclosure mandates can have stabilizing effects on market valuations during economic crises.
📄 Abstract（原文）
Market value volatility in manufacturing threatens corporate sustainability. This research examines how ESG disclosure moderates the link between financial distress and firm value. The sample comprises 85 Indonesian companies selected through purposive sampling. Data came from annual reports, IDX financial statements, and Bloomberg ESG ratings. We analyzed data using regression analysis in IBM SPSS Statistics 25. Results show financial distress significantly lowers firm value; greater financial pressure reduces valuation. ESG disclosure, as a moderator, eases this negative effect, lessening the impact of financial distress. These findings support Signaling and Legitimacy Theory: financial distress sends negative signals, while ESG disclosure preserves legitimacy and sends positive signals to investors. ESG disclosure’s moderating role is key in shaping how markets perceive the effects of financial distress on firm value. This study contributes to financial risk management and corporate sustainability during economic challenges and urges companies to adopt risk-mitigation and sustainable practices.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.26714/mki.16.1.2026.118-128first seen 2026-05-15 18:07:25 · last seen 2026-06-16 05:07:32
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