ESGと企業価値の関係分析：利益管理の調整効果
Analysis of the Relationship Between ESG and Firm Value with the Moderating Role of Earnings Management (原題)
Eka Anugerah Putra, Amrie Firmansyah
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の消費財企業31社を対象に、ESG開示が企業価値（Tobin's Q）に与える影響を分析。GRI基準の開示指数を用いたパネルデータ分析の結果、ESGは企業価値に有意な影響を与えず、利益管理の調整効果も確認されなかった。投資家や消費者は依然として財務業績やブランドを重視していることを示唆。
English
This study analyzes the impact of ESG disclosure on firm value (Tobin's Q) using panel data from 31 Indonesian consumer goods firms (2022-2025). Using a GRI-aligned disclosure index, it finds no significant effect of ESG on firm value, and earnings management does not moderate this relationship. The findings suggest that investors and consumers in this market prioritize financial performance and brand over sustainability.
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開示が進む中、ESG情報の企業価値への反映が課題。本研究成果は、開示の有無だけでなく市場特性や投資家行動が重要であることを示し、日本企業の開示戦略や投資家対応に示唆を与える。
In the global GX context
This study contributes to the global debate on ESG materiality by showing that in emerging markets, ESG disclosure may not directly enhance firm value. It highlights the importance of market context and investor perceptions, relevant for ISSB and CSRD implementation in diverse institutional settings.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-firm value link in an emerging market, useful for comparative studies.
🏢実務担当者:Suggests that ESG disclosure alone may not boost firm value; integration into business strategy is key.
🏛政策担当者:Highlights the need for regulatory frameworks that enhance ESG quality and market awareness.
📄 Abstract（原文）
Background: Environmental, Social, and Governance (ESG) has become an increasingly important non-financial factor in assessing corporate sustainability and long-term performance. Objective: This research seeks to analyze the impact of Environmental, Social, and Governance (ESG) factors on corporate value and to explore the role of earnings management as a moderating variable in the relationship between ESG and firm value. Methods: This research utilizes a quantitative methodology, drawing on panel data from consumer goods firms listed on the Indonesia Stock Exchange for the period spanning 2022 to 2025. The sample comprises 31 companies, yielding 124 firm-year observations, which were selected through purposive sampling. Environmental, Social, and Governance (ESG) performance is assessed via a disclosure index aligned with the Global Reporting Initiative (GRI) standards, while firm value is represented by Tobin’s Q. Results: This finding indicates that investors and consumers in the consumer goods sector continue to place greater emphasis on financial performance, product quality, price, and brand reputation than on sustainability-related information. Furthermore, earnings management is not proven to moderate the relationship between ESG and firm value. This study contributes to the literature by highlighting that the effectiveness of ESG in enhancing firm value depends not only on disclosure practices but also on market characteristics, investor perceptions, consumer behavior, and the firm's ability to integrate sustainability initiatives into business strategies that generate tangible economic benefits. Conclusion: The findings provide implications for managers and regulators in improving the quality of ESG implementation and ensuring that sustainability practices contribute to long-term value creation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://bustechno.polteksci.ac.id/index.php/jbt/article/download/719/356first seen 2026-08-26 05:05:21 · last seen 2026-09-22 05:20:04
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