外部保証を調整変数としたESG（環境・社会・ガバナンス）が企業価値に与える影響
Pengaruh Environmental, Social dan Governance terhadap Nilai Perusahaan dengan External Assurance sebagai Moderasi (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
インドネシア証券取引所の基礎素材企業60社年を対象に、ESG開示が企業価値に与える影響と外部保証の調整効果をパネル回帰で検証。環境・社会・ガバナンスの各開示は単独では企業価値に有意な影響を与えず、外部保証も関係を強めなかった。新興国市場では投資家がESG開示や保証を企業価値の決定要因として未だ重視していないことを示唆する。
English
Using 60 firm-year observations of Indonesian basic materials firms (2022-2024), this study tests whether ESG disclosure affects firm value and whether external assurance moderates this link via panel regression and MRA. Environmental, social, and governance disclosures individually show no significant effect on firm value, and external assurance does not strengthen the relationship. Findings suggest investors in this emerging market do not yet treat ESG disclosure or assurance as key value determinants.
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・有報でのサステナビリティ開示と第三者保証の義務化議論が進む。本稿は「保証があっても市場評価に直結しない」新興国事例を提示し、保証制度の実効性を考える比較材料となる。
In the global GX context
As ISSB/CSRD push mandatory assurance of sustainability reports, this Indonesian evidence shows assurance alone may not move market valuation in emerging markets—useful counterpoint to the assumption that credibility mechanisms automatically translate into firm value globally.
👥 読者別の含意
🔬研究者:ESG開示と企業価値の関係における外部保証の調整効果を新興国で検証した実証データを提供する。
🏢実務担当者:第三者保証の取得が短期的な企業価値向上に直結しない可能性を踏まえ、開示戦略の期待効果を慎重に見積もる材料となる。
🏛政策担当者:保証義務化を検討する際、市場が保証情報を価値評価に織り込むには時間と投資家教育が必要という示唆を与える。
📄 Abstract（原文）
This study addresses the inconsistent evidence regarding the relationship between Environmental, Social, and Governance (ESG) disclosure and firm value, particularly when the credibility of sustainability information is strengthened through external assurance. The research aims to examine the individual effects of environmental, social, and governance disclosures on firm value and to investigate whether external assurance moderates these relationships. The study focuses on basic materials companies listed on the Indonesia Stock Exchange during the 2022-2024 period. A purposive sampling technique resulted in 60 firm-year observations. Data were analyzed using panel data regression with the Fixed Effect Model and Moderated Regression Analysis (MRA) in EViews 13. The findings indicate that environmental, social, and governance disclosures do not individually have a significant effect on firm value. In addition, external assurance does not strengthen the relationship between ESG disclosure and firm value. These results suggest that investors have not yet considered ESG disclosure and external assurance as important determinants of firm value in the Indonesian basic materials sector. This study contributes to the ESG literature by providing empirical evidence that the credibility of sustainability reporting through external assurance has not yet generated a stronger market response in an emerging market context.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ojs.pseb.or.id/index.php/jmeb/article/download/2141/1583first seen 2026-09-12 05:49:37 · last seen 2026-09-22 05:17:31
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。