インドネシアのエネルギー部門における再生可能エネルギーが企業価値をどう高めるか：炭素排出の媒介とグリーン投資の調整
HOW RENEWABLE ENERGY DRIVES FIRM VALUE IN INDONESIA'S ENERGYSECTOR: CARBON EMISSION MEDIATION AND GREEN INVESTMENTMODERATION (原題)
Jan Febrian, Doni Firmansyah, Dewi Sarifah Tullah
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー企業38社（2022-2024年）を対象に、再生可能エネルギーが企業価値（Tobin's Q）に与える影響を、炭素排出の媒介効果とグリーン投資の調整効果を含めて検証。固定効果回帰分析の結果、再生可能エネルギーは炭素排出を減らし、炭素排出は企業価値を下げ、再生可能エネルギーは直接企業価値を高めることを確認。炭素排出の部分媒介とグリーン投資の正の調整効果も確認された。
English
This study examines how renewable energy affects firm value in Indonesian energy firms, with carbon emission as mediator and green investment as moderator. Using panel data from 38 firms (2022-2024), fixed-effects regression shows renewable energy reduces carbon emissions, which in turn lowers firm value, while renewable energy directly boosts firm value. Carbon emission partially mediates, and green investment positively moderates the relationship.
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
インドネシアのエネルギー転換の文脈で、再生可能エネルギーとグリーン投資が企業価値に与える影響を実証。日本企業にとっても、SSBJ開示やカーボンプライシング導入を見据えた戦略的な再エネ投資の重要性を示唆する。
In the global GX context
Provides empirical evidence from an emerging Asian market on how renewable energy and green investment enhance firm value, relevant to global discussions on transition finance and ESG integration. Complements TCFD/ISSB frameworks by linking environmental actions to market valuation.
👥 読者別の含意
🔬研究者:Provides an integrated moderated mediation model linking renewable energy, carbon emissions, green investment, and firm value, useful for environmental finance research.
🏢実務担当者:Highlights that combining renewable energy adoption with green capex can improve market valuation, informing corporate sustainability strategy and investor communication.
🏛政策担当者:Suggests that policies promoting renewable energy and green investment can enhance firm value, supporting energy transition initiatives.
📄 Abstract（原文）
This study examines the effect of renewable energy on firm value with carbon emission as a mediatingvariable and green investment as a moderating variable among energy sector companies listed on theIndonesia Stock Exchange. Using a quantitative panel data approach, the study applies fixed-effectsregression analysis to a sample of 38 companies over the 2022–2024 period, yielding 114 firm-yearobservations. Data were collected from annual reports and sustainability reports, with firm valueproxied by Tobin's Q and robustness confirmed using Price-to-Book Value. The findings reveal thatrenewable energy negatively and significantly affects carbon emission, carbon emission negatively andsignificantly affects firm value, and renewable energy positively and significantly affects firm valuedirectly. Carbon emission is confirmed as a partial mediator in the renewable energy–firm valuerelationship, as evidenced by significant Sobel-Goodman test results. Green investment positivelymoderates the effect of renewable energy on firm value, indicating that firms combining renewableenergy adoption with greater environmental capital expenditure achieve stronger market valuationoutcomes. All findings remain consistent under alternative firm value measurement. Grounded instakeholder theory and signaling theory, this study contributes an integrated moderated mediationframework to the environmental finance literature and provides empirical evidence that renewableenergy and green investment function as complementary strategic assets in creating firm value withinIndonesia's energy transition context.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.32424/icsema.v2i1.673first seen 2026-08-30 04:35:44
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