ESG開示とレバレッジが企業価値に与える影響：収益性の調整効果（2020-2024年IDX上場エネルギー企業）
The Effect of ESG Disclosure and Leverage on Firm Value, with Profitability as A Moderating Factor, Among Energy-Sector Companies Listed on the IDX from 2020 to 2024 (原題)
Widya Tusyurur, Acep Komara
🤖 gxceed AI 要約
日本語
本研究は、2020～2024年のインドネシア証券取引所上場のエネルギー企業17社を対象に、ESG開示とレバレッジが企業価値に与える影響を、収益性の調整効果を考慮して分析した。重回帰分析の結果、ESG開示は企業価値に負の影響、レバレッジは正の影響を与え、収益性はレバレッジの影響を負に調整した。投資家はESGよりも財務指標を重視していることが示唆された。
English
This study analyzes the impact of ESG disclosure and leverage on firm value, with profitability as a moderator, using data from 17 energy companies listed on the Indonesia Stock Exchange (2020-2024). Multiple regression results show ESG disclosure negatively affects firm value, leverage positively affects it, and profitability negatively moderates leverage's effect. Investors appear to prioritize financial fundamentals over ESG.
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
インドネシアの新興市場におけるESG開示の実証研究であり、日本企業の海外投資判断やアジア市場でのESG戦略に示唆を与える。日本ではSSBJ開示が進むが、新興国ではESG情報の評価が未熟であることを示す。
In the global GX context
This study provides empirical evidence from an emerging market (Indonesia) on how ESG disclosure interacts with firm value, relevant to global discussions on ESG materiality and investor behavior. It highlights that in some markets, ESG disclosure may not yet be valued positively, contrasting with developed markets.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure and firm value in an emerging market, useful for comparative studies.
🏢実務担当者:Highlights that investors in Indonesia may not reward ESG disclosure, suggesting a need for investor education and alignment with global standards.
🏛政策担当者:Suggests that mandatory ESG disclosure alone may not drive firm value; complementary policies to enhance investor awareness are needed.
📄 Abstract（原文）
This study aimed to analyze the influence of Environmental, Social, and Governance (ESG) Disclosure and Leverage on Company Value, with Profitability as a moderating variable, among energy-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This study employed a quantitative approach using secondary data obtained from Bloomberg, financial statements, and company annual reports. The research sample consisted of 17 companies selected through purposive sampling, resulting in a total of 85 observations. Data analysis was conducted using Multiple Linear Regression Analysis and Moderated Regression Analysis (MRA) with SPSS software. The results showed that ESG Disclosure had a negative and significant effect on Company Value, while Leverage, measured using the Debt-to-Asset Ratio (DAR), had a positive and significant effect on Company Value. The Profitability moderation variable, measured using Return on Assets (ROA), was unable to moderate the effect of ESG Disclosure on Company Value but was able to significantly moderate the effect of Leverage on Company Value in a negative direction. These findings indicate that investors in energy-sector companies in Indonesia continue to prioritize fundamental financial factors over ESG disclosures when assessing Company Value, and that high profitability may weaken the positive impact of debt utilization on Company Value.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.55324/iss.v5i4.1171first seen 2026-08-23 04:53:10
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