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市場はESG開示を過度に緩やかに価格付けしているか？インドネシアにおける将来業績と企業価値からの証拠

Does the market price ESG disclosure too slowly? Evidence from future performance and valuation in Indonesia (原題)

Ni Made Dwi Ratnadi, Putu Dyan Yaniartha Sukartha

International Journal of Management and Sustainability📚 査読済 / ジャーナル2026-10-30#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.18488/11.v15i4.5341
原典: https://doi.org/10.18488/11.v15i4.5341
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🤖 gxceed AI 要約

日本語

インドネシア上場企業2008〜2025年のRefinitivデータを用い、ESGスコアと同時点のTobin's Qには関連がない一方、翌年のROAやその後の企業価値とは正の関連があることを示す。投資家はESGスコア自体ではなく、観察可能な業績に表れたESG実践に反応しており、ESGの価格付けは段階的・遅行的であると結論づける。

English

Using Refinitiv data on Indonesian listed firms (2008–2025), the study finds no link between composite ESG scores and contemporaneous Tobin's Q, but higher ESG scores predict better next-year ROA and later firm value. Results suggest markets price ESG gradually as practices become observable in performance, rather than ESG lacking economic relevance in Indonesia.

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

新興国におけるESG情報の価格反映の遅行性を示す実証で、日本企業のESG開示が中長期の企業価値にどう効くかを考える際の比較材料となる。SSBJ・統合報告書での非財務情報発信の意義を投資家目線で裏付ける示唆を持つ。

In the global GX context

Adds emerging-market evidence to the global debate on whether ESG disclosure is priced efficiently, complementing ISSB/TCFD-driven disclosure scholarship that mostly draws on developed-market data. Useful for framing transition-finance and disclosure-value arguments in markets with weaker ESG infrastructure.

👥 読者別の含意

🔬研究者:ESG情報の価格反映タイミングを扱う実証研究の新興国ベンチマークとして参照できる。

🏢実務担当者:ESG開示が短期株価でなく中長期業績・評価に効く前提で、開示の継続的発信を設計する根拠になる。

🏛政策担当者:新興国でのESG開示制度整備が企業価値に波及する時間軸を踏まえた政策設計の参考になる。

📄 Abstract（原文）

This study examines whether environmental, social, and governance (ESG) performance is reflected immediately in market value or incorporated gradually after it begins to affect firms' future operating performance and delayed valuation. We examine this timing issue using Refinitiv Eikon data on Indonesian-listed firms from 2008 to 2025. A firm's value is measured using Tobin's Q, and future operating performance is measured using the following year's return on assets. In estimating these relationships, this research controls for profitability, firm size, leverage, liquidity, growth in sales and assets, firm age, loss-making companies, board size, and analyst following. Industry and year fixed effects were included, with standard errors clustered by firm and year to account for within-firm serial correlation and common year-level shocks. We find no association between the composite ESG score and contemporaneous Tobin's Q. The results change when the analysis examines future outcomes. Firms with higher ESG scores report better operating performance in the following year, and the relationship with firm value also appears in the later period. The timing of these results matters. Rather than responding to the ESG score itself, investors may respond when ESG practices begin to appear in observable performance. Improvements in stakeholder relationships, resilience, and management quality are unlikely to be realized immediately. Taken together, the results are more consistent with delayed, gradual pricing of ESG practices as they emerge and become observable to investors than with the view that ESG has no economic relevance in Indonesia.

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