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消費者非循環セクターにおけるESG開示が企業価値に与える影響：収益性による調整効果

Pengaruh ESG Disclosure terhadap Nilai Perusahaan Sektor Consumer Non-Cyclical dengan Moderasi Profitabilitas (原題)

Jundi Adil Athallah, Nella Yantiana, Fera Damayanti

Journal of Creative Student Research📚 査読済 / ジャーナル2026-10-01#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.55606/jcsr-politama.v4i5.6660
原典: https://doi.org/10.55606/jcsr-politama.v4i5.6660

🤖 gxceed AI 要約

日本語

インドネシア証券取引所の消費者非循環セクター26社・78観測を対象に、ESG開示が企業価値に与える影響と収益性の調整効果をパネルデータ回帰で検証。ESG開示は企業価値に負だが統計的に非有意、収益性の調整効果も確認されなかった。インドネシアの投資家が非財務情報を投資判断に十分織り込んでいない可能性を示唆する。

English

Panel regression on 26 IDX consumer non-cyclical firms (78 observations, 2023–2025) tests ESG disclosure's effect on firm value with profitability as moderator. ESG disclosure shows a negative but statistically insignificant effect, and profitability does not moderate the relationship. Suggests Indonesian investors do not yet price non-financial ESG information.

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開示の価値 relevance の実証例として、日本企業のSSBJ対応や有報でのサステナ開示が実際に資本コストや株価にどう効くかを考える際の比較材料になる。ただしインドネシア固有の制度・市場段階の差に留意が必要。

In the global GX context

Adds emerging-market evidence to the global debate on whether ESG disclosure is priced, complementing ISSB/TCFD adoption studies mostly drawn from developed markets. The null result is a useful counterpoint to disclosure-value assumptions in CSRD/ISSB impact assessments.

👥 読者別の含意

🔬研究者:Provides emerging-market panel evidence on the ESG disclosure–firm value link and a null moderation result worth comparing against developed-market studies.

🏢実務担当者:Signals that in some markets ESG disclosure alone may not yet move valuation, informing expectations for disclosure-driven investor response.

🏛政策担当者:Suggests disclosure mandates may need complementary investor-education or market-incentive measures where non-financial information is not yet priced.

📄 Abstract（原文）

Environmental issues addressed through ESG (Environmental, Social, Governance) disclosure have become an urgent concern for firms. Sustainability aspects are considered essential in securing stakeholder legitimacy, which in turn determines firm value. This study aims to examine the effect of ESG disclosure on firm value, with profitability as a moderating variable, in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX). This study employs a quantitative approach with a sample of 26 companies in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX), yielding 78 observations over the study period. The data used are secondary data sourced from corporate annual reports and sustainability reports for the 2023–2025 period. The sample was determined using a purposive sampling method. Data were analyzed using panel data regression via Eviews 14 with the Random Effect Model approach. The results indicate that ESG disclosure has a negative but statistically insignificant effect on firm value. Furthermore, profitability does not moderate the relationship between ESG disclosure and firm value. In conclusion, investors in Indonesia have yet to give due consideration to non-financial aspects in their investment decision-making.

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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。