Impact of Sustainability Reporting Quality on Indonesian Non-Financial Firm Value
インドネシア非金融企業の持続可能性報告書品質が企業価値に与える影響 (AI 翻訳)
Dian Anggraeni, Etty Herijawati
🤖 gxceed AI 要約
日本語
2020-2024年のインドネシア証券取引所上場非金融企業30社のパネルデータを用いて、持続可能性報告書品質（SRQ）が企業価値（Tobin's Q）に与える影響を分析。重回帰分析の結果、SRQは企業価値に有意な影響を与えず、新興市場におけるサステナビリティ情報の限定的な統合と投資家認識のギャップを示唆。
English
Using panel data from 30 non-financial firms listed on the Indonesia Stock Exchange (2020-2024), this study examines the impact of Sustainability Reporting Quality (SRQ) on firm value measured by Tobin's Q. Multiple linear regression results show no significant effect, suggesting gaps in investor perception and limited strategic integration of sustainability information in emerging markets.
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
日本市場でもサステナビリティ報告の質と企業価値の関係は注目されるが、本稿は新興市場であるインドネシアの事例を提供。日本のSSBJや有報における開示実務への直接的な示唆は限られるが、投資家の反応が成熟していない市場での知見として参考になる。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on the value relevance of sustainability reporting quality. It adds to the global debate on whether enhanced disclosure translates into market valuation, especially relevant for ISSB and CSRD implementation discussions in less mature capital markets.
👥 読者別の含意
🔬研究者:Provides an emerging-market counterpoint to developed-market findings on sustainability reporting and firm value, highlighting contextual limitations.
🏢実務担当者:Suggests that mere compliance with sustainability reporting standards may not enhance firm value in markets with limited investor awareness.
🏛政策担当者:Urges regulators to improve quality-based disclosure frameworks to make sustainability reports value-relevant.
📄 Abstract（原文）
In the context of growing global concern for sustainability, the quality of sustainability reporting has become a critical issue in evaluating corporate performance, particularly its influence on firm value. This study aims to examine the impact of Sustainability Reporting Quality (SRQ) on firm value, measured using Tobin’s Q, among non-financial firms listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. Employing a quantitative explanatory approach, the research utilizes panel data from 30 companies over five years, analysed using multiple linear regression (OLS) with STATA 16. The findings reveal that SRQ does not significantly affect firm value, indicating that enhanced sustainability reporting has not yet translated into higher market valuation in the Indonesian capital market. Control variables such as leverage, firm size, and firm age also exhibit statistically insignificant effects. These results highlight the potential gaps in investor perception and the limited strategic integration of sustainability information in emerging markets. Theoretically, the study extends the application of Legitimacy Theory, Stakeholder Theory, and Resource Dependence Theory (RDT) by emphasizing the contextual limitations of sustainability disclosures in Indonesia. Practically, the findings urge regulators to enhance quality-based disclosure frameworks and encourage firms to treat sustainability reports as value-generating strategic instruments rather than mere compliance outputs. Keyword: Sustainability Reporting Quality, Tobin’s Q, Firm Value, Non-Financial Firms, Indonesia Stock Exchange, Multiple Linear Regression, Legitimacy Theory, Stakeholder Theory.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.35877/soshum4908first seen 2026-07-24 05:55:19
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