When Transparency Meets Performance: The Moderating Role of Sustainability Reporting in Shaping Firm Value
透明性と業績の邂逅：サステナビリティ報告が企業価値形成に及ぼす調整効果 (AI 翻訳)
David HM Hasibuan, Fajar Novianto, Heti Herawati
🤖 gxceed AI 要約
日本語
本論文は、インドネシア証券取引所に上場する不動産企業を対象に、収益性（ROE）、ソルベンシー（DER）、コーポレートガバナンス（独立取締役比率）が企業価値（PBR）に与える影響を、サステナビリティ報告（SRDI）の調整効果とともに分析した。パネルデータ回帰と調整回帰分析の結果、DERと独立取締役比率は企業価値に正の影響を与え、サステナビリティ開示も正の効果を持つことが示された。また、サステナビリティ報告はROEと企業価値の関係を強化し、DERと企業価値の関係を弱め、ガバナンスと企業価値の関係を増幅するという調整効果を発揮した。
English
This paper analyzes how profitability (ROE), solvency (DER), and corporate governance (independent commissioners) influence firm value (PBV) in Indonesian property firms, with sustainability reporting as a moderator. Using panel data with MRA, it finds that DER, governance, and sustainability disclosure positively affect firm value. Sustainability reporting moderates the relationships: strengthening ROE-firm value, weakening DER-firm value, and amplifying governance-firm value.
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
インドネシアの事例ではあるが、サステナビリティ報告の開示が企業価値向上に寄与することを示しており、日本のSSBJに基づく開示強化の議論に参考となる。
In the global GX context
While based on Indonesian data, this paper provides empirical evidence that sustainability reporting can enhance firm value and moderate the effects of financial and governance factors. It supports the global push for standardized sustainability disclosure (ISSB, CSRD) by showing its market relevance.
👥 読者別の含意
🔬研究者:This study offers a moderation analysis framework linking sustainability disclosure to firm value, useful for further research in emerging markets.
🏢実務担当者:Corporate sustainability teams can use these findings to justify enhanced disclosure as a value-creation tool to investors.
🏛政策担当者:Regulators may note that mandatory sustainability reporting could positively influence market valuation, though causality is not established.
📄 Abstract（原文）
This research aims to examine how profitability, solvency, and good corporate governance shape firm value, with sustainability reporting serving as the moderating variable in property and real estate companies listed on the Indonesia Stock Exchange over the 2021–2024 period. As the dependent variable, firm value is proxied by Price to Book Value (PBV), while profitability is reflected through Return on Equity (ROE), solvency through Debt to Equity Ratio (DER), and good corporate governance through the share of independent commissioners on the board. Sustainability reporting is quantified using the Sustainability Report Disclosure Index (SRDI). The data utilized are secondary, sourced from the annual and sustainability reports of property and real estate firms listed on the IDX, producing 72 firm-year observations through purposive sampling. Panel data regression coupled with Moderated Regression Analysis (MRA) was applied using the Random Effect Model (REM) and processed in EViews 12. The empirical evidence shows that ROE produces a negative yet statistically insignificant influence on firm value, whereas DER, the proportion of independent commissioners, and sustainability disclosure each generate positive and significant impacts. As a moderating element, sustainability reporting reinforces the link between ROE and firm value, mitigates the relationship between DER and firm value, and amplifies the connection between independent commissioners and firm value. With an adjusted R-squared of 69.73%, the explanatory variables and their interaction terms collectively account for the majority of variation in firm value. Overall, the study underscores the strategic relevance of sustainability disclosure in strengthening investor trust and lifting corporate valuation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.5281/zenodo.21470027first seen 2026-07-23 05:28:47 · last seen 2026-07-23 05:28:50
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