サステナビリティ報告書の開示と機関所有が企業価値に与える影響：収益性を調整変数として
The Effect of Sustainability Report Disclosure and Institutional Ownership on Firm Value with Profitability as a Moderating Variable (原題)
Shelpiani Dewi, Anissa Yuniar Larasati
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の鉱業企業28社を対象に、サステナビリティ報告書の開示と機関所有が企業価値（Tobin's Q）に与える影響を分析。収益性の調整効果を検証した。結果、サステナビリティ開示は企業価値に負の影響、機関所有と収益性は正の影響を与えるが、収益性の調整効果は確認されなかった。
English
This study examines the impact of sustainability report disclosure and institutional ownership on firm value (Tobin's Q) for 28 Indonesian mining firms from 2021-2024, with profitability as a moderator. Results show sustainability disclosure negatively affects firm value, while institutional ownership and profitability positively affect it, but profitability does not moderate the relationships.
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
日本ではSSBJ開示が始まる中、開示が必ずしも企業価値向上に直結しないという示唆は、開示の質や投資家との対話の重要性を再認識させる。日本企業の統合報告書や有報での開示戦略に示唆を与える。
In the global GX context
This adds to the global debate on whether sustainability disclosure enhances firm value, with evidence from an emerging market. It highlights that disclosure alone may not suffice, aligning with ISSB/CSRD implementation challenges where quality and investor engagement matter.
👥 読者別の含意
🔬研究者:Provides empirical evidence from Indonesia on the disclosure-firm value nexus, useful for comparative studies.
🏢実務担当者:Suggests that sustainability disclosure may not automatically boost firm value; firms should focus on profitability and institutional investor relations.
🏛政策担当者:Indicates that mandatory disclosure regimes may need complementary measures to ensure value relevance.
📄 Abstract（原文）
As it reflects investors’ perceptions of future prospects, firm value is considered one of the essential indicators of a company’s performance and sustainability. In the mining sector, efforts to enhance firm value are challenged by environmental and social risks arising from operational activities, requiring companies to improve transparency and strengthen oversight. During the study period, several mining companies experienced declining financial performance, fluctuating stock prices, and Tobin’s Q ratios below 1, indicating suboptimal firm value. These conditions suggest that firm value is influenced not only by financial performance but also by sustainability report disclosure and institutional ownership, with profitability expected to strengthen these relationships. The objectives of this study include analyzing the impact of sustainability reporting disclosure and institutional ownership on the firm value, where profitability will act as the moderator, for firms in the mining sub-sector listed at the Indonesia Stock Exchange between the years 2021 until 2024. The study used a quantitative research approach whereby data was sourced secondarily from annual and sustainability reports. The sample size comprised 28 firms selected through purposive sampling, with data analysis done by multiple linear regressions and Moderated Regression Analysis (MRA). The results reveal that sustainability report disclosure negatively influences firm value, while institutional ownership and profitability positively affect firm value. Simultaneously, sustainability report disclosure and institutional ownership significantly influence firm value. However, profitability does not moderate the relationship between sustainability report disclosure, institutional ownership, and firm value. The study is expected to give knowledge for corporations and investors to make decisions.
🔗 Provenance — このレコードを発見したソース
- openalex https://doaj.org/article/336d37bf270d4e84bc6f1929fad3bd57first seen 2026-09-09 05:05:16
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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。