The Impact of ESG Factors on Firm Value with Profitability as a Moderator in the Healthcare Industry
医療業界におけるESG要因が企業価値に与える影響：収益性の調整効果 (AI 翻訳)
Annisa Rulitasari, Andam Dewi Syarif
🤖 gxceed AI 要約
日本語
本研究はインドネシアの医療業界におけるESG開示（環境、社会、ガバナンス）と企業価値（トービンのQ）の関係を、収益性（ROA）の調整効果に着目して分析した。2019～2024年のパネルデータを用いた結果、社会持続可能性開示と収益性は企業価値に有意な影響を与えるが、環境開示と経営者所有は直接的な影響がない。収益性は環境開示と企業価値の関係を強化するが、社会開示への調整効果はなく、経営者所有には負の調整効果を持つ。
English
This study examines the impact of ESG disclosures (Environmental, Social, Governance) on firm value (Tobin's Q) in the Indonesian healthcare sector, with profitability (ROA) as a moderator. Using panel data from 2019-2024, results show that social disclosure and profitability significantly affect firm value, while environmental disclosure and managerial ownership do not. Profitability strengthens the environmental disclosure-firm value link but fails to moderate social disclosure and negatively moderates managerial ownership.
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
インドネシア市場のESG開示と企業価値の関係を示す実証研究。日本の医療関連企業がASEAN展開する際の投資判断や開示戦略に示唆を与える可能性がある。
In the global GX context
Provides empirical evidence from an emerging market (Indonesia) on how ESG factors affect firm value in healthcare, highlighting the moderating role of profitability. Useful for global investors and firms assessing ESG materiality in similar sectors.
👥 読者別の含意
🔬研究者:Offers insights on the moderating role of profitability in ESG-firm value relationships, particularly in the healthcare sector.
🏢実務担当者:Helps healthcare companies identify which ESG disclosures (social vs environmental) are more valued by investors in emerging markets.
🏛政策担当者:Informs disclosure standard setters about the differential impact of ESG components on firm value in regulated industries like healthcare.
📄 Abstract（原文）
The healthcare industry faces increasing pressure to enhance firm value while complying with Environmental, Social, and Governance (ESG) standards. Environmental costs related to medical waste management, social accountability, and governance structures are critical issues for hospitals and laboratories listed on the Indonesia Stock Exchange. However, empirical findings regarding the effect of ESG factors on firm value remain inconsistent, particularly concerning the moderating role of profitability. This study aims to examine the effect of Environmental Sustainability Disclosure, Social Sustainability Disclosure, and Managerial Ownership on Firm Value proxied by Tobin's Q, with profitability (ROA) as a moderating variable. The research employs a quantitative approach using panel data from seven healthcare companies during 2019–2024. Data were analyzed using Moderated Regression Analysis (MRA) with EViews software. The results indicate that Social Sustainability Disclosure and profitability significantly influence firm value, whereas Environmental Sustainability Disclosure and Managerial Ownership do not have a direct significant effect. Profitability strengthens the relationship between Environmental Sustainability Disclosure and firm value but fails to moderate Social Sustainability Disclosure and negatively moderates Managerial Ownership. In conclusion, profitability plays a strategic moderating role, and social disclosures are more strongly valued by investors compared to environmental and governance factors in the Indonesian healthcare sector.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.55324/enrichment.v3i11.618first seen 2026-05-15 18:30:46
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