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経済的不確実性下におけるESG報告の次元：競争優位と企業価値への示唆

ESG REPORTING DIMENSION UNDER ECONOMIC UNCERTAINTY: IMPLICATION FOR COMPETITIVE ADVANTAGE AND FIRM VALUE (原題)

Estu Widarwati, E.Wityasminingsih, Ardhia Indriani Davina

Proceeding of The International Seminar on Business Economics Social Science and Technology (ISBEST)📚 査読済 / ジャーナル2026-10-07#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.33830/isbest.v6i2.9101
原典: https://doi.org/10.33830/isbest.v6i2.9101

🤖 gxceed AI 要約

日本語

本研究はインドネシア証券取引所（IDX）ESG Leaders Indexに2020〜2023年に掲載された16社のパネルデータを用い、ESG報告を環境・社会・ガバナンスの各次元に分解して経済的不確実性下での競争優位と企業価値への影響を分析する。Tobin's Qと相対市場集中度を指標とし、パネル回帰と頑健性検証を実施。集約的ESG指標では捉えられない次元ごとの異質な役割を明らかにし、多次元的視点の重要性を実証的に示す。

English

Using panel data from 16 firms in Indonesia's IDX ESG Leaders Index (2020–2023), this study decomposes ESG reporting into Environmental, Social, and Governance dimensions to examine their distinct effects on competitive advantage and firm value under economic uncertainty. Firm value is measured by Tobin's Q and competitive advantage by relative market concentration, analyzed via panel regression and robustness checks. Findings reveal heterogeneous roles across ESG dimensions, extending beyond aggregate ESG measures and offering practical insights for managers, investors, and policymakers.

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基準や有報でのサステナビリティ開示が進む中、ESG次元ごとの企業価値への影響を分解して示す本研究は、日本企業が開示戦略を精緻化する際の参考になる。特に経済不確実性下でのESG開示の役割は、統合報告書や投資家対応を強化する日本企業にとって示唆に富む。

In the global GX context

As global disclosure frameworks (ISSB, CSRD) move toward granular, dimension-specific reporting, this study provides empirical evidence from an emerging market on how E, S, and G dimensions differentially affect firm value and competitive advantage under economic uncertainty. It contributes to the global conversation on moving beyond composite ESG scores and supports the case for multidimensional disclosure standards.

👥 読者別の含意

🔬研究者:ESG開示を多次元で捉える実証手法と、新興国市場における企業価値への異質な影響を理解するための参考になる。

🏢実務担当者:ESG開示の各次元が競争優位や企業価値に与える影響を踏まえ、開示戦略の優先順位付けに活用できる。

🏛政策担当者:ESG開示基準の設計において、集約指標ではなく次元別の開示枠組みの重要性を示唆する。

📄 Abstract（原文）

Environmental, Social, and Governance (ESG) reporting has become increasingly important in supporting corporate resilience and long-term value creation under conditions of economic uncertainty. However, prior studies predominantly treat ESG reporting as a single composite construct, providing limited understanding of how individual Environmental, Social, and Governance dimensions contribute to firms' strategic outcomes. This study aims to examine ESG reporting dimensions under economic uncertainty and explore their implications for competitive advantage and firm value among companies included in the IDX ESG Leaders Index. The study employs a quantitative approach using panel data from 16 companies listed in the IDX ESG Leaders Index during the 2020–2023 period. ESG reporting is assessed based on Environmental, Social, and Governance disclosure dimensions aligned with the Indonesia Stock Exchange (IDX) ESG criteria. Firm value is measured using Tobin's Q, while competitive advantage is proxied by relative market concentration. Data analysis consists of descriptive analysis to identify reporting patterns across ESG dimensions, followed by panel data regression and robustness analysis to examine their implications for competitive advantage and firm value. The findings are expected to provide a more comprehensive understanding of the heterogeneous roles of ESG reporting dimensions under economic uncertainty and offer empirical evidence that extends beyond the use of aggregate ESG measures. This study contributes to the ESG literature by emphasizing a multidimensional perspective on ESG reporting and providing practical insights for managers, investors, and policymakers in strengthening corporate sustainability strategies during periods of economic uncertainty.

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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。