The Effect of Environmental, Social, and Governance (ESG) Disclosure on Market Value With Company Financial Performance As A Mediatıng Variable (Case Study of Banking Sector Companies Listed on The Indonesia Stock Exchange for the Period 2019-2023)
環境・社会・ガバナンス（ESG）開示が市場価値に与える影響：企業財務パフォーマンスを媒介変数として（2019-2023年インドネシア証券取引所上場銀行セクターの事例研究） (AI 翻訳)
Siti Khotimah, Neni Maryani
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場銀行の2019-2023年のデータを用い、ESG開示が市場価値に与える影響を、財務パフォーマンス（ROA）を媒介変数として分析した。GRI基準に基づくESG開示評価とTobin's Qを用いた結果、ESG開示は財務パフォーマンスと市場価値に正の影響を与え、財務パフォーマンスが媒介効果を持つことが示された。
English
This study examines the effect of ESG disclosure on market value with financial performance (ROA) as a mediator in Indonesian banking sector from 2019-2023. Using GRI-based disclosure scores and Tobin's Q, it finds that ESG disclosure positively impacts both financial performance and market value, and that financial performance mediates the relationship.
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だが、ESG開示が市場評価に繋がる経路を実証しており、日本企業のサステナビリティ報告の価値訴求に参考となる。ただし、日本特有の制度（有報、統合報告書など）とは直接関連しない。
In the global GX context
This paper adds to the global ESG disclosure literature by providing evidence from an emerging market banking sector, showing that financial performance mediates the value relevance of ESG disclosure. It supports the business case for ESG reporting, relevant for multinational investors assessing Indonesian banks.
👥 読者別の含意
🔬研究者:This study provides empirical evidence on the mediating role of financial performance in the ESG disclosure-market value relationship in an emerging market context.
🏢実務担当者:The findings suggest that improving ESG disclosure can enhance financial performance and market value, which can be used to justify sustainability initiatives.
📄 Abstract（原文）
The increase in awareness of environmental, social, and governance (ESG) factors is prompting companies to incorporate ESG principles into their business practices, especially in the banking industry, which plays a crucial role in the financial system. This research seeks to explore how ESG disclosure affects a company's market worth, with financial performance acting as a key mediator. The inspiration for this study arises from contradictory results regarding the relationship between ESG and market value in the Indonesian banking sector. In this research, a quantitative method was employed to examine data from the annual and sustainability reports of banking institutions listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. The researchers carefully selected their sample using a specific technique and ended up with 44 data points to analyse after removing any outliers. They utilised the Global Reporting Initiative (GRI) guidelines to evaluate ESG disclosure, Tobin's Q to estimate market value, and Return on Assets (ROA) to measure financial performance. The study included the use of simple linear regression and the Sobel test for mediation analysis. The results of their study indicated that ESG disclosure has a significant, positive effect on both market value and financial performance. Moreover, financial performance was found to positively influence market value and act as a mediator in the link between ESG disclosure and market value. These findings suggest that effective ESG disclosure can boost investor confidence by improving financial performance, ultimately leading to a positive impact on the company's market value.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.70865/jiatis.v2i4.126first seen 2026-05-14 22:14:45
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