ESG Disclosure, Firm Value, and Investment Decisions
ESG開示、企業価値、および投資意思決定 (AI 翻訳)
null Rismawati, null Duriani, null Muhammad Aqsa
🤖 gxceed AI 要約
日本語
インドネシアの資本市場におけるESG開示が企業価値と投資家の意思決定に与える影響を分析。138社年のデータを用いた回帰分析の結果、ESG開示と企業価値の両方が投資決定に有意な影響を与えることが示された。特に企業価値の影響が強い。この研究は、新興市場でのESG開示基準改善への政策的示唆を提供する。
English
This study analyzes the impact of ESG disclosure on firm value and investment decisions in Indonesia's developing capital market. Using regression on 138 firm-year observations, it finds that both ESG disclosure and firm value significantly influence investment choices, with firm value having a stronger effect. The findings highlight the importance of credible ESG narratives and offer policy implications for enhancing disclosure standards in emerging economies.
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や有報でのESG開示が進んでいるが、本論文は新興国インドネシアの事例を提供しており、開示の質と投資家行動の関係について示唆に富む。日本の開示制度設計にも参考になる点がある。
In the global GX context
This paper contributes to global ESG disclosure literature by providing empirical evidence from Indonesia, an understudied market. It reinforces the importance of disclosure credibility and comparability for investor trust, relevant for jurisdictions like the EU under CSRD and global ISSB standards.
👥 読者別の含意
🔬研究者:Useful for scholars studying the impact of ESG disclosure on investment decisions in emerging markets.
🏢実務担当者:Corporate sustainability teams can learn the importance of credible ESG narratives for building investor trust and enhancing firm value.
🏛政策担当者:Regulators in emerging economies can use the findings to justify mandatory ESG disclosure improvements and standard-setting.
📄 Abstract（原文）
This study examines the impact of Environmental, Social, and Governance (ESG) disclosure on corporate value and investor choices in Indonesia's developing capital market. This research examines how ESG reporting improves transparency, reduces information asymmetry, and influences investor behavior through the lenses of signaling, stakeholder, and behavioral finance theories. Analysis of 138 firm-year observations from publicly traded non-financial corporations through multiple regression indicates that both ESG disclosure (B = 0.311; p = 0.003) and firm value (B = 0.594; p < 0.001) significantly influence investment decisions, with firm value exhibiting a more substantial impact. These findings align with focus group discussions that emphasize the significance of credible and comparable ESG narratives in fostering investor trust. This study enhances the sustainability accounting discourse by providing empirical evidence and policy implications for regulators and corporations to improve ESG disclosure standards in Indonesia.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.24843/eja.2025.v35.i12.p12first seen 2026-05-14 22:06:45
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