DOES ESG VALUE HAVE AN IMPACT ON A FIRM’S VALUE? LESSON LEARNED FROM INDONESIA
ESG価値は企業価値に影響を与えるか？インドネシアからの教訓 (AI 翻訳)
Lusiana Handayani, Clarashinta Canggih, Basyirah Ainun, Sahraman D. Hadjilatif
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのシャリア株価指数（ISSI）上場企業を対象に、ESG開示とイスラム金融の統合が企業価値に与える影響を分析した。プールドOLSとランダム効果モデルを用いた結果、ESGスコアは企業価値に有意な影響を与えるが、特にガバナンス要素が強い関連性を示した。シャリア準拠企業は、イスラム価値観に沿ったESG報告が財務パフォーマンスと投資家魅力を高めることが示唆された。
English
This study examines the impact of ESG disclosure integrated with Islamic screening on firm value, using companies listed on the Indonesia Sharia Stock Index (ISSI). Using pooled OLS with random effects, it finds that ESG scores significantly affect firm value, with governance factors showing the strongest association. The paper suggests that Sharia-compliant companies in Indonesia should strategically integrate and transparently report ESG principles aligned with Islamic values to enhance financial performance and attract Muslim investors.
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
インドネシアのシャリア株に特化したESG研究であり、日本のESG投資やイスラム金融との比較にはやや遠い。ただし、グローバルなESG開示の多様性を知る参考資料として日本企業にも示唆を与える可能性がある。
In the global GX context
This paper adds a unique perspective to global ESG literature by examining ESG disclosure within Islamic finance in Indonesia. While not directly applicable to TCFD/ISSB frameworks, it highlights how cultural and religious contexts shape ESG reporting, which is relevant for multinational firms and investors engaging in diverse markets.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-Sharia integration, offering a baseline for comparative studies in other Islamic markets.
🏢実務担当者:Useful for sustainability teams in Sharia-compliant firms seeking to align ESG reporting with Islamic values.
🏛政策担当者:Offers insights for regulators in Muslim-majority countries designing ESG disclosure rules compatible with Islamic principles.
📄 Abstract（原文）
Introduction: With growing interests from investors and researchers in ethical investing—partly driven by the United Nations’ Sustainable Development Goals (SDGs)—this study examines the connection between Socially Responsible Investments (SRI) and Islamic finance. Given that these two approaches share common objectives, this study investigates the integration of Environmental, Social, and Governance (ESG) disclosure with Islamic screening principles that affect a firm’s value. Methods: The study focuses on companies listed on the Indonesia Sharia Stock Index (ISSI). It employes pooled Ordinary Least Squares (OLS) with a Random Effect Model (REM) to analyze the impact of ESG on firm value. Results: The findings indicate that ESG scores significantly affect a company’s operations, financial performance, and market standing. However, the impact varies depending on the specific ESG factors. Governance factors demonstrate a stronger association with firm value compared to environmental, economic, and social factors. Conclusion and suggestion: This results suggest that while ESG reporting is crucial, the specific focus areas highlighted in a company’s sustainability disclosures can influence performance in different ways. Strong evidence shows that sustainability reports significantly impact organizational performance. Furthermore, sharia-compliant companies are encouraged to emphasize Islamic values within their sustainability reporting to enhance transparency and appeal to investors. For Sharia-compliant companies in Indonesia, strategically integrating and transparently reporting ESG principles, especially those aligning with Islamic values, is becoming essential for enhancing financial performance, complying with new regulations, and attracting Muslim investors.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.20473/jebis.v11i1.68399first seen 2026-05-05 19:08:23
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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。