Pengaruh pengungkapan ESG dalam laporan keberlanjutan terhadap nilai perusahaan pada perusahaan subsektor batubara di bursa efek Indonesia
インドネシア証券取引所の石炭サブセクター企業におけるサステナビリティ報告書のESG開示が企業価値に与える影響 (AI 翻訳)
Maria Fransisca Winowattan, Amelia Oktrivina
🤖 gxceed AI 要約
日本語
本研究は、2020年から2024年のインドネシア証券取引所に上場する石炭サブセクター企業を対象に、ESG開示が企業価値（トービンのQ）に与える影響を分析。パネルデータ回帰分析の結果、ESG開示の単独効果は有意ではなかったが、ROEは正の影響、企業規模と負債比率は負の影響を示した。投資家はESG開示よりも財務指標を重視する傾向が示唆された。
English
This study analyzes the impact of ESG disclosure on firm value (Tobin's Q) for coal subsector companies listed on the Indonesia Stock Exchange from 2020 to 2024 using panel data regression. The results show that ESG disclosure alone is not significant, but ROE has a positive effect, while firm size and debt ratio have negative effects. The findings suggest that investors in the coal sector prioritize financial performance over ESG disclosures.
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
本論文はインドネシアの石炭企業を対象としているが、日本企業、特に資源・エネルギーセクターにおいても、ESG開示と企業価値の関係を再検討する契機となる。また、OJK規制とSSBJ基準の比較考察にも活用可能。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on the relationship between ESG disclosure and firm value in the coal sector. Globally, it contributes to the debate on whether sustainability disclosures are valued by investors, especially in high-emission industries. The findings highlight the need for improved disclosure quality and mandatory reporting frameworks like ISSB.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure-financial performance link in an underexplored market and sector, useful for comparative studies.
🏢実務担当者:Indicates that merely disclosing ESG data may not boost firm value; companies should focus on enhancing disclosure quality and linking it to financial strategy.
🏛政策担当者:Suggests that mandatory ESG reporting alone may not suffice; regulators need to ensure disclosures are reliable and decision-useful.
📄 Abstract（原文）
This study analyzes the impact of Environmental, Social, and Governance (ESG) disclosure on firm value, using Return on Equity (ROE), firm size (SIZE), and Debt-to-Equity Ratio (DER) as control variables. The research focuses on coal subsector companies listed on the Indonesia Stock Exchange from 2020 to 2024, employing a quantitative approach with panel-data regression analysis. The Common Effect Model was found to be the most suitable after conducting model selection tests. While ESG disclosure did not significantly affect firm value as measured by Tobin’s Q, ROE positively affected firm value, whereas SIZE and DER negatively affected it. Collectively, ESG disclosure, ROE, SIZE, and DER significantly influence firm value, suggesting that coal sector investors prioritize financial performance over sustainability disclosures. Public interest statements The practical implications of this study indicate that companies, particularly in the coal sector, need to improve the quality and consistency of ESG disclosures as part of their business strategy to strengthen reputation, transparency, and firm value in the eyes of investors. For management, the findings can serve as a basis for formulating sustainability strategies and ESG reporting aligned with OJK regulations. Meanwhile, investors and stakeholders can use ESG information to more comprehensively assess a company's performance, risk, and long-term prospects
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ejournal.imperiuminstitute.org/index.php/JMSAB/article/download/1809/892first seen 2026-07-14 05:05:11
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。