ESG開示と政治的コネクションは企業価値に影響するか？インドネシア非金融企業の証拠

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:新興国におけるESG開示の価値関連性と政治的コネクションの相互作用に関する実証的知見。

🏢実務担当者:環境情報開示が投資家にコスト負担と見なされる可能性を認識し、戦略的な開示とコスト効率化の統合を検討する材料。

🏛政策担当者:新興国市場でのESG開示規制の設計において、投資家の反応を考慮する必要性を示唆。

This study examines the effect of environmental, social, and governance (ESG) disclosure, along with political connection, on firm value. The sample consists of non-financial companies listed on the Indonesia Stock Exchange during the period 2019 to 2023. The research sample was determined using purposive sampling, based on specific criteria, resulting in 145 observations from 29 companies. Data analysis was conducted using panel regression techniques for hypothesis testing, processed with EViews 12 software. The findings reveal that ESG disclosure and political connection simultaneously have a significant effect on firm value. However, the partial analysis indicates that only environmental disclosure has a significant negative impact on firm value. These results implies that companies should exercise caution when disclosing environmental information, as it can trigger a negative response from investors who perceive it as a cost burden. Meanwhile, social disclosure, governance disclosure, and political connection partialy show no significant effect on firm value. Furthermore, it is recommended to examine other independent variables, such as financial aspects that have the potential to influence firm value. Practical suggestion of this research is companies should adpot more operational and strategic approach in managing environmental costs that need to be integrated into long-term business strategies and linked directly to efficiency improvement.

• semanticscholar https://owner.polgan.ac.id/index.php/owner/article/download/3458/1897first seen 2026-09-08 05:30:57 · last seen 2026-09-22 05:20:11