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THE EFFECT OF SUSTAINABILITY REPORT DISCLOSURE AND SUSTAINABILITY REPORT ASSURANCE ON FIRM VALUE: EVIDENCE FROM INDONESIAN FAST-MOVING CONSUMER GOODS (FMCG) COMPANIES DURING THE 2019–2024 PERIOD

サステナビリティ報告書の開示と保証が企業価値に与える影響：2019年～2024年におけるインドネシアのFMCG企業の証拠 (AI 翻訳)

Arifah Nur Inayah, Christina Tri Setyorini

The International Conference on Sustainable Economics Management and Accounting Proceedingジャーナル2026-08-10#ESG経営インパクト: 資金調達対象セクター: consumer_goods
DOI: 10.32424/icsema.v2i1.652
原典: https://doi.org/10.32424/icsema.v2i1.652

🤖 gxceed AI 要約

日本語

本研究は、インドネシアのFMCG企業174社年データを用いて、サステナビリティ報告の開示と外部保証が企業価値（PBV）に与える影響をパネル回帰で分析した。開示は企業価値に正の有意な影響を与えるが、保証は有意な影響を与えず、新興市場におけるESG情報の価値関連性が萌芽的であることを示す。

English

Using panel data from 174 firm-year observations of Indonesian FMCG companies (2019-2024), this study finds that sustainability report disclosure positively and significantly affects firm value (PBV), while assurance does not. It suggests emerging value relevance of ESG disclosure in emerging markets, with limited credibility impact of assurance.

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FMCG企業を対象に、サステナビリティ開示の企業価値への影響を実証した点で、日本企業のSSBJ対応や有報でのサステナビリティ情報開示の投資家評価を考察する上で参考になる。保証の効果が限定的であることは、日本における保証制度の設計や実務に示唆を与える。

In the global GX context

This study provides empirical evidence from an emerging market (Indonesia) on the value relevance of sustainability disclosure and assurance, contributing to the global debate on the effectiveness of assurance in enhancing credibility. It offers insights for ISSB and CSRD implementation in markets with developing ESG maturity.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the value relevance of sustainability disclosure and assurance in an emerging market context, useful for comparative studies.

🏢実務担当者:Highlights that investors may value disclosure but not assurance, suggesting companies should focus on quality disclosure rather than assurance alone.

🏛政策担当者:Suggests that mandatory assurance may not yet be effective in emerging markets; policymakers should consider phased approaches.

📄 Abstract（原文）

This study examines the influence of sustainability report disclosure and sustainability report assurance on firm value in Indonesia’s fast-moving consumer goods (FMCG) sector. Although sustainability reporting has increasingly become a regulatory mandate, evidence regarding its economic relevance in emerging markets remains mixed. Using panel data consisting of 174 firm-year observations from FMCG companies over the 2019–2024 period, this research applies panel regression analysis to evaluate whether sustainability disclosure and the provision of external assurance contribute to higher firm value, measured by price-to-book value (PBV). The Fixed Effects Model was selected based on panel model specification tests. The results show that sustainability report disclosure has a positive and significant effect on firm value, indicating that investors in the Indonesian market have begun to incorporate ESG-related information into pricing decisions, although its contribution remains relatively limited. In contrast, sustainability report assurance does not have a significant effect on firm value, despite showing a negative coefficient. This finding suggests that ESG-related disclosure may have begun to be reflected in investors’ valuation decisions and its role in strengthening the credibility of sustainability information remains limited. The study contributes to the literature by demonstrating that the value relevance of sustainability reporting is beginning to emerge, while the effectiveness of sustainability assurance remains context-dependent, particularly in emerging markets where ESG maturity and investor awareness are still developing.

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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。