企業価値への異なる経路：ESG開示、コーポレートガバナンス、租税回避
Different Pathways to Firm Value: ESG Disclosure, Corporate Governance, and Tax Avoidance (原題)
Agustin Palupi, Elisabeth Tri Aryanti Istimawani
🤖 gxceed AI 要約
日本語
インドネシア製造業324社年（2023–2025）のパネル回帰により、ESG開示・ガバナンスと企業価値の関係を租税回避の媒介経路を含めて検証。取締役会独立性は企業価値と正に関連する一方、ESG開示・会議頻度・監査委員会規模は直接効果を示さず、ESG開示は租税回避と正に関連し、予測された租税回避は企業価値と正に関連した。開示と実質的行動の整合性の重要性を示唆する。
English
Using 324 Indonesian manufacturing firm-years (2023–2025), this study examines ESG disclosure, governance, and firm value with tax avoidance as a mediating channel. Board independence directly raises firm value, while ESG disclosure, board meetings, and audit committee size show no direct effect; ESG disclosure is positively linked to tax avoidance, which in turn is positively linked to firm value. Findings highlight the need to align sustainability disclosure with substantive financial behavior.
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
SSBJ基準・有報でのサステナビリティ開示が進む日本では、開示内容と税務・財務行動の整合性を問う本稿の視点は、統合報告書や投資家対応における「形式か実質か」の議論に直結する。新興国事例ながら、開示規制の実効性評価の枠組みとして参考になる。
In the global GX context
As ISSB/CSRD push mandatory sustainability disclosure, this paper questions whether ESG disclosure reflects substantive behavior, using tax avoidance as a test case. It adds emerging-market evidence to global debates on disclosure quality, greenwashing, and the limits of voluntary frameworks like TCFD.
👥 読者別の含意
🔬研究者:ESG開示と実質的行動（租税回避）の乖離を媒介分析で示す実証枠組みを提供する。
🏢実務担当者:ESG開示の充実だけでなく、税務・財務行動との整合性が投資家評価に影響し得る点を再確認すべき。
🏛政策担当者:開示規制の実効性を測る際、税務行動など実質的指標との整合性チェックが政策設計上重要となる。
📄 Abstract（原文）
Despite growing interest in ESG disclosure and corporate governance, limited evidence explains how they are associated with firm value through tax-related behavior, particularly in emerging markets. This study examines the associations of ESG disclosure and corporate governance with firm value and explores tax avoidance as a potential intervening mechanism. Using 324 firm-year observations from Indonesian manufacturing firms during 2023–2025, the study employs panel-data regression using the Common Effect Model. ESG disclosure is measured through content analysis, while corporate governance is represented by board independence, board meeting frequency, and audit committee size. The findings show that board independence is positively associated with firm value, whereas ESG disclosure, board meetings, and audit committee size show no significant direct associations. ESG disclosure is positively associated with tax avoidance, while the governance attributes are not. Predicted tax avoidance is positively associated with firm value. These findings indicate distinct pathways to firm value: a direct governance-monitoring channel through board independence and a possible disclosure–tax behavior pathway involving ESG disclosure. The study highlights the importance of considering the consistency between sustainability disclosure and firms’ substantive financial behavior.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61255/jeemba.v4i5.2071first seen 2026-10-07 05:06:36
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