Determinants of Green Finance and Good Corporate Governance on Company Value and Profitability in the Banking Industry Listed on the Indonesia Stock Exchange
インドネシア証券取引所に上場する銀行業におけるグリーンファイナンスと優れたコーポレートガバナンスが企業価値と収益性に与える決定要因 (AI 翻訳)
Sinta Munilah, Euis Ajizah, D. M. Yamin
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの銀行業におけるグリーンファイナンスと優れたコーポレートガバナンス（GCG）が企業価値（PBV）に与える影響を、収益性（ROA）を媒介変数として分析した。2021～2025年のパネルデータを用いた分析の結果、グリーンファイナンス、GCG、収益性はいずれも銀行の企業価値に有意な影響を与えず、外部要因の支配が示唆された。また、ROAの媒介効果も確認されなかった。この結果は、投資家のサステナビリティ統合が依然限定的であることを反映しており、ESG報告基準の調和と財政的インセンティブの必要性を示唆している。
English
This study examines the impact of green finance and good corporate governance (GCG) on Indonesian banking valuation (PBV), with profitability (ROA) as a mediator. Using panel data from 15 commercial banks (2021-2025), the random effects model shows that green finance, GCG, and profitability have no significant effect on firm value. The low adjusted R-squared suggests external factors dominate, and ROA does not mediate the relationship. The findings indicate limited investor integration of sustainability, calling for harmonized ESG reporting standards and fiscal incentives.
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
インドネシアの事例だが、ESG報告基準の重要性と市場評価への影響を示しており、日本のSSBJ導入や企業価値向上策に示唆を与える。日本企業は同様の課題に直面する可能性があり、本研究成果を参考にすべき。
In the global GX context
This paper contributes to the global debate on the financial materiality of ESG factors, particularly in emerging markets. The finding that green finance and governance do not yet command valuation premiums underscores the need for mandatory, standardized ESG disclosure (e.g., ISSB) to enable investor differentiation and market incentives.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market showing that green finance and GCG do not significantly affect banking valuation, highlighting the role of external factors and market maturity.
🏢実務担当者:Banks should not expect immediate valuation premiums from green finance alone; effective communication of ESG integration through standardized reporting is essential.
🏛政策担当者:The findings underscore the need for mandatory ESG reporting standards and fiscal incentives to make green practices visible to investors and create market premiums.
📄 Abstract（原文）
As the transition towards a sustainable economy continues, this study examines the influence of green finance and good corporate governance (GCG) on Indonesian banking valuation (PBV), with profitability (ROA) as a mediating variable. Based on panel data from 15 commercial banks listed on the Indonesia Stock Exchange (IDX) (2021–2025) and a random effects model (EViews) analysis, the results show that green finance, good corporate governance, and profitability have no significant effect on the valuation of Indonesian banks. company value, both partially and simultaneously. The low adjusted R-squared indicates the dominance of external factors outside the model, while the mediation test confirms that ROA does not act as an intermediary. This reflect that integration aspect sustainability in assessment investors Still limited, so that required harmonization ESG reporting standards and fiscal incentives so that green practices can contribute significantly to market valuation premiums
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.55681/economina.v5i5.2188first seen 2026-06-24 05:27:56
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