2021Q1–2025Q4期における国有銀行の所有構造とESG開示が企業価値に与える影響
The Effect of Ownership Structure and ESG Disclosure on Firm Value of State-Owned Banks During The 2021Q1–2025Q4 Period (原題)
Ali Abubakar Idris, Sindy Agustin, Andiwi Meifillina, Halim Fawazi
🤖 gxceed AI 要約
日本語
インドネシア国有銀行5行の四半期パネルデータ（2021Q1–2025Q4、100観測）を用い、機関投資家所有・公的所有・ESG開示が企業価値（PBV）に与える影響を分析。機関投資家所有は正に有意、公的所有は負に有意、ESG開示は負だが非有意であった。調整済みR²は89.6%で、機関投資家のモニタリングが国有銀行価値の主要決定要因である一方、ESG開示は未だ投資家の主要判断材料になっていないと結論づける。
English
Panel regression on five Indonesian state-owned banks (2021Q1–2025Q4, 100 observations) tests how institutional ownership, public ownership, and GRI-based ESG disclosure affect firm value (PBV). Institutional ownership is positive and significant, public ownership negative and significant, while ESG disclosure is negative but insignificant. Adjusted R² of 89.6% suggests institutional monitoring still dominates bank valuation, with ESG disclosure not yet a major investor consideration in Indonesia's capital market.
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
日本ではSSBJ基準・有報でのサステナビリティ開示が進み、ESG情報の価値関連性は投資家対応の焦点。新興国国有銀行でESG開示の価値効果が非有意という結果は、開示の質・投資家成熟度が効果を左右することを示す比較材料となる。
In the global GX context
Amid ISSB/IFRS S1-S2 global adoption, this study offers emerging-market evidence that ESG disclosure alone may not yet move valuations where institutional monitoring dominates. It adds a state-owned-enterprise lens to the global disclosure-value debate, complementing TCFD/CSRD-focused research from advanced markets.
👥 読者別の含意
🔬研究者:ESG開示と企業価値の関係を新興国国有銀行という文脈で検証した実証データとして参照できる。
🏢実務担当者:ESG開示の充実だけでは投資家評価に直結しない可能性を示し、開示戦略と投資家対話の設計に示唆を与える。
🏛政策担当者:新興国でのESG開示義務化の効果を測る際、投資家側の受容度・制度成熟度を併せて考慮すべき根拠となる。
📄 Abstract（原文）
This study aims to examine and analyze the effect of institutional ownership, public ownership, and Environmental, Social, and Governance (ESG) disclosure on firm value in Indonesian state-owned banks (BUMN) listed on the Indonesia Stock Exchange, with firm size used as a control variable. A quantitative causal (explanatory) approach was applied to quarterly panel data covering 2021Q1–2025Q4 for five state-owned banks (BBRI, BMRI, BBNI, BBTN, and BRIS), yielding 100 observations. Firm value is proxied by Price to Book Value (PBV); institutional and public ownership are measured by the percentage of outstanding shares; and ESG is measured through content analysis based on 30 Global Reporting Initiative (GRI) indicators. Data were analyzed using panel data regression, with the Fixed Effect Model (FEM) selected as the best model and estimated through Panel EGLS with cross-section weighting to address heteroscedasticity. The results show that institutional ownership has a positive and significant effect on firm value, public ownership has a negative and significant effect, while ESG has a negative but insignificant effect. Simultaneously, institutional ownership, public ownership, and ESG significantly affect firm value, with an Adjusted R² of 89.60%. These findings indicate that institutional monitoring mechanisms remain the primary determinant of state-owned bank value, while ESG disclosure has not yet become a major consideration for investors in the Indonesian capital market.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.35457/tcjc0n70first seen 2026-10-18 04:53:16
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