企業価値の構築：サステナビリティ報告、レバレッジ、収益性、企業規模の役割
Building Firm Value: The Role of Sustainability Reporting, Leverage, Profitability and Firm Size (原題)
Tryas Chasbiandani, Adam Zakaria, Marselissa Nindito
🤖 gxceed AI 要約
日本語
インドネシア証券取引所の消費財非 cyclical 企業を対象に、2022〜2024年のパネルデータでサステナビリティ報告と企業価値（PBV）の関係を検証。サステナビリティ報告・レバレッジ・収益性は企業価値に有意な正の影響を与える一方、企業規模は有意でなかった。投資家が財務指標に加えサステナビリティ開示を評価していることを示す新興国からの実証的証拠。
English
Using 2022–2024 panel data from Indonesian consumer non-cyclical listed firms, this study tests how sustainability reporting, leverage, profitability and firm size affect firm value (PBV). Sustainability reporting, leverage and profitability show significant positive effects; firm size does not. The results suggest investors price sustainability disclosure alongside financial performance in an emerging 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・有価証券報告書のサステナビリティ開示が進み、開示と企業価値の関係は投資家対応の中心的論点。新興国での実証は、開示の資本市場効果を相対化する参照点となる。
In the global GX context
As ISSB/SSBJ and CSRD push sustainability disclosure toward mandatory status, evidence that disclosure correlates with market valuation—here from an emerging market—adds to the global debate on whether disclosure pays off in cost of capital and investor confidence.
👥 読者別の含意
🔬研究者:開示と企業価値の関係を新興国データで検証した実証例として、先行研究の不整合を整理する材料になる。
🏢実務担当者:サステナビリティ報告が投資家評価に結びつく可能性を示すが、単一市場の結果であり自社文脈での適用には慎重さが必要。
🏛政策担当者:開示義務化の経済的便益を議論する際、新興国における市場評価との相関を示す参考事例となる。
📄 Abstract（原文）
Firm value remains an important indicator of corporate performance and investor confidence. However, empirical findings regarding the influence of sustainability reporting on firm value remain inconclusive, particularly in emerging markets. This study aims to examine the effects of sustainability reporting, leverage, profitability, and firm size on firm value among consumer non-cyclicals companies listed on the Indonesia Stock Exchange during 2022–2024. Using a quantitative approach, this study analyzes panel data obtained from annual and sustainability reports of listed companies. Firm value is measured using Price-to-Book Value (PBV), while the data are analyzed using panel data regression with the Random Effect Model (REM). The results indicate that sustainability reporting, leverage, and profitability have positive and significant effects on firm value. In contrast, firm size does not significantly influence firm value. These findings suggest that investors not only consider financial performance but also value corporate sustainability disclosures when assessing firm prospects and market value. This study contributes to the literature on sustainability accounting and corporate finance by providing empirical evidence from an emerging market context and highlighting the importance of sustainability reporting and financial characteristics in enhancing firm value, where research on the relationship between sustainability reporting and firm value remains limited and inconclusive.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.32493/jabi.v9i3.y2026.p355-370first seen 2026-10-24 04:49:51 · last seen 2026-10-30 05:05:21
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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。