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THE INFLUENCE OF WEBSITE-BASED SUSTAINABILITY REPORTING AND CAPITAL STRUCTURE ON FIRM VALUE (Study of IDX ESG Leaders)

ウェブベースのサステナビリティ報告と資本構成が企業価値に与える影響（IDX ESGリーダーズの研究） (AI 翻訳)

Sesylia Mohune, Muliyani Mahmud, Mentari Rizki Sawitri Pilomonu

Multidisciplinary Indonesian Center Journal📚 査読済 / ジャーナル2026-04-30#ESG
DOI: 10.62567/micjo.v3i1.2049
原典: https://doi.org/10.62567/micjo.v3i1.2049

🤖 gxceed AI 要約

日本語

本研究は、IDX ESGリーダーズに選定されたインドネシア企業を対象に、ウェブベースのサステナビリティ報告と資本構成が企業価値に与える影響を分析した。2023～2024年の20社のデータを用いた重回帰分析の結果、両変数ともトービンのQで測定した企業価値に対して正の方向性を示したが、統計的に有意ではなかった。すなわち、ESG基準を満たす企業群においては、サステナビリティ開示や資本構成だけが企業価値を有意に説明する要因ではないことが示唆された。

English

This study examines the effect of website-based sustainability reporting and capital structure on firm value for Indonesian IDX ESG Leaders companies. Using multiple regression on 20 firms over 2023-2024, it finds that both variables have positive but statistically insignificant effects on Tobin's Q. The results suggest that for firms already meeting ESG criteria, sustainability disclosure and capital structure alone do not significantly drive market valuation.

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ESGリーダー企業を対象とした本研究成果は、日本企業にとっても示唆に富む。SSBJ基準の導入が進む中、サステナビリティ報告の充実が必ずしも企業価値向上に直結しない可能性を示しており、開示の実効性を高めるためには市場の評価メカニズムや資本構成との連動を考慮する必要がある。

In the global GX context

This paper adds empirical evidence from an emerging market on the effectiveness of sustainability reporting. It finds that even among ESG leaders, website-based disclosure does not significantly affect firm value. This challenges assumptions about direct valuation benefits and highlights the need for integrated reporting and market incentives, relevant for global disclosure frameworks like ISSB and CSRD.

👥 読者別の含意

🔬研究者:Provides empirical evidence on sustainability reporting and firm value in an emerging market context, useful for comparative studies with developed markets.

🏢実務担当者:Highlights that simply posting sustainability reports online may not boost firm value; integration with capital structure and strategy is critical.

🏛政策担当者:Suggests that mandatory reporting alone may be insufficient unless coupled with market recognition mechanisms.

📄 Abstract（原文）

The phenomenon of increasing attention toward environmental and sustainability issues has driven companies to improve information transparency, moving beyond mere financial reports to include non-financial disclosures. One form of this transparency is realized through website-based sustainability reporting, which allows companies to convey sustainability information more openly and accessibly to stakeholders. On the other hand, capital structure decisions remain a fundamental factor that can potentially influence market perceptions of firm value, as they relate to the balance between internal and external funding in supporting operational continuity and growth strategies. This study aims to determine the influence of website-based sustainability reporting and capital structure on firm value through multiple linear regression analysis. Using a quantitative approach and secondary data obtained from annual reports and official company websites, the study focuses on issuers consistently listed in the IDX ESG Leaders index during the 2023–2024 period. The sample selection utilized purposive sampling, resulting in 20 companies with a total of 40 data observations. Firm value was measured using the Tobin’s Q ratio, the level of sustainability reporting disclosure was proxied through the Sustainability Report Disclosure Index (SRDI) based on GRI 2021 standards, and capital structure was measured by the Debt to Equity Ratio (DER). The partial results of the study show that website-based sustainability reporting has a positive coefficient but no significant effect on firm value. Similarly, capital structure shows a positive direction but is not statistically significant. Furthermore, the two variables simultaneously have no significant effect on the firm value of IDX ESG Leaders issuers. These findings indicate that although website-based sustainability disclosure and capital structure tend to have a direct relationship with firm value, the influence is not yet strong enough to significantly affect market valuation within a group of issuers that already meet sustainability criteria. Consequently, the firm value of IDX ESG Leaders issuers is not solely determined by the level of website-based sustainability disclosure or the company's capital structure.

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