ESG開示、ジェンダー多様性、取締役会規模が企業価値に与える影響：収益性による調整効果
Pengaruh ESG Disclosure, Gender Diversity dan Board Size terhadap Nilai Perusahaan Dimoderasi Profitabilitas (原題)
Selin Manisa, Nanda Wahyu Indah Kirana
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のインフラ企業30社（2021〜2024年、120観測）を対象に、ESG開示・ジェンダー多様性・取締役会規模が企業価値に与える影響をパネルデータ回帰と調整回帰分析で検証。ジェンダー多様性のみ企業価値に有意な正の効果を持ち、ESG開示と取締役会規模は有意でなかった。収益性はジェンダー多様性の正の効果を弱める方向に調整する。投資家はESG開示よりも取締役会のジェンダー多様性を評価する傾向が示唆される。
English
Using panel regression and moderated regression on 30 Indonesian-listed infrastructure firms (120 firm-year observations, 2021-2024), this study tests ESG disclosure, gender diversity, and board size on firm value. Only gender diversity shows a significant positive effect; ESG disclosure and board size are insignificant. Profitability weakens the gender-diversity effect and does not moderate the other relationships, suggesting investors in this sector value board gender diversity over ESG disclosure.
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
新興国インフラ企業におけるESG開示の企業価値効果が限定的であることを示す実証例。日本のSSBJ開示対応や有報でのサステナビリティ情報の投資家評価を考える際、開示の質・投資家層の違いを踏まえた比較材料となる。
In the global GX context
Adds emerging-market evidence that ESG disclosure alone may not move firm value in capital-intensive infrastructure sectors, contrasting with disclosure-value findings in developed markets. Useful for ISSB/CSRD-era debates on whether mandatory disclosure translates into valuation effects, and highlights governance diversity as a distinct value driver.
👥 読者別の含意
🔬研究者:Provides a moderated-regression template for testing whether profitability conditions the ESG-disclosure–firm-value link in emerging markets.
🏢実務担当者:Suggests that in Indonesian infrastructure, board gender diversity may matter more to investors than ESG disclosure volume—useful when prioritizing governance vs. disclosure efforts.
🏛政策担当者:Indicates that mandating ESG disclosure may not by itself shift valuations in infrastructure; complementary governance and investor-engagement measures may be needed.
📄 Abstract（原文）
This study aims to examine and analyze the impact of ESG disclosure, gender diversity, and board size on firm value, while simultaneously testing profitability as a moderating variable across infrastructure companies listed on the Indonesia Stock Exchange for the 2021-2024 period. Employing a purposive sampling approach, the research sample comprises 30 companies, yielding a total of 120 firm-year observations. The analytical framework utilizes panel data regression integrated with Moderated Regression Analysis (MRA) under the Random Effect Model (REM). Empirical findings reveal that gender diversity has a positive and statistically significant effect on firm value. In contrast, ESG disclosure and board size show no significant influence on firm value. Furthermore, the moderation assessment confirms that profitability moderates and weakens the positive link between gender diversity and firm value. Nevertheless, profitability fails to moderate the effects of ESG disclosure or board size on firm value. Conclusively, these results imply that capital market investors in the infrastructure sector value gender diversity more heavily than ESG disclosure or board size
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.54066/jura-itb.v4i4.4791first seen 2026-11-04 05:04:05 · last seen 2026-11-06 05:01:06
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