THE IMPACT OF ESG DISCLOSURE, COMPETITIVE ADVANTAGE, AND CASH HOLDING ON FINANCIAL PERFORMANCE AND FIRM VALUATION
ESG開示、競争優位性、現金保有が財務業績と企業価値に与える影響 (AI 翻訳)
Eny Maryanti, Ayu Faizatul Machmuda
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場50社の2020-2024年のデータを用い、ESG開示、競争優位性、現金保有が財務業績と企業価値に与える影響を重回帰分析で検証。現金保有は両方に正の影響、競争優位性は財務業績に正の影響を与えるが、ESG開示は有意な影響を示さず、投資家のESG重視がまだ進んでいないことを示唆。
English
Using data from 50 Indonesian listed firms (2020-2024), this study examines the effects of ESG disclosure, competitive advantage, and cash holding on financial performance and firm value. Cash holding positively affects both; competitive advantage boosts performance but not value; ESG disclosure shows no significant impact, suggesting investors do not yet prioritize ESG.
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開示が始まり、ESG情報の財務影響が注目される中、本稿は新興市場でESG開示が企業価値に直結しない実証を示し、日本企業の開示戦略や投資家対応に示唆を与える。
In the global GX context
As ISSB and CSRD push ESG disclosure globally, this evidence from Indonesia shows that in emerging markets ESG disclosure may not yet affect firm value, highlighting the need for context-specific expectations in global disclosure scholarship.
👥 読者別の含意
🔬研究者:新興市場におけるESG開示の価値関連性の弱さを示す実証として参照可能。
🏢実務担当者:ESG開示の投資家評価への影響が限定的な市場での開示優先度判断に有用。
🏛政策担当者:新興国でのESG開示義務化の効果を検討する際の参考になる。
📄 Abstract（原文）
This study examines the influence of Environmental, Social, and Governance (ESG) Disclosure, Competitive Advantage, and Cash Holding on Financial Performance and Firm Value. Quantitative methods were used with secondary data from 50 companies listed on the Indonesia Stock Exchange for the 2020-2024 period. The analysis was conducted using multiple linear regression. The results show that Cash Holding have a significant positive effect on Financial Performance and Firm Value. ESG Disclosure has no significant effect on Financial Performance or Firm Value, indicating that ESG practices are not yet a primary consideration for investors. Competitive advantage has a significant positive effect on financial performance, but not on firm value, indicating that competitive advantage has a greater impact on a company's internal operational efficiency than on market perceptions of firm value. This finding confirms that sustainability initiatives have not yet had a direct financial impact, while a strong competitive position has a significant impact on firm performance. This study provides important insights for managers and investors in decision making.
🔗 Provenance — このレコードを発見したソース
- openalex http://eprints.umsida.ac.id/16808/1/IJEFSD_The%2BImpact%2Bof%2BESG%2BDisclosure.pdffirst seen 2026-08-12 04:56:53
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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。