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インドネシア証券取引所上場銀行セクター（2022-2025年）におけるESG開示が企業価値に与える影響と利益成長による調整効果

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) DISCLOSURE ON CORPORATE VALUE AND MODERATED BY PROFIT GROWTH IN THE LISTED BANKING SECTOR ON THE INDONESIA STOCK EXCHANGE (2022-2025) (原題)

Rizka Achmaditika, Hafriz Rifki Hafas, Teguh Setiawan

Zenodo (CERN European Organization for Nuclear Research)📚 査読済 / ジャーナル2026-10-26#ESG経営インパクト: 資金調達対象セクター: finance
DOI: 10.5281/zenodo.23671663
原典: https://doi.org/10.5281/zenodo.23671663

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場の銀行27社・2022〜2025年のパネルデータを用い、ESG開示が企業価値に与える影響と利益成長の調整効果を検証した実証研究。ESG開示と利益成長はいずれも企業価値に正かつ有意に影響し、利益成長はESG開示と企業価値の関係を強める方向に調整することが示された。新興国銀行セクターにおけるESG開示の投資家認知効果を示す証拠を提供する。

English

A panel study of 27 Indonesian listed banks (2022–2025) testing whether ESG disclosure raises firm value and whether profit growth moderates this link. Both ESG disclosure and profit growth positively and significantly affect firm value, and profit growth strengthens the ESG–value relationship. The findings suggest ESG disclosure backed by strong earnings boosts investor confidence in emerging-market banking.

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

インドネシアの銀行セクターにおけるESG開示と企業価値の関係を示す実証研究であり、日本の銀行・金融機関がSSBJ基準や有報でのサステナビリティ開示を進める際の、新興国市場との比較・投資家評価の参照材料となる。

In the global GX context

Adds emerging-market banking evidence to the global ESG-disclosure-to-firm-value literature relevant to ISSB/TCFD adoption debates, showing that profitability conditions the valuation benefit of disclosure—useful for regulators weighing mandatory sustainability reporting in developing capital markets.

👥 読者別の含意

🔬研究者:Provides panel evidence from an emerging market on the moderating role of profit growth in the ESG–firm value relationship.

🏢実務担当者:Suggests bank sustainability teams can frame ESG disclosure as value-accretive, especially when paired with credible earnings performance.

🏛政策担当者:Offers evidence supporting phased or mandatory ESG disclosure rules for listed banks in emerging capital markets.

📄 Abstract（原文）

The development of Environmental, Social, and Governance (ESG) Disclosure practices is increasingly important in the banking sector because it is not only related to corporate transparency and sustainability but also can influence investor perceptions of corporate value. This study aims to analyze the influence of Environmental, Social, and Governance (ESG) Disclosure on corporate value and analyze the role of profit growth in moderating this relationship in banking sector companies listed on the Indonesia Stock Exchange for the period 2022–2025. This study uses a quantitative approach with secondary data obtained from annual reports and corporate sustainability reports. The sample was determined using a purposive sampling technique and obtained 27 banking companies with an observation period of four years. Data analysis was conducted using panel data regression with the help of EViews 12 and Moderated Regression Analysis (MRA). The results show that ESG disclosure has a positive and significant effect on firm value. Profit growth also has a positive and significant effect on firm value. Furthermore, profit growth moderates the relationship between ESG disclosure and firm value by strengthening this positive effect. The findings of this study indicate that ESG disclosure supported by strong profit growth can increase investor confidence and contribute significantly to increasing the value of banking companies.

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