Corporate Social Responsibility Disclosure and Firm Value: The Moderating Role of Capital Structure
企業の社会的責任（CSR）開示と企業価値：資本構成の調整効果 (AI 翻訳)
Made Arvin Ariantara, M. G. Wirakusuma, Eka Ardhani Sisdyani, I. Damayanthi
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの非金融セクター企業を対象に、CSR開示が企業価値に与える影響を資本構成の調整効果に焦点を当てて検証した。GRI 2021に基づくCSR開示はトービンのQで測定した企業価値に正の影響を与えるが、資本構成（DER）は調整変数として機能しないことが示された。シグナリング理論を支持する結果であり、CSR開示の投資判断における有用性を実証している。
English
This study examines the effect of CSR disclosure on firm value with capital structure as a moderator, using a sample of 301 Indonesian firms over 2021-2024. Results show a positive and significant relationship between CSR disclosure (based on GRI 2021) and firm value (Tobin's Q), but capital structure does not moderate this relationship. The findings support signaling theory and highlight the value relevance of CSR disclosure in emerging markets.
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
インドネシアの強制CSR開示制度下での実証研究だが、日本企業にとっても非財務情報開示が企業価値に与える影響を示唆する点で参考になる。日本でもSSBJ基準に基づく開示が進む中、開示の質と資本市場での評価の関連性を考える上で有益な知見を提供する。
In the global GX context
This study contributes to the global literature on the value relevance of CSR disclosure, particularly in an emerging market context with mandatory GRI-based reporting. While not directly focused on climate, it provides evidence that sustainability disclosures can positively impact firm valuation, reinforcing the business case for integrated reporting under frameworks like ISSB and CSRD.
👥 読者別の含意
🔬研究者:Adds evidence on the CSR disclosure–firm value relationship in an emerging market, with capital structure as a moderator.
🏢実務担当者:Demonstrates that CSR disclosure can enhance firm value, supporting the business case for sustainability reporting.
🏛政策担当者:Provides empirical support for mandatory CSR disclosure policies in emerging economies.
📄 Abstract（原文）
This study aims to examine the effect of corporate social responsibility (CSR) disclosure on firm value, with capital structure as a moderating variable, while profitability, firm size, and dividend policy are included as control variables. The study is motivated by the phenomenon of declining stock values among non-financial sector companies that are highly associated with environmental issues, particularly following the implementation of mandatory sustainability reporting in accordance with the Indonesian Financial Services Authority Circular Letter No. 16/SEOJK.04/2021. A quantitative research approach is employed using secondary data derived from sustainability reports and financial statements of companies listed on the Indonesia Stock Exchange. The research sample consists of 301 firms operating in the energy, industrials, transportation and logistics, infrastructure, and basic materials sectors during the 2021–2024 period, yielding a total of 1,204 firm-year observations. CSR disclosure is measured based on the GRI 2021 standards, firm value is proxied by Tobin’s Q, and capital structure is measured using the debt-to-equity ratio (DER). Data analysis is conducted using Moderated Regression Analysis (MRA) with the assistance of STATA 17 software. The results indicate that CSR disclosure has a positive and statistically significant effect on firm value. However, capital structure does not moderate the relationship between CSR disclosure and firm value and is classified as a predictor moderator. Simultaneously, CSR disclosure and the control variables jointly have a significant effect on firm value, although the model’s explanatory power in capturing variations in firm value remains relatively limited. These findings support signaling theory, suggesting that the disclosure of non-financial information, particularly CSR, provides positive signals to investors in their investment decision-making.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.47191/jefms/v9-i2-21first seen 2026-05-15 18:41:46 · last seen 2026-06-15 05:27:58
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。