An Analysis of Enterprise Value Determinants in Public Companies with Asia Sustainability Report Rating (ASRRAT) in Indonesia
インドネシアのアジアサステナビリティレポート評価（ASRRAT）における公開企業の企業価値決定要因の分析 (AI 翻訳)
RAHMI Amelia, WIDYASTUTI Tri, DARMANSYAH
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのASRRAT評価を受けた公開企業を対象に、企業価値の決定要因を分析した。マネジメント報酬は負の影響、取締役会規模・ERM・社会的開示・ガバナンス開示は正の影響を与える一方、環境開示やGCG指数は有意でなかった。効果的なガバナンスとリスク管理、信頼性のあるサステナビリティ開示が市場で評価されることを示唆する。
English
This study investigates determinants of enterprise value in Indonesian public companies recognized by ASRRAT. Using multiple linear regression on 31 firms from 2019-2023, it finds that board size, enterprise risk management, and social and governance disclosures positively affect value, while managerial compensation has a negative effect. Environmental disclosure and corporate governance index show no significant impact, highlighting the importance of credible, non-compliance-based sustainability reporting.
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
本論文はインドネシア市場に焦点を当てており、日本のGX政策やSSBJとは直接関係しない。ただし、アジア新興国におけるESG開示と市場評価の実証結果は、日本企業のインドネシア進出や投資家対応において参考となる可能性がある。
In the global GX context
This paper provides empirical evidence from Indonesia on how specific ESG and governance factors influence firm value, contributing to the global discourse on sustainability reporting and market relevance. While not directly tied to Japan, it offers comparative insights for investors and regulators in Asian markets.
👥 読者別の含意
🔬研究者:Provides cross-country evidence on ESG disclosure value relevance in an emerging market context.
🏢実務担当者:Indonesian corporate teams can use findings to prioritize board size, ERM, and social/governance reporting.
🏛政策担当者:Indonesian regulators may note that compliance-based disclosures (e.g., environmental) have limited market impact.
📄 Abstract（原文）
Abstract This study investigates the determinants of enterprise value in Indonesian public companies recognized by the Asia Sustainability Reporting Rating (ASRRAT). It examines the effect of corporate governance as measured through Managerial Compensation, Board Size, and Good Corporate Governance (GCG) Index, also Internal Control, Enterprise Risk Management (ERM), and the Environmental, Social, and Governance (ESG) aspects of Sustainability Reporting. This study uses purposive sampling with 31 ASRRAT‐recognised companies listed on the Indonesia Stock Exchange from 2019 to 2023 were selected. The analysis uses multiple linear regression using SPSS 29. Results show that Managerial Compensation has a significant negative effect on enterprise value, whereas Board Size, ERM, Social disclosure, and Governance disclosure shows significant positive effects, indicating that broader board capacity, integrated risk management, and transparent sustainability reporting particularly for social and governance aspects are valued by the market. In contrast, GCG Index, Internal Control, and Environmental disclosure show no significant effect on enterprise value possibly due to limitations in measurement scope, investor perception, or disclosure quality. Simultaneously all independent variables influence enterprise value. The study contributes by showing that effective corporate governance, risk management practices, and credible sustainability disclosures are important to enhance enterprise value, while also highlighting the limited market relevance of compliance-based disclosures and governance practices thus providing implications for regulators, investors, and corporation in strengthening their internal practices and sustainability practices in Indonesia’s capital market. Keywords: Enterprise Value, Enterprise Risk Management, Corporate Governance, Internal Control, Sustainability Reporting.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.17091654first seen 2026-05-05 19:08:22
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