ESG Disclosure and Firm Value the Moderating Role of Corporate Governance in Energy Sector Companies
ESG開示と企業価値：エネルギーセクター企業におけるコーポレートガバナンスの調整役 (AI 翻訳)
Yonson Pane, Irvan Rolyesh Situmorang
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所に上場するエネルギー企業を対象に、ESG開示が企業価値に与える影響と、コーポレートガバナンス（独立取締役比率）の調整効果を検証した。2020～2024年のパネルデータを回帰分析した結果、ESG開示は企業価値を有意に向上させ、ガバナンスがその関係を強化することを確認した。シグナリング理論とエージェンシー理論に基づく知見を提供している。
English
This study investigates the effect of ESG disclosure on firm value and the moderating role of corporate governance in energy sector companies listed on the Indonesia Stock Exchange from 2020 to 2024. Using panel data regression, it finds that ESG disclosure positively and significantly impacts firm value, and that corporate governance (measured by independent commissioner ratio) strengthens this relationship. The findings extend signaling theory and agency theory in the context of emerging market energy firms.
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
インドネシアのエネルギー企業を対象とした研究だが、ESG開示と企業価値の関係におけるガバナンスの調整効果は、日本企業のSSBJ対応や統合報告書の実践にも示唆を与える。特に、ガバナンス品質がESG情報の価値関連性を高める点は、日本の投資家対応においても重要である。
In the global GX context
This paper provides empirical evidence from an emerging market on the moderating role of corporate governance in the ESG-disclosure-firm value relationship. Globally, it reinforces the importance of strong governance mechanisms to enhance the value relevance of ESG disclosures, which is relevant for ISSB and other disclosure frameworks that emphasize governance as a pillar of sustainability reporting.
👥 読者別の含意
🔬研究者:This paper offers empirical evidence from an emerging market on how corporate governance moderates the ESG disclosure-firm value link, contributing to the literature on ESG and corporate finance.
🏢実務担当者:Corporate sustainability teams can use these findings to advocate for stronger governance structures to maximize the positive impact of ESG disclosures on firm valuation.
🏛政策担当者:Regulators in emerging markets may consider the quality of corporate governance as a critical factor when designing ESG disclosure mandates to ensure value relevance.
📄 Abstract（原文）
Purpose – This study aims to investigate the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, while examining the moderating role of corporate governance in energy sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Design/methodology/approach – A quantitative research design was employed using secondary data collected from annual reports, sustainability reports, and corporate financial statements. The sample was determined through purposive sampling, focusing on energy sector firms consistently listed on the Indonesia Stock Exchange throughout the observation period. Data analysis was conducted using panel data regression with the assistance of EViews 13 software. Finding/Results – The empirical results reveal that ESG disclosure has a positive and significant effect on firm value. Furthermore, corporate governance, measured by the proportion of independent commissioners, was found to strengthen the relationship between ESG disclosure and firm value. These findings indicate that the effectiveness of ESG practices in enhancing corporate value becomes more substantial when supported by strong governance quality. Originality/Value – This study contributes empirical evidence regarding the association between ESG disclosure and firm value within Indonesia’s energy sector by incorporating corporate governance as a moderating variable. In addition, the findings extend the relevance of signaling theory and agency theory in explaining how ESG disclosure and governance mechanisms shape investor responses toward energy companies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61255/jeemba.v4i4.1238first seen 2026-07-24 05:54:32
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