ESG開示、グリーンイノベーション、企業価値：財務的柔軟性の調整効果
ESG Disclosure, Green Innovation, and Firm Value: The Moderating Role of Financial Flexibility (原題)
Nareswari Putri Sestina, Dina Hidayat
🤖 gxceed AI 要約
日本語
インドネシア証券取引所のエネルギー企業60社を対象に、ESG開示とグリーンイノベーションが企業価値に与える影響を分析。パネルデータ回帰の結果、両者は企業価値に有意な影響を与えず、財務的柔軟性はグリーンイノベーションの効果を弱めることが示された。市場が持続可能性戦略を十分に評価していないことを示唆する。
English
This study analyzes the impact of ESG disclosure and green innovation on firm value, using financial flexibility as a moderator, for 60 Indonesian energy companies (2022-2024). Panel regression shows no significant direct effects, and financial flexibility weakens the green innovation effect, suggesting markets do not yet fully price sustainability strategies.
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実証研究であり、日本企業への直接的な示唆は限定的。ただし、ESG開示が企業価値に結びつかない可能性を示す点は、SSBJ開示が始まる日本企業にとって、開示の質と投資家との対話の重要性を再認識させる材料となる。
In the global GX context
This paper adds to the global discourse on ESG materiality by showing that in an emerging market, ESG disclosure and green innovation do not directly enhance firm value, and financial flexibility can dampen innovation effects. It highlights the need for context-specific analysis beyond Western markets, relevant for ISSB adoption in developing economies.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on the ESG-firm value nexus, useful for comparative studies.
🏢実務担当者:Suggests that sustainability efforts may not be immediately rewarded by markets, emphasizing the need for effective communication.
🏛政策担当者:Indicates that mandatory ESG disclosure alone may not drive firm value, suggesting complementary policies to foster green innovation.
📄 Abstract（原文）
This study aims to analyze the effects of ESG disclosure and green innovation on firm value, with financial flexibility as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during the 2022–2024. The study employed a quantitative approach using panel data regression analysis on 180 observations from 60 companies. The results indicate that ESG disclosure and green innovation have no significant effect on firm value. Financial flexibility is also not proven to strengthen the relationship between ESG disclosure and firm value, but weakens the effect of green innovation on firm value. These findings indicate that sustainability strategies have not been fully considered by the market as a primary determinant of firm value, and their effectiveness is influenced by the company’s financial condition. This study contributes to expanding the Natural Resource-Based View literature regarding the relationship between sustainability strategies and firm value in the energy sector in Indonesia.
🔗 Provenance — このレコードを発見したソース
- openalex https://doaj.org/article/f673fb3976fc4f01a9ebe0af8aadb45afirst seen 2026-09-09 05:04:56
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