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Pengaruh Kepemilikan Manajerial dan Pengungkapan Corporate Social Responsibility (CSR) terhadap Nilai Perusahaan pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia 2019–2023

マネジリアル・オーナーシップとCSR開示が企業価値に与える影響：インドネシア証券取引所の不動産・不動産会社2019-2023年 (AI 翻訳)

Lidya Martha, Nurul Izati, Aminar Sutra Dewi, Riri Mayliza, Ratnawati Raflis

ARZUSIN📚 査読済 / ジャーナル2026-02-12#ESG対象セクター: real_estate
DOI: 10.58578/arzusin.v6i1.9132
原典: https://doi.org/10.58578/arzusin.v6i1.9132

🤖 gxceed AI 要約

日本語

本研究は、インドネシアの不動産・不動産セクターにおけるマネジリアル・オーナーシップとCSR開示が企業価値に与える影響を分析した。2019年から2023年の23社のパネルデータを回帰分析した結果、マネジリアル・オーナーシップは企業価値に有意な影響を与えないが、CSR開示は正で有意な影響を与えることが示された。この結果は正当性理論を支持し、企業価値向上におけるCSR開示の重要性を示唆している。

English

This study analyzes the impact of managerial ownership and CSR disclosure on firm value in the Indonesian property and real estate sector. Using panel data from 23 companies for 2019-2023, regression results show that managerial ownership has no significant effect, but CSR disclosure has a positive and significant effect on firm value. The findings support legitimacy theory and highlight the importance of CSR disclosure for enhancing firm value.

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

インドネシアの不動産セクターに焦点を当てた研究であり、日本企業への直接的な示唆は限定的。ただし、CSR開示と企業価値の関係は、日本でもESG情報開示の重要性が高まる中で参考になる。

In the global GX context

This study contributes to the global discourse on CSR disclosure and firm value, particularly in emerging markets. It provides empirical evidence that CSR disclosure positively impacts firm value, supporting the business case for sustainability reporting, which is relevant to global frameworks like ISSB and CSRD.

👥 読者別の含意

🔬研究者:Provides empirical evidence on CSR disclosure and firm value in an emerging market context, useful for comparative governance studies.

🏢実務担当者:Highlights the potential value of CSR disclosure for enhancing firm value, informing corporate sustainability reporting strategies.

🏛政策担当者:Offers insights into the role of CSR disclosure in emerging markets, potentially informing disclosure regulations.

📄 Abstract（原文）

Firm value has become a central concern in the finance literature because it reflects the market’s perception of a company’s long-term prospects and performance; however, studies that specifically examine the effects of managerial ownership and Corporate Social Responsibility (CSR) disclosure in the property and real estate sector in Indonesia remain relatively limited. This study aims to analyze the effect of managerial ownership and CSR disclosure on firm value in Indonesian property and real estate sector companies. A quantitative approach with a causal research design was employed, involving 23 companies selected using purposive sampling for the 2019–2023 period. Data were obtained from annual reports and analyzed using panel data regression with the aid of EViews 12 software. The results show that managerial ownership does not have a significant effect on firm value, whereas CSR disclosure has a positive and significant effect on firm value. These findings support legitimacy theory and enrich the corporate governance literature in the context of the property and real estate sector in Indonesia. The study concludes that CSR disclosure is an important strategy for enhancing firm value, with theoretical implications for the development of finance and governance literature and practical implications for management in formulating sustainability policies oriented toward increasing firm value.

🔗 Provenance — このレコードを発見したソース

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