Can Readable Sustainability Reports Mitigate Greenwashing's Market Consequences?
読みやすいサステナビリティ報告書はグリーンウォッシングの市場への影響を軽減できるか？ (AI 翻訳)
Dewi Ratnawati, Linda Ayu Wulandari, Prima Tri Puspita, Nur Aisyah Ramadhani, Deden Tarmidi
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー企業43社を対象に、グリーンウォッシング、外国人所有、収益性が市場評価に与える影響と、サステナビリティ報告書の読みやすさの調整効果を検証。読みやすい開示はグリーンウォッシングの市場への悪影響を弱める一方、外国人所有や収益性との関係は調整しないことを発見。
English
Using panel data from 43 Indonesian energy firms (2021-2024), this study examines the impact of greenwashing, foreign ownership, and profitability on market valuation, and whether sustainability report readability moderates these relationships. Readability weakens the negative effect of greenwashing on valuation but does not moderate the effects of foreign ownership or profitability. Findings support signaling theory and suggest clearer disclosures enhance investor scrutiny.
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
インドネシア市場の事例だが、日本のエネルギー企業もグリーンウォッシングへの投資家監視が強まる中、開示の読みやすさが市場評価に与える影響を示唆。SSBJ基準や有報記載の明確化にも応用可能。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on how sustainability report readability can mitigate greenwashing's market penalties. It complements global discussions on disclosure quality under TCFD/ISSB/CSRD, where readability is often overlooked in favor of content.
👥 読者別の含意
🔬研究者:Signals the importance of readability as a moderating variable in greenwashing-market valuation links, extending signaling theory.
🏢実務担当者:Energy firms should improve sustainability report readability to reduce negative market reactions from perceived greenwashing.
🏛政策担当者:Disclosure regulators may consider readability standards to enhance the credibility of sustainability communications.
📄 Abstract（原文）
The growing importance of sustainability issues has increased investors’ attention toward the credibility and quality of corporate sustainability disclosures. This study aims to examine the effects of greenwashing, foreign ownership, and profitability on market valuation and to investigate whether sustainability report readability moderates these relationships. The study contributes to the sustainability and capital market literature by exploring the role of readability in mitigating the market consequences of greenwashing within the energy sector. Using a quantitative approach, this research analyzes panel data from 43 energy companies listed on the Indonesia Stock Exchange during 2021–2024, resulting in 172 firm-year observations. Data was obtained from annual reports, sustainability reports, and audited financial statements. Panel data regression and Moderated Regression Analysis (MRA) were employed to test the proposed hypotheses. The findings reveal that greenwashing, foreign ownership, and profitability significantly affect market valuation. Sustainability report readability is found to weaken the relationship between greenwashing and market valuation, indicating that more readable sustainability disclosures help investors evaluate environmental claims more critically. However, readability does not moderate the relationships between foreign ownership and market valuation or between profitability and market valuation, although it directly contributes to market valuation as a predictor variable. These findings extend Signaling Theory by highlighting the importance of disclosure readability in reducing information asymmetry and improving the credibility of sustainability communication. The study suggests that firms should improve the clarity of sustainability disclosures to enhance transparency and support informed investment decisions.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.35870/ijmsit.v6i1.7475first seen 2026-07-18 06:14:17
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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。