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ESG開示と女性取締役が企業価値に与える影響（インドネシア証券取引所上場の非循環消費財セクター製造企業、2021〜2024年を対象としたケーススタディ）

The Influence of ESG Disclosure and Women on Board on Company Value (Case Study on Non-Cyclical Consumer Sector Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2021-2024 Period) (原題)

Novi Sulistia Ningsih, Vicky Dzaky Cahaya Putra

Danadyaksa.📚 査読済 / ジャーナル2026-10-01#ESG経営インパクト: 資金調達対象セクター: manufacturing
DOI: 10.69965/danadyaksa.v4i2.671
原典: https://e-journal.bustanul-ulum.id/index.php/danadyaksa/article/view/671

🤖 gxceed AI 要約

日本語

インドネシア証券取引所に上場する非循環消費財セクター製造企業23社・92観測を対象に、ESG開示と女性取締役の存在が企業価値に与える影響を重回帰分析で検証した研究。ESG開示は企業価値に負の有意な影響、女性取締役は正の有意な影響を与え、両者同時では正の有意な影響を示した。新興国におけるESG開示の市場評価と取締役会多様性の効果を実証的に示す。

English

This study examines how ESG disclosure and women on boards affect firm value among 23 non-cyclical consumer manufacturing firms (92 observations) listed on the Indonesia Stock Exchange, 2021–2024, using multiple linear regression. ESG disclosure shows a significant negative effect on firm value, women on board a significant positive effect, and jointly a significant positive effect. It offers emerging-market evidence on how ESG disclosure and board diversity are priced.

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

新興国におけるESG開示の企業価値への影響を扱う点で、日本企業の新興国サプライチェーン・投資先評価の参考になる。SSBJ・有報開示の効果測定を考える際の比較材料としても示唆がある。

In the global GX context

Adds emerging-market (Indonesia) evidence to the global debate on whether ESG disclosure is priced positively or negatively, complementing ISSB/CSRD-driven disclosure scholarship that is largely developed-market focused. The board-diversity angle connects to global governance and CSRD social-disclosure discussions.

👥 読者別の含意

🔬研究者:新興国におけるESG開示と企業価値の関係、および取締役会多様性の効果に関する実証データとして参照できる。

🏢実務担当者:新興国拠点・取引先のESG評価や取締役会構成のベンチマーク検討に活用できる。

🏛政策担当者:新興国でのESG開示義務化の市場影響を考える際の比較事例となる。

📄 Abstract（原文）

Company value is a very important benchmark for companies, increasing company value shows that the company can run its operations optimally, thus giving investors confidence in the company's quality. In the modern investment world, investors' goals are not only to make financial gains, but they also increasingly consider how the company's activities and portfolios have a real impact on society and the environment. This research aims to obtain data and information related to the Influence of ESG Disclosure and Women on Board on Company Value. The type of research used in this study is quantitative data, the data studied is in the form of secondary data obtained from annual reports. The data collection technique applied in this study is multiple linear regression analysis. The population in this study includes all manufacturing companies in the Consumer Non-Cyclical sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period as many as 131 companies using the purposive sampling method. Based on the determination of these criteria, there are 23 companies that are research samples with a total of 92 observations. The results of the study show that ESG Disclosure has a negative and significant effect on Company Value, Women on Board has a positive and significant effect on Company Value, and simultaneously ESG Disclosure and Women on Board have a positive and significant effect on Company Value.

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