THE EFFECT OF ESG DISCLOSURE, LIQUIDITY, AND PROFITABILITY ON FIRM VALUE: THE MODERATING ROLE OF DIVIDEND POLICY
ESG開示、流動性、収益性が企業価値に与える影響：配当政策の調整効果 (AI 翻訳)
Najma Kamilah Rizkianti, Lena Erdawati
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場の食品飲料製造企業29社を対象に、ESG開示、流動性、収益性が企業価値に与える影響を分析した。固定効果モデルを用いた回帰分析の結果、ESG開示と流動性は企業価値に有意な影響を与えず、収益性のみが正の影響を示した。また、配当政策は調整効果を持たなかった。これらの結果は、新興市場の文脈でESG開示の限定的な役割を示唆する。
English
This study examines the impact of ESG disclosure, liquidity, and profitability on firm value in Indonesian food and beverage manufacturing firms from 2020-2024. Using fixed effects regression on 145 firm-year observations, it finds that only profitability positively affects firm value, while ESG disclosure and liquidity have no significant effect. Dividend policy does not moderate these relationships. The findings highlight the limited role of ESG disclosure in emerging markets.
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
本論文はインドネシア市場を対象としており、日本のSSBJや有報におけるESG開示の実務には直接関連しない。しかし、新興国におけるESG開示の企業価値への影響が限定的であるという結果は、日本企業が海外子会社やサプライチェーンを通じて新興国で事業を行う際の示唆となりうる。
In the global GX context
This paper adds emerging market evidence to the global debate on ESG disclosure and firm value. While the results show no significant direct effect of ESG disclosure, they underscore the importance of profitability as a value driver. For global practitioners, it suggests that in certain sectors and markets, ESG disclosure may not immediately translate into higher valuation, challenging assumptions in developed-market ESG frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-firm value relationship from an under-researched emerging market (Indonesia), useful for comparative studies.
🏢実務担当者:For corporate sustainability teams in food & beverage, the study suggests that in emerging markets, profitability remains the primary driver of firm value, and ESG disclosure may not yield short-term valuation benefits.
📄 Abstract（原文）
This study investigated the effect of Environmental, Social, and Governance (ESG) Disclosure, Liquidity, and Profitability on Firm Value, with dividend policy as a moderating variable, in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2024 period. A quantitative associative approach was employed, and the sample was selected using purposive sampling, yielding 29 firms and 145 panel data observations. Data analysis was conducted using moderated regression analysis with EViews 13, and the fixed effect model was identified as the best-fitting model. The findings revealed that environmental, social, and governance disclosure and liquidity did not significantly influence firm value, whereas profitability demonstrated a positive and significant effect. Furthermore, dividend policy failed to moderate the relationships between environmental, social, and governance disclosure, liquidity, and profitability with firm value, indicating that dividend policy did not function as a moderating variable in this context. These results highlighted the limited role of environmental, social, and governance disclosure and liquidity in enhancing firm value within the food and beverage sector, while profitability remained a key determinant. The absence of moderation by dividend policy suggested that firm value in this industry was more directly shaped by operational performance rather than dividend distribution strategies. This study contributed empirical evidence from an emerging market perspective and offered practical implications for corporate managers and investors in formulating value-enhancing strategies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61990/ijamesc.v4i3.779first seen 2026-07-18 06:01:35
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