The Effects of ESG Disclosure, Intellectual Capital, and Environmental Costs on Firm Value: The Moderating Role of Profitability
ESG開示、知的資本、環境コストが企業価値に与える影響：収益性の調整効果 (AI 翻訳)
Rizki Risdianto, Susi Susilawati, Ridwan Saleh, Samukri Samukri, Maria Suryaningsih
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場企業を対象に、ESG開示、知的資本、環境コストが企業価値に与える影響を検証し、さらに収益性の調整効果を分析した。2021～2024年の90社、360観測値のパネルデータ回帰分析の結果、これらの変数はいずれも企業価値に有意な影響を与えず、収益性の調整効果も確認されなかった。このことは、ESG活動の経済的便益が市場評価に十分反映されていない可能性を示唆している。
English
This study examines the effects of ESG disclosure, intellectual capital, and environmental costs on firm value, and tests profitability as a moderating variable. Using panel data from 90 Indonesian listed firms (2021-2024), the regression analysis finds no significant direct or moderating effects. The results suggest that the economic benefits of ESG activities are not yet recognized by the market.
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実証結果だが、日本企業でもESG情報開示の価値創造効果が明確でないケースが多く、開示の質や投資家認知の課題を再考する示唆となる。SSBJ対応においても、開示が市場評価に直結するとは限らない点は留意すべき。
In the global GX context
While focused on Indonesia, this study contributes to the global debate on whether ESG disclosure creates shareholder value. The non-significant findings challenge the assumption that ESG activities are always value-relevant, highlighting the importance of context (e.g., market maturity, investor sophistication). For global frameworks like ISSB, it underscores that disclosure alone may not drive valuation.
👥 読者別の含意
🔬研究者:Non-significant results in an emerging market context add nuance to the ESG–firm value literature.
🏢実務担当者:Limited direct application; firms should not assume ESG disclosure automatically boosts valuation.
🏛政策担当者:Regulators may need to consider whether mandatory ESG disclosure needs complementary measures to influence market pricing.
📄 Abstract（原文）
Purpose: This study examines the effects of ESG disclosure, intellectual capital, and environmental costs on firm value. It also assesses the moderating role of profitability in companies listed on the Indonesia Stock Exchange. Method: This study employed a quantitative research design using panel data regression analysis. The sample was selected through purposive sampling and consisted of 90 companies during 2021-2024, resulting in 360 firm-year observations. Result: The empirical findings show that ESG disclosure, intellectual capital, environmental costs, and profitability do not significantly affect firm value. In addition, profitability does not moderate the effects of ESG disclosure, intellectual capital, and environmental costs on firm value. Practical Implications for Economic Growth and Development: The findings indicate that the variables examined in this study do not significantly contribute to firm value. This suggests that the economic benefits of ESG disclosure, intellectual capital, environmental costs, and profitability have not been clearly reflected in market valuation. Therefore, further evaluation is needed to understand how these activities can create value that is recognized by investors. Originality/Value: This study contributes to the existing literature by examining profitability as a moderating variable in the relationships between ESG disclosure, intellectual capital, environmental costs, and firm value across several industry sectors in Indonesia.
🔗 Provenance — このレコードを発見したソース
- openalex https://doaj.org/article/34709bea8b2b4896adc558e1c35765fbfirst seen 2026-07-18 06:02:26
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