監査品質が経営者持株比率とESG開示の企業価値への影響を調整する効果：非循環型消費財企業における検証
Audit Quality Moderating Managerial Ownership and ESG Disclosure Effects on Firm Value in Non-Cyclical Consumer Firms (原題)
Rauzhatul Husna, Islahuddin, Mulia Saputra
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の非循環型消費財企業45社・180社年を対象に、経営者持株比率とESG開示が企業価値に与える影響を、監査品質の調整効果とともに検証した研究。経営者持株比率とESG開示はいずれも企業価値に負の影響を与え、エントレンチメントと短期的コスト認識が示唆された。監査品質はESG開示と企業価値の関係を強める一方、持株比率との関係は調整しなかった。
English
Using 180 firm-year observations from 45 Indonesian non-cyclical consumer firms (2021–2024), this study tests how managerial ownership and ESG disclosure affect firm value, with audit quality as a moderator. Both managerial ownership and ESG disclosure show negative effects on firm value, suggesting entrenchment and short-term cost perceptions. Audit quality strengthens the ESG disclosure–firm value link but does not moderate the ownership relationship, underscoring credibility's role in ESG value relevance.
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
SSBJ基準・有報でのサステナビリティ開示が進む日本では、ESG情報の信頼性担保（保証・監査）が企業価値にどう効くかという論点に直結する。新興国での実証は、日本企業の開示保証戦略を相対化する材料になる。
In the global GX context
As ISSB/CSRD push mandatory sustainability disclosure, this paper's finding that assurance (audit quality) conditions the ESG–value link speaks directly to the global credibility-and-assurance debate in disclosure infrastructure.
👥 読者別の含意
🔬研究者:ESG開示の価値関連性における保証・監査の調整効果を新興国データで示す実証的貢献。
🏢実務担当者:ESG開示の第三者保証取得が投資家評価に与える影響を検討する際の参考になる。
🏛政策担当者:開示制度設計において保証要件の価値 relevance を裏付ける根拠となりうる。
📄 Abstract（原文）
This study examines the effect of managerial ownership and Environmental, Social, and Governance (ESG) disclosure on firm value, with audit quality as a moderating variable, in consumer non-cyclical firms listed on the Indonesia Stock Exchange during the 2021–2024 period. Grounded in agency theory and signaling theory, this research addresses inconsistencies in prior literature regarding the value relevance of ownership structure and sustainability disclosure in emerging markets. Using a quantitative approach with purposive sampling, 45 firms were selected, resulting in 180 firm-year observations. The data were analyzed using Moderated Regression Analysis (MRA) after passing classical assumption tests. The results reveal that managerial ownership has a significant negative effect on firm value, indicating the presence of managerial entrenchment that outweighs the alignment effect. ESG disclosure is also found to negatively affect firm value, suggesting that investors may perceive sustainability initiatives as short-term cost burdens rather than value-enhancing strategies. Furthermore, audit quality does not moderate the relationship between managerial ownership and firm value, implying limited effectiveness of external monitoring in mitigating ownership-related agency conflicts. However, audit quality significantly strengthens the relationship between ESG disclosure and firm value by enhancing the credibility of sustainability information. This study contributes to the literature by integrating governance, sustainability, and assurance perspectives within a unified framework and provides empirical evidence from an emerging market context, highlighting that the value implications of ESG disclosure depend on information credibility and institutional settings.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.unismuh.ac.id/index.php/invoice/article/download/21485/10720first seen 2026-10-22 05:47:35 · last seen 2026-11-06 05:45:33
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