STRENGTHENING THE IMPACT OF ESG ON FIRM VALUE THROUGH CORPORATE GOVERNANCE: EMPIRICAL EVIDENCE FROM INDONESIA
コーポレートガバナンスを通じたESGが企業価値に与える影響の強化：インドネシアからの実証的証拠 (AI 翻訳)
Khalida Utami, Petiana Indriati, Syamsul Bahri, Cantika Putri Permatasari Santio
🤖 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開示が企業価値に与える影響を、コーポレートガバナンス（CG）を調整変数として検証した。パネル回帰分析の結果、ESG開示単独では負の効果が見られたが、ESGとCGの相互作用項は正で有意であり、効果的なガバナンスがESGの価値向上効果を強化することが示された。
English
This study examines the effect of ESG disclosure on firm value with corporate governance (CG) as a moderator, using Indonesian listed firms. Panel regression reveals that ESG disclosure alone has a negative effect, but the interaction between ESG and CG is positive and significant, indicating that effective governance strengthens the value-enhancing impact of ESG.
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
日本の文脈では、ESG開示と企業価値の関係はSSBJ基準等で注目されるが、本稿はインドネシア市場の事例であり、日本企業に直接適用可能ではないものの、ガバナンスの質がESGの価値創造に重要である点は示唆に富む。
In the global GX context
Globally, this paper adds evidence from an emerging market (Indonesia) on the moderating role of corporate governance in the ESG-value link. It reinforces the idea that governance quality is critical for ESG to translate into firm value, relevant for ESG integration strategies in diverse institutional contexts.
👥 読者別の含意
🔬研究者:Provides empirical evidence from Indonesia on the ESG-value relationship and the moderating role of governance.
🏢実務担当者:Highlights that ESG efforts alone may not boost value without strong governance; useful for corporate strategy.
🏛政策担当者:Suggests that regulators should promote both ESG disclosure and governance quality jointly.
📄 Abstract（原文）
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with corporate governance (CG) serving as a moderating variable, using data from companies listed on the Indonesia Stock Exchange. The research is motivated by the increasing emphasis on sustainability and governance practices as key drivers of long-term corporate value. Data were obtained from annual and sustainability reports over the observation period and analyzed using panel regression with a fixed-effect model. ESG disclosure was measured based on the extent of reporting across environmental, social, and governance dimensions, while CG was assessed through a composite index comprising the proportion of independent commissioners, audit committee existence, institutional ownership, and board size. The findings reveal that ESG disclosure has a negative and significant effect on firm value, proxied by Tobin’s Q, suggesting that the Indonesian capital market has not yet fully recognized ESG practices as value-enhancing factors. However, the interaction term between ESG and corporate governance (ESG×CG) exhibits a positive and significant coefficient, indicating that effective governance strengthens the impact of ESG on firm value. Additional analysis using an alternative measure of firm value (Price to Book Value or PBV) and robustness checks confirms the consistency of these results. Overall, the findings emphasize that ESG practices generate economic value only when reinforced by credible and well-functioning corporate governance mechanisms.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.65179/inquisitive.2025.9554first seen 2026-06-11 05:12:25 · last seen 2026-06-16 04:36:30
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