ESG DISCLOSURE AND FIRM VALUE: THE MODERATING ROLE OF INSTITUTIONAL OWNERSHIP
ESG開示と企業価値：機関所有の調整効果 (AI 翻訳)
Novinda Kurnia Ichsanti, Novrys Suhardianto
🤖 gxceed AI 要約
日本語
本研究は、インドネシア上場非金融企業を対象に、ESG開示が企業価値に与える影響と、機関所有がその関係に与える調整効果を検証した。2017～2023年の675社年データを用いたプールドOLS回帰の結果、ESG開示は企業価値に有意な正の影響を与え、機関所有比率が高い企業ほどその効果が増幅されることが示された。ステークホルダー理論とシグナリング理論に基づき、新興市場におけるESG開示の価値関連性を実証した。
English
This study examines the effect of ESG disclosure on firm value and the moderating role of institutional ownership among non-financial firms listed on the Indonesia Stock Exchange from 2017 to 2023. Using pooled OLS regression on 675 firm-year observations, it finds that ESG disclosure positively affects firm value, and this effect is stronger for firms with higher institutional ownership. The findings support stakeholder and signaling theories and contribute to the ESG literature in an emerging market context.
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が対象だが、日本においてもESG開示と機関投資家の関与が企業価値に与える影響は重要である。日本ではスチュワードシップコードやコーポレートガバナンス・コードのもと、機関投資家の役割が強化されており、本知見は日本の上場企業のIR・開示戦略にも示唆を与える。
In the global GX context
This paper provides emerging market evidence that ESG disclosure enhances firm value, particularly when institutional ownership is high. Globally, it reinforces the importance of governance mechanisms in amplifying the market benefits of sustainability disclosure, relevant for debates on mandatory ESG reporting and investor stewardship.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on the moderating role of institutional ownership in the ESG-firm value relationship.
🏢実務担当者:Suggests that firms should engage institutional investors to enhance the credibility and market recognition of ESG disclosures.
🏛政策担当者:Supports policies that promote ESG disclosure and institutional investor engagement to improve corporate sustainability outcomes.
📄 Abstract（原文）
This paper examines the effect of ESG disclosure on firm value and the moderating role of institutional ownership in this relationship among publicly listed non-financial firms on the IDX over 2017–2023. Using pooled OLS regression on a sample of 675 observations, this study finds that ESG disclosure exerts a positive and significant effect on firm value, supporting the stakeholder and signaling theory predictions. Furthermore, institutional ownership positively moderates this relationship, such that the value-enhancing effect of ESG disclosure is amplified in firms with higher institutional shareholding. These findings are grounded in stakeholder theory and signaling theory, contribute to the ESG literature by establishing institutional ownership as an active governance mechanism that conditions the market’s recognition of sustainability disclosure quality in an emerging market context. Theoretically, this study extends the ESG-firm value literature to an emerging market setting by establishing institutional ownership as an active governance moderator. Practically, the findings offer directional guidance for policymakers, corporate managers, and institutional investors on strengthening the credibility and market recognition of sustainability disclosures.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.24843/eeb.2026.v15.i05.p01first seen 2026-07-18 07:36:57
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