ESGのグリーンウォッシュ：グローバルトレンドか持続可能性の幻想か？知的資本とESGが企業価値に与える影響の分析
Greenwashing ESG: Tren Global atau Ilusi Keberlanjutan? Analisis Pengaruh Intellectual Capital dan ESG terhadap Nilai Perusahaan (原題)
Hollivia Nurhalisa Tifani, Siti Nurlatifah
🤖 gxceed AI 要約
日本語
インドネシア証券取引所の消費財非循環セクター76社・年を対象に、知的資本（IC）とESG開示が企業価値（PER）に与える影響を回帰分析で検証。ICは有意に正、ESG開示は有意に負の効果を示し、市場がESG報告をコストと捉えている可能性を指摘。ESG基準の弱さがグリーンウォッシュを助長する示唆を提示する。
English
Using 76 firm-year observations from Indonesia's consumer non-cyclical sector (2022–2025), this study regresses firm value (PER) on intellectual capital and ESG disclosure. IC shows a significant positive effect, while ESG disclosure shows a significant negative effect, suggesting markets treat sustainability reporting as a cost rather than a positive signal. The authors interpret this as evidence of greenwashing driven by weak ESG reporting standards in Indonesia.
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
新興国におけるESG開示の市場評価が日本と異なる可能性を示す。SSBJ・有報でのESG情報の投資家活用を考える上で、開示の質と市場の受容の関係を相対化する材料になる。
In the global GX context
Offers emerging-market evidence that ESG disclosure can be priced negatively when reporting standards are weak—directly relevant to ISSB/CSRD debates on assurance, comparability, and greenwashing risk in disclosure infrastructure.
👥 読者別の含意
🔬研究者:Emerging-market evidence that ESG disclosure–firm value links can invert under weak standards, useful for greenwashing and disclosure-quality research.
🏢実務担当者:Signals that in markets with weak ESG standards, disclosure may be read as cost; assurance and materiality framing matter for investor reception.
🏛政策担当者:Supports strengthening ESG reporting standards and enforcement to prevent greenwashing and restore market signal value.
📄 Abstract（原文）
This study aims to analyze the influence of Intellectual Capital (IC) and Environmental, Social, and Governance (ESG) disclosure on firm value in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX) during the period 2022–2025. The research is motivated by the growing importance of intangible assets and sustainability practices in shaping market perceptions, particularly in industries characterized by high competition and strong reliance on innovation. Firm value is measured using the Price to Earnings Ratio (PER), which is considered to better reflect market expectations of profitability compared to Tobin’s Q or Price to Book Value. A quantitative approach was employed with purposive sampling of 76 firm-year observations and multiple regression analysis to determine the appropriate model. The findings reveal that IC has a significant positive effect on firm value, confirming that efficiency in managing human capital, structural capital, and relational capital enhances investor confidence and long-term growth prospects. In contrast, ESG disclosure shows a significant negative effect, indicating that the market has not yet perceived sustainability reporting as a positive signal, but rather as an additional cost that reduces short-term profitability. This result strengthens the indication of greenwashing practices due to weak ESG reporting standards in Indonesia. The coefficient of determination (R²) of 0.612 demonstrates that IC and ESG jointly explain more than half of the variation in firm value. This study contributes theoretically by emphasizing the dominant role of IC as a determinant of firm value in emerging markets and practically by providing implications for management, investors, and regulators in addressing the dilemma of whether ESG represents a global trend or merely an illusion of sustainability.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.35137/jabk.v13i2.1126first seen 2026-11-05 04:44:07
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。