Profitability, Leverage, and Stock Prices: The Moderating Role of ESG Disclosure
収益性、レバレッジ、株価：ESG開示の調整的役割 (AI 翻訳)
Adinda Oktaviya, Acep Komara
🤖 gxceed AI 要約
日本語
この研究は、インドネシア証券取引所に上場する基礎素材企業33社を対象に、ESG開示が収益性（ROA）と負債比率（DER）が株価に与える影響をどのように調整するかを分析した。結果、収益性は株価に正の影響を与え、ESG開示はその関係を強化する一方、負債比率の影響は有意ではなかった。ESG開示と財務業績の組み合わせが企業価値向上に重要であることを示唆している。
English
This study analyzes how ESG disclosure moderates the impact of profitability (ROA) and leverage (DER) on stock prices, using 33 basic materials companies listed on the Indonesia Stock Exchange in 2024. Findings show profitability positively affects stock prices, and ESG disclosure strengthens this relationship, while leverage has no significant impact. The results suggest that combining ESG practices with financial performance enhances firm value and investor appeal.
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
インドネシアの基礎素材産業を対象とした研究だが、日本企業においてもESG開示が投資家の評価に与える影響を示唆する点で参考になる。特に、SSBJ基準に基づく開示が進む中で、ESG情報が財務指標とどのように相互作用するかは、日本の投資家対応において重要な示唆を与える。
In the global GX context
Although focused on Indonesia, this paper provides insights into how ESG disclosure moderates financial performance-stock price relationships, relevant globally as disclosure frameworks like ISSB gain traction. It highlights that investors value sustainability alongside profitability, a key consideration for global companies in investor relations.
👥 読者別の含意
🔬研究者:This study offers empirical evidence on the moderating role of ESG disclosure in a specific emerging market context.
🏢実務担当者:Corporate sustainability teams can use these findings to emphasize the importance of ESG disclosure in enhancing investor perceptions, especially when profitability is strong.
📄 Abstract（原文）
This research is conducted to analyze how profitability and leverage influence stock prices, with Environmental, Social, and Governance (ESG) disclosure positioned as a moderating variable. Using a purposive selection approach with 33 samples, the study focuses on businesses in the basic materials industry that were listed on the Indonesia Stock Exchange in 2024. The data was analyzed using Moderated Regression Analysis (MRA) and multiple linear regression using IBM SPSS Statistics. The findings demonstrate that stock prices are positively and statistically significantly impacted by profitability as determined by ROA. Conversely, the DER, a proxy for leverage, doesn't seem to have much of an impact. Additionally, while it has no effect on the relationship between leverage and stock prices, ESG disclosure strengthens the relationship between profitability and stock prices. These results indicate that investors care more about profitability and sustainability than about capital structure. Therefore, combining ESG practices with financial performance is important for increasing the value of a company and making it more appealing to investors.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.55227/ijhess.v5i6.2306first seen 2026-06-16 05:33:16
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。