ESGおよびCSR開示が企業価値に与える影響：グッド・コーポレート・ガバナンスの調整効果

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence on ESG vs. CSR value relevance in Islamic banking, highlighting the role of context-specific disclosure.

🏢実務担当者:Suggests that Islamic banks should emphasize Sharia-aligned social disclosures to enhance firm value, rather than generic ESG reporting.

🏛政策担当者:Indicates that disclosure standards may need sector-specific adaptations to capture value-relevant information.

Islamic banking requires disclosures that reflect both sustainability and Sharia principles. This study examines the effect of ESG and CSR disclosure on firm value, with good corporate governance as a moderating variable, in 14 Islamic commercial banks in Indonesia from 2020 to 2024. The analytical method used is panel data regression with the Random Effect Model approach and Moderated Regression Analysis on 65 observations. The results show that ESG and good corporate governance have no significant direct effect on firm value, while CSR has a positive and significant effect. The moderation test shows that good corporate governance has not been proven to strengthen the influence of ESG or CSR on firm value. This finding indicates that the firm value of Islamic commercial banks is more influenced by specific social responsibility disclosures that reflect the social characteristics of Islamic banking, such as zakat, qardhul hasan, and ZISWAF, compared to more general ESG. This indicates that investors in Islamic bank stocks tend to place a higher value on social responsibility information that aligns with Sharia identity and principles, compared to sustainability information that is conventional and not specific to the institutional context of Islamic banks.

• openalex https://doi.org/10.54518/rh.6.4.2026.1540first seen 2026-09-09 05:05:10