ESG Disclosure, Digital Financial Transparency, and Firm Value: Evidence from Manufacturing Companies in Indonesia
ESG開示、デジタル金融透明性、企業価値：インドネシア製造業企業からのエビデンス (AI 翻訳)
Meny Hulisellan
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場の製造業企業を対象に、ESG開示とデジタル金融透明性が企業価値（Tobin's Q）に与える影響を分析しました。パネルデータ回帰の結果、ESG開示とデジタル金融透明性はいずれも企業価値に正の影響を与えることが示されました。これは、持続可能性情報の開示が投資家の信頼を高め、情報非対称性を低減することを示唆しています。
English
This study examines the impact of ESG disclosure and digital financial transparency on firm value (Tobin's Q) for manufacturing firms listed on the Indonesia Stock Exchange. Using panel data regression, results show both ESG disclosure and digital financial transparency positively affect firm value, suggesting that sustainability reporting and transparent financial information enhance investor confidence and reduce information asymmetry.
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
インドネシアの製造業を対象としたESG開示と企業価値の実証研究。日本ではSSBJ基準の策定や有報へのサステナビリティ情報記載が進む中、新興国市場での開示効果を示す点で参考になる。ただし、日本企業への直接的な示唆は限定的。
In the global GX context
This study provides empirical evidence from an emerging market (Indonesia) on the positive valuation effects of ESG disclosure, relevant to global discussions on mandatory sustainability reporting (ISSB, CSRD). It reinforces the business case for transparency, though the Indonesian context may limit direct generalization to developed markets.
👥 読者別の含意
🔬研究者:Provides empirical support for signaling and stakeholder theories in an emerging-market ESG context.
🏢実務担当者:Highlights that ESG disclosure can improve firm valuation, encouraging corporate investment in sustainability reporting.
🏛政策担当者:Supports policies promoting mandatory ESG disclosure and digital financial transparency to enhance market efficiency.
📄 Abstract（原文）
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and digital financial transparency on the firm value of manufacturing companies listed on the Indonesia Stock Exchange during the 2021–2025 period. The study employs a quantitative approach with an explanatory research design. Samples were selected using purposive sampling based on the availability of annual reports, sustainability reports, complete financial statements, stock market data, and financial information published on the companies’ official websites. Firm value was measured using Tobin’s Q. The independent variables consisted of ESG disclosure and digital financial transparency, while firm size, profitability, leverage, sales growth, and firm age were included as control variables. Data were analyzed using panel data regression. The results indicate that ESG disclosure has a positive effect on firm value, suggesting that sustainability practices provide positive signals to investors regarding corporate responsibility, risk management, and good governance. Furthermore, digital financial transparency positively affects firm value by reducing information asymmetry, improving access to financial information, and strengthening investor confidence. These findings imply that enhancing ESG reporting quality and digital financial transparency can improve corporate credibility and support sustainable value creation. The study also provides empirical support for Signaling Theory, Stakeholder Theory, Legitimacy Theory, and Agency Theory in explaining how sustainability disclosure and financial transparency influence investor perceptions in capital markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.30640/jmcbus.v4i3.6878first seen 2026-07-13 06:48:29
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