ESG Performance and Firm Value in Indonesia: Do Political Connections and External Assurance Matter?
インドネシアにおけるESGパフォーマンスと企業価値：政治的コネクションと外部保証は重要か？ (AI 翻訳)
R. Adri, Satriawan Surya, Herman Halim, Arumega Zarefar
🤖 gxceed AI 要約
日本語
本研究は、情報非対称性が高く、政治的連関が強く、ESG保証の普及が弱いインドネシアにおいて、ESGパフォーマンスが企業価値に与える影響を分析。2010～2023年のパネルデータを用いて、政治的コネクションがESGと企業価値の関係を強化する一方、外部ESG保証は有意な調整効果を持たないことを発見。ESGの価値関連性が制度的環境に依存することを示唆。
English
This study examines how ESG performance translates into firm value in Indonesia, characterized by high information asymmetry and strong political-business linkages. Using panel data from 2010-2023, they find that political connections strengthen the ESG-firm value relationship, but external ESG assurance does not significantly moderate it. The findings highlight the context-dependent nature of ESG valuation in emerging markets.
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、インドネシア市場におけるESGの価値創造メカニズムを解明。日本企業のインドネシア進出や、新興国でのESG開示戦略に参考となる。政治的ネットワークの影響を考慮する重要性を示唆。
In the global GX context
This study contributes to the global ESG literature by demonstrating that political connections can enhance the value relevance of ESG performance in emerging markets, while immature assurance markets limit the credibility of external assurance. It offers lessons for multinational corporations and investors operating in similar institutional environments.
👥 読者別の含意
🔬研究者:Researchers can use this study to understand the institutional contingencies of ESG valuation, particularly the role of political connections in emerging markets.
🏢実務担当者:Corporate sustainability teams operating in Indonesia or similar markets should consider leveraging political ties to enhance ESG credibility, but be cautious about symbolic assurance practices.
🏛政策担当者:Policymakers in emerging markets may need to strengthen ESG assurance infrastructure to improve the credibility of sustainability disclosures.
📄 Abstract（原文）
This study examines how ESG performance translates into firm value in an Indonesia setting characterized by high information asymmetry, strong political–business linkages, and weak ESG assurance adoption. Using panel data from non-financial firms listed on the Indonesia Stock Exchange over the 2010–2023 period (1700 firm-year observations), we analyze whether political connections and external ESG assurance condition the value relevance of ESG performance. The results show that ESG performance is positively associated with firm value; however, this relationship is highly context-dependent. Political connections significantly strengthen the ESG–firm value relationship, suggesting that politically connected firms are better able to convert ESG engagement into economic value by enhancing legitimacy, reducing regulatory uncertainty, and securing stakeholder support. In contrast, external ESG assurance does not significantly moderate this relationship, reflecting the limited credibility and weak differentiation of assurance practices in Indonesia’s immature sustainability assurance market. These findings highlight that, in emerging markets, ESG disclosures are not uniformly credible and may be subject to political capture or symbolic reporting. ESG creates firm value primarily when it is reinforced by institutional mechanisms that reduce perceived risk and enhance credibility. This study contributes to the ESG literature by demonstrating that the valuation effects of sustainability performance depend not only on ESG outcomes but also on the political and institutional environment in which firms operate, with important implications for regulators, investors, and managers in Indonesia.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19020131first seen 2026-05-15 19:01:57
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