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エネルギー部門における炭素排出開示、グリーンイノベーション、エコ効率、ESGと企業価値の関係における良好なガバナンスの調整的役割

Moderating Role Of Good Governance in the Relationship Between Carbon Emission Disclosure, Green Innovation, Eco-Efficiency, ESG, and Firm Value in Energy Sector (原題)

Fitri Nurhayati, Rofiqah Wahdah, Yanuar Bachtiar, Muhammad Maladi, Dini Rusqianti

Owner📚 査読済 / ジャーナル2026-07-01#ESG対象セクター: energy
DOI: 10.33395/owner.v10i3.3375
原典: https://owner.polgan.ac.id/index.php/owner/article/download/3375/1896
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🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場のエネルギー企業を対象に、炭素排出開示、グリーンイノベーション、エコ効率、ESGが企業価値（Tobin's Q）に与える影響を、コーポレートガバナンスの調整効果を考慮して分析。パネルデータ回帰の結果、炭素排出開示は企業価値に正の影響を与えるが、グリーンイノベーションとESGは負の影響を示し、エコ効率は有意でない。持続可能性実践が短期的に企業価値を高めるとは限らないことを示唆。

English

This study analyzes the impact of carbon emission disclosure, green innovation, eco-efficiency, and ESG on firm value (Tobin's Q) for Indonesian energy firms, with corporate governance as a moderator. Panel regression shows carbon disclosure positively affects firm value, while green innovation and ESG have negative effects, and eco-efficiency is insignificant. It suggests sustainability practices do not uniformly enhance firm value in the short term.

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

インドネシアの新興市場の事例は、日本企業がアジア展開する際のESG戦略の参考になる。日本ではSSBJ開示が進むが、開示が必ずしも企業価値向上に直結しないという示唆は、国内の投資家対応にも示唆を与える。

In the global GX context

This emerging-market evidence adds to the global debate on whether ESG disclosure creates firm value. It complements ISSB/CSRD implementation research by showing that in less mature markets, governance quality moderates the sustainability-value link, offering a cautionary note for global investors and standard-setters.

👥 読者別の含意

🔬研究者:Provides empirical evidence from an emerging market on the ESG-firm value nexus, highlighting the moderating role of governance.

🏢実務担当者:Suggests that sustainability investments may not yield immediate valuation benefits, so align with governance structures and investor expectations.

🏛政策担当者:Indicates that mandatory ESG disclosure alone may not boost firm value; governance quality is crucial for effectiveness.

📄 Abstract（原文）

This study examines the effect of carbon emission disclosure, green innovation, eco-efficiency, and environmental, social, and governance (ESG) on firm value, with good corporate governance as a moderating variable, in energy sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A quantitative approach was employed using secondary data derived from annual and sustainability reports. The sample was selected through purposive sampling, resulting in 108 firm-year observations after outlier removal. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA), preceded by model selection and classical assumption tests. Firm value was measured using Tobin’s Q, while carbon emission disclosure, green innovation, eco-efficiency, and ESG were proxied using respective sustainability indicators. Good corporate governance was measured by institutional ownership. The partial test results indicate that carbon emission disclosure has a positive and significant effect on firm value (p < 0.01). In contrast, green innovation has a negative and significant effect (p < 0.01), and ESG also shows a negative and significant effect (p < 0.05), while eco-efficiency does not have a significant effect (p > 0.05). The model explains 7.6% of the variation in firm value (R² = 0.076). These findings suggest that sustainability practices do not uniformly enhance firm value, particularly in the short term, and highlight the importance of governance quality in strengthening sustainability strategies in emerging markets..

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