Pengaruh Leverage, ESG, dan Nilai Perusahaan Pada Sektor Pertambangan Di Indonesia: Moderasi Dewan Wanita
インドネシア鉱業セクターにおけるレバレッジ、ESG、企業価値の影響：女性取締役の調整効果 (AI 翻訳)
Michael Souw, Eriana Kartadjumena
🤖 gxceed AI 要約
日本語
本研究は、インドネシア鉱業企業を対象に、レバレッジとESG開示が企業価値に与える影響を分析し、女性取締役の調整効果を検証した。2019～2023年のパネルデータを用いた回帰分析の結果、ESGは企業価値に有意な負の影響を与える一方、女性取締役がその関係を強化することが示された。レバレッジの影響は非有意であった。
English
This study examines the effects of leverage and ESG disclosure on firm value in Indonesian mining companies, with female board representation as a moderator. Using panel data from 2019-2023, it finds that ESG has a significant negative effect on firm value, and female directors strengthen this relationship. Leverage's effect is insignificant. The research highlights the role of governance diversity 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
インドネシアの鉱業セクターにおけるESGとガバナンスの実証研究。日本の投資家にとっては、新興国市場でのESG評価の影響を理解する参考になる。特にSSBJや有報でのESG情報開示が進む中、海外事例として示唆に富む。
In the global GX context
This paper provides emerging market evidence on the ESG-firm value nexus, relevant for global ESG disclosure debates. It underscores the moderating role of board gender diversity, a topic of interest under frameworks like ISSB and CSRD. The negative ESG effect may reflect costs or market perceptions in resource-dependent economies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-disclosure and firm value in an understudied emerging market, with a governance moderation angle.
🏢実務担当者:Corporate governance and sustainability teams can learn about potential negative market reactions to ESG in mining sectors and the importance of board diversity.
📄 Abstract（原文）
The mining sector plays a vital role in Indonesia’s economy but faces challenges such as commodity price volatility, export dependency, and increasing global regulatory pressure that affect firm value. This study aims to examine the effect of leverage and Environmental, Social, and Governance (ESG) disclosure on firm value, with female board representation as a moderating variable.This research employs a quantitative approach with a population consisting of all mining companies listed on the Indonesia Stock Exchange (IDX) during 2019–2023. Samples were selected using purposive sampling based on the criteria that companies remained listed throughout the observation period, published audited annual financial statements, and consistently disclosed ESG scores. Secondary data were obtained from annual reports, the IDX database, and Refinitiv Eikon. Data were analyzed using panel regression with EViews 12. The appropriate regression model (Common Effect, Fixed Effect, or Random Effect) was determined through the Chow test, Hausman test, and Lagrange Multiplier test, followed by classical assumption testing to ensure model validity.The results indicate that leverage has a positive but insignificant effect on firm value, while ESG shows a significant negative effect. The presence of female directors does not moderate the relationship between leverage and firm value but strengthens the effect of ESG on firm value. These findings highlight the importance of inclusive governance practices and sustainability strategies to enhance the competitiveness of mining companies. Furthermore, this study contributes to the literature on ESG disclosure and board diversity in emerging markets, particularly within the context of Indonesia’s governance system, which remains influenced by patriarchal structures.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.35870/jemsi.v12i1.5644first seen 2026-05-15 18:52:54 · last seen 2026-06-10 05:20:56
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