税務計画、ESG開示、企業価値：ESGは評判の緩衝材となるか？消費財企業からの証拠
Tax planning, ESG disclosure, and firm value: Does ESG act as a reputational buffer? Evidence from consumer goods firms (原題)
Febi Tessalonika Putri Sihombing, Suparna Wijaya
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のブランド消費財メーカー10社・2022〜2024年の30社年データを用い、税務計画（CETR）が企業価値（Tobin's Q）に与える影響とESG開示の調整効果を検証。CETRと企業価値は正の関連（税務計画が強いほど低評価）だが10%水準のみで固定効果に頑健でない。ESG開示は直接効果も調整効果も示さず、緩衝仮説・増幅仮説とも支持されなかった。市場はESG開示の広さを税務行動評価に未だ用いていないことを示唆する。
English
Using 30 firm-year observations from 10 branded consumer goods manufacturers listed in Indonesia (2022–2024), the study tests whether tax planning (CETR) affects firm value (Tobin's Q) and whether ESG disclosure moderates this. CETR is positively associated with firm value (more tax planning → lower valuation) but only at 10% and not robust to firm fixed effects. ESG disclosure shows neither direct nor moderating effects, supporting neither buffer nor amplifier hypotheses, suggesting markets do not yet use ESG disclosure breadth to assess tax behaviour.
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
日本ではSSBJ基準・有報での税務透明性開示（CbCR等）の議論が進む中、ESG開示の「広さ」だけでは税務行動の評価に結びつかないという示唆は、日本企業の統合報告書における税務戦略開示の質的向上を促す材料となる。
In the global GX context
Amid global momentum on tax transparency (public CbCR, GRI 207) alongside ISSB/CSRD disclosure, this paper offers emerging-market evidence that broad ESG disclosure alone does not function as a reputational buffer for aggressive tax planning—relevant to the debate on whether tax should be integrated into sustainability reporting frameworks.
👥 読者別の含意
🔬研究者:ESG開示と税務行動の相互作用を扱う実証研究の限界（小標本・内生性）と、評判資本の測定課題を示す事例として有用。
🏢実務担当者:ESG開示の網羅性を高めるだけでは税務戦略の市場評価は変わらず、税務透明性の明示的開示が重要という実務的示唆。
🏛政策担当者:ESG開示制度に税務透明性（CbCR等）を組み込む必要性を裏付ける新興国からの証拠。
📄 Abstract（原文）
This study examines the effect of tax planning on firm value, viewed as the market's assessment of reputational capital, and the moderating role of Environmental, Social, and Governance (ESG) disclosure. Two competing predictions are tested: ESG disclosure acts as a reputational buffer that mitigates market penalties for tax planning, or it amplifies those penalties by signalling inconsistency. The sample comprises 10 branded consumer goods manufacturers listed on the Indonesia Stock Exchange over 2022–2024 (30 firm-year observations). Tax planning is measured by the Cash Effective Tax Rate (CETR), ESG disclosure by a GRI Standards-based disclosure index, and firm value by the natural logarithm of Tobin's Q. Moderated regression with mean-centred variables and firm-clustered standard errors is employed. The results show that CETR is positively associated with firm value, implying that firms with more intensive tax planning tend to be valued lower; however, this association is significant only at the 10% level and is not robust to firm fixed effects. ESG disclosure has no direct effect and does not moderate the relationship, so neither the buffer nor the amplifier hypothesis is supported. The findings suggest that the market does not yet use the breadth of ESG disclosure to assess corporate tax behaviour, underscoring the need for explicit tax transparency.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.54957/akuntansiku.v5i3.2402first seen 2026-10-19 05:02:15
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