The Effect of Environmental, Social, and Governance (ESG) Disclosures on Firm Value Measured by Tobin’s Q: Evidence from Hospital and Pharmaceutical Sectors in Indonesia (2021–2024)
環境・社会・ガバナンス（ESG）開示がトービンのQで測定した企業価値に与える影響：インドネシアの病院・医薬品セクターからのエビデンス（2021-2024年） (AI 翻訳)
Yanuar Ramadhan, Ferry Hendro Basuki
🤖 gxceed AI 要約
日本語
インドネシアの医療・医薬品セクターを対象に、ESG開示が企業価値（トービンのQ）に与える影響を分析。2021～2024年のデータを用いた重回帰分析の結果、環境（E）と社会（S）のパフォーマンスが企業価値を有意に高める一方、ガバナンス（G）は有意でなかった。正当性理論を支持し、投資家は経営陣の施策より環境・社会への取り組みを重視することが示唆された。
English
This study examines the effect of ESG disclosures on firm value (Tobin's Q) in Indonesia's hospital and pharmaceutical sectors from 2021-2024. Using multiple linear regression, findings show that environmental and social performance significantly increase firm value, while governance does not. Results support legitimacy theory, suggesting investors prioritize environmental and social actions over governance policies.
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基準の任意適用が始まり、医療・医薬品セクターでもESG開示の質が問われている。本稿は新興国インドネシアの実証結果だが、日本の医療機関や製薬企業が投資家から期待されるE・Sの具体的な取り組みを裏付ける示唆を含む。
In the global GX context
As ISSB and CSRD raise disclosure standards globally, this paper provides empirical evidence from an emerging market healthcare sector that environmental and social disclosures drive firm value more than governance. It reinforces the importance of materiality assessment in sector-specific ESG reporting and supports legitimacy theory in stakeholder engagement.
👥 読者別の含意
🔬研究者:Adds to ESG-valuation literature with evidence from an emerging-market healthcare sector, highlighting the differential impact of E, S, and G pillars.
🏢実務担当者:For healthcare and pharma companies: prioritising environmental and social performance can enhance market valuation, while governance disclosures alone may not yield the same benefit.
🏛政策担当者:Regulators in emerging markets could use these findings to tailor ESG disclosure standards that emphasise environmental and social metrics over governance for certain sectors.
📄 Abstract（原文）
Background: ESG disclosure has become increasingly important, particularly in Indonesia’s healthcare sector, where hospitals and pharmaceutical companies must balance profit with environmental and social accountability amid growing regulatory and stakeholder demands. Objective: This study explores the link between ESG integration and healthcare company valuation, assessing firm value through Tobin’s Q, which compares a business’s market price to its recorded assets. Methods: Using EViews for analysis, this quantitative study applied multiple linear regression to evaluate how ESG factors influenced firm value between 2021 and 2024, drawing from public annual and sustainability reports. Results: The study indicates that a company’s value is partially driven by its social and environmental performance. Effective green practices and community engagement tend to foster more favorable perceptions from the investment community. However, since governance does not significantly affect valuation, investors appear to focus more on how firms treat the environment and society rather than on specific administrative or board-level policies. Conclusion: Findings from this study support legitimacy theory, suggesting that healthcare businesses prioritize building trust with communities and investors to align with social expectations. This strategic alignment enhances market standing and results in higher corporate valuation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.59261/inkubis.v8i3.220first seen 2026-07-24 05:55:06
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。