THE EFFECT OF ESG DISCLOSURE AND CARBON EMISSION DISCLOSURE ON COMPANY INVESTMENT DECISIONS: A STUDY OF THE ENERGY AND MINING SECTORS IN INDONESIA
ESG開示と炭素排出量開示が企業の投資決定に与える影響：インドネシアのエネルギー・鉱業セクターの研究 (AI 翻訳)
Zakiyatun Fajariyah, Najmudin Najmudin
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのエネルギー・鉱業セクターにおけるESG開示と炭素排出量開示が投資決定に与える影響を分析する。LQ45指数に上場する企業の2021～2024年のパネルデータを用い、複数回帰分析により開示が情報非対称性を減らし投資効率を高めるか、または象徴的で実態を反映しないかを検証する。シグナリング理論と開示と実績のミスマッチ現象を統合した貢献がある。
English
This study analyzes the impact of ESG disclosure and carbon emission disclosure on investment decisions in Indonesia's energy and mining sectors. Using panel data from LQ45-listed companies (2021-2024) and multiple linear regression, it tests whether disclosures serve as informative signals or are merely symbolic. It integrates signaling theory with the mismatch between disclosure and actual performance, offering implications for investors, regulators, and management 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
インドネシアの新興市場におけるESG開示の質と投資意思決定の関連を実証。日本企業にとっては、SSBJ開示や有報での情報開示が投資家の信頼を得るために実質的なパフォーマンスと整合する重要性を示唆する。
In the global GX context
Provides empirical evidence from an emerging market on whether ESG and carbon disclosures influence investment decisions, relevant to global discussions on disclosure credibility and greenwashing. Complements ISSB/CSRD implementation by highlighting the risk of symbolic disclosure.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the signaling value of ESG and carbon disclosures in an emerging market context, contributing to the literature on information asymmetry and greenwashing.
🏢実務担当者:Highlights the importance of credible ESG and carbon disclosure for attracting investment, suggesting that companies should align disclosure with actual performance.
🏛政策担当者:Suggests that regulators in emerging markets should monitor the quality of sustainability disclosure to ensure it reflects actual performance, enhancing market trust.
📄 Abstract（原文）
This study aims to analyze the influence of ESG disclosure and carbon emission disclosure on investment decisions of companies in the energy and mining sectors in Indonesia. With increasing attention to sustainability issues, environmental disclosure has become a crucial factor considered by investors in making investment decisions. Previous research has shown that ESG and carbon emission disclosure can improve investment efficiency by reducing information asymmetry. However, recent research indicates a potential mismatch between disclosure and actual environmental performance, raising doubts about the credibility of the information provided. This study uses panel data from energy and mining sector companies listed in the LQ45 index for the 2021–2024 period. The analytical method used is multiple linear regression to examine the relationship between ESG disclosure, carbon emission disclosure, and corporate investment decisions. The results are expected to indicate whether these disclosures serve as informative signals for investors or are merely symbolic and do not reflect actual company performance. This study contributes by integrating the perspectives of signaling theory and the phenomenon of mismatch between disclosure and actual performance. Furthermore, this study also provides practical implications for investors, regulators, and corporate management in evaluating the quality of sustainability disclosure in emerging markets.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.32424/icsema.v2i1.877first seen 2026-08-12 04:56:27
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