ESG Disclosure and Firm Value: The Moderating Role of Competitive Advantage
ESG開示と企業価値：競争優位の調整的役割 (AI 翻訳)
Rania Muadah, Abdul Rohman
🤖 gxceed AI 要約
日本語
本論文は、インドネシア証券取引所のESG Quality 45 KEHATI指数に上場する企業を対象に、ESG開示が企業価値に与える影響と競争優位の調整効果を検証した。結果、ESG開示は企業価値を高め、競争優位がその効果を強化することを示した。ステークホルダー理論の枠組みで、競争優位がESG開示の価値向上効果の境界条件であることを明らかにした。
English
This study examines the effect of ESG disclosure on firm value, with competitive advantage as a moderator, using firms listed on the ESG Quality 45 KEHATI Index of the Indonesia Stock Exchange from 2021-2024. Results show that ESG disclosure positively affects firm value, and competitive advantage strengthens this relationship. The findings enrich stakeholder theory by identifying competitive advantage as a boundary condition for the effectiveness of ESG disclosure in enhancing firm value.
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ESG指数を対象とした実証研究であるが、日本企業への示唆として、ESG開示の質と企業価値の関係が競争優位によって調整される点が重要。日本の有報や統合報告書におけるESG情報の開示戦略においても、自社の競争優位性を考慮した開示が有効である可能性を示唆している。
In the global GX context
This study provides empirical evidence from an emerging market (Indonesia) that ESG disclosure enhances firm value, moderated by competitive advantage. Globally, it reinforces the importance of aligning sustainability disclosure with firm-specific competitive positions—a consideration relevant to TCFD/ISSB implementation in diverse institutional contexts.
👥 読者別の含意
🔬研究者:Offers a boundary condition (competitive advantage) for stakeholder theory in the ESG-value relationship, useful for scholars studying disclosure effectiveness.
🏢実務担当者:Highlights that firms with stronger competitive positions benefit more from ESG disclosure, suggesting that disclosure strategy should be tailored to competitive context.
📄 Abstract（原文）
Environmental, social, and governance (ESG) disclosure has been increasingly recognized as a significant determinant of firm value; however, its effectiveness is believed to be influenced by the firm's internal conditions, particularly its competitive advantage. This study aims to examine the effect of ESG disclosure on firm value and to investigate the moderating role of competitive advantage in this relationship. The research sample comprises companies listed on the ESG Quality 45 KEHATI Index of the Indonesia Stock Exchange over the period 2021–2024. Moderated regression analysis was employed using EViews software. The results indicate that ESG disclosure positively affects firm value, suggesting that sustainability transparency enhances stakeholder trust and drives higher market valuations. Furthermore, competitive advantage is found to significantly strengthen the positive effect of environmental, ESG disclosure on firm value, indicating that firms with stronger competitive positions are better able to leverage their sustainability disclosure in creating value for stakeholders. These findings enrich the application of stakeholder theory by establishing that competitive advantage serves as a critical boundary condition that determines the effectiveness of environmental, social, and governance disclosure in enhancing firm value.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.38035/dijefa.v7i3.6995first seen 2026-07-18 09:16:12
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