GOVERNANCE-BASED SUSTAINABILITY RISK INTEGRATION AND FIRM VALUE: DOES OWNERSHIP STRUCTURE MATTER?
ガバナンスに基づくサステナビリティリスク統合と企業価値：所有構造は重要か？ (AI 翻訳)
Alfistia Maradidya, Indah Kartika Sandhi
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの高リスク産業に属する上場企業15社を対象に、ガバナンスベースのサステナビリティリスク統合（GBSRI）が企業価値に与える影響と、所有構造の調整効果を検証した。COSO ERM、GRI、IFRS S1/S2を統合した独自指標を用いたが、GBSRIは企業価値に有意な影響を与えず、所有構造の調整効果も確認されなかった。それでも、サステナビリティリスク統合を評価する包括的な枠組みを提供している。
English
This study examines the effect of Governance-Based Sustainability Risk Integration (GBSRI) on firm value and the moderating role of ownership structure, using panel data from 15 Indonesian listed companies in high-risk industries (2020-2024). The GBSRI Index integrates COSO ERM, GRI, and IFRS S1/S2. Findings show no significant effect on firm value and no moderation by ownership structure, yet the framework contributes to sustainability accounting.
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開示が始まり、ガバナンスとリスク管理への統合が注目される。本指標は統合報告書や有報でのリスク開示の枠組みとして参考になる。
In the global GX context
Globally, this aligns with ISSB and COSO ERM integration trends, offering a framework for assessing sustainability risk integration in governance, relevant for emerging markets and high-risk industries.
👥 読者別の含意
🔬研究者:Provides a novel GBSRI index and empirical evidence from an emerging market, useful for comparative governance studies.
🏢実務担当者:Offers a framework for integrating sustainability risks into ERM and governance, potentially useful for disclosure and risk management.
🏛政策担当者:Highlights the need for stronger regulatory push on sustainability risk integration, as voluntary adoption may not affect firm value.
📄 Abstract（原文）
Corporate sustainability has become an essential element of corporate governance, requiring firms to integrate environmental, social, and governance (ESG) considerations into strategic decision-making and enterprise risk management. Although prior studies have widely examined ESG disclosure and sustainability reporting, limited attention has been given to how sustainability-related risks are embedded within governance and risk management processes. Evidence regarding the moderating role of ownership structure in this relationship also remains inconclusive, particularly in emerging markets. This study investigates the effect of Governance-Based Sustainability Risk Integration (GBSRI) on firm value and examines whether ownership structure moderates this relationship. A quantitative explanatory approach was employed using balanced panel data comprising 75 firm-year observations from 15 Indonesian listed companies operating in high-risk industries during 2020–2024. The GBSRI Index integrates the COSO ERM Framework, GRI Standards, and IFRS S1 and S2 into a governance-oriented framework with seven dimensions and 30 indicators. Using MRA with pooled OLS, the study finds that GBSRI has no significant effect on firm value, and ownership structure does not moderate this relationship. Nevertheless, the GBSRI Index contributes to sustainability accounting by offering a comprehensive framework for assessing sustainability risk integration into corporate governance and enterprise risk management, particularly in high-risk industries.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal3.upgris.ac.id/index.php/stability/article/download/1078/469first seen 2026-08-05 05:19:28
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