The Effect of Environmental, Social, and Governance Performance on Firm Value with Proper Rating as A Moderating Variable
環境・社会・ガバナンス（ESG）パフォーマンスが企業価値に与える影響：PROPER格付けを調整変数として (AI 翻訳)
Yulius Jogi Christiawan, Ghea Ariaristy Junio, Regita Manurung
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場企業の2019～2023年のパネルデータを用い、ESGパフォーマンスとPROPER格付けが企業価値に与える影響を分析。ESG単体では有意な影響はないが、両者の交互作用が負に有意であり、環境実績とESG開示の整合性が重要であることが示された。
English
Using panel data from Indonesian listed firms (2019-2023), this study examines the effects of ESG performance and PROPER ratings on firm value. ESG alone has no significant impact, but the interaction term is significantly negative, indicating that aligning ESG disclosure with verified environmental performance matters more than either factor alone.
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PROPER制度は日本の環境報告に類似点があり、ESG開示と実績の連携が企業価値に影響する示唆は、日本の有報・統合報告書対応にも参考となる。ただし、直接的な日本関連性は限定的。
In the global GX context
This study provides empirical evidence from an emerging market that the alignment of ESG disclosure with actual environmental performance can affect firm value. It underscores the importance of integrating verified environmental ratings (like PROPER) with ESG frameworks, relevant for global disclosure standards such as ISSB and TCFD.
👥 読者別の含意
🔬研究者:Provides emerging-market evidence on the ESG-performance link and the role of government ratings as moderators.
🏢実務担当者:Highlights the need to align ESG reporting with verified environmental ratings to potentially enhance firm value.
🏛政策担当者:Suggests that integrating ESG disclosure with regulatory environmental assessments can improve their effectiveness.
📄 Abstract（原文）
Using the PROPER rating as a moderating variable, this research examines the effects of environmental, social, and governance (ESG) performance on firm value using panel data from non-financial corporations listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. The model was chosen using the The Chow, Breusch-Pagan, and Hausman tests, and the findings demonstrated that the pooled ordinary least squares (OLS) model is the most accurate specification. According to the results, neither ESG performance nor PROPER ratings have a big impact on a firm value. Nevertheless, the link between ESG and PROPER is significantly and adversely impacted, demonstrating that the impact of ESG on business value diminishes with increasing levels of verified environmental performance. The model's explanatory capacity is enhanced by including the interaction variable. According to these findings, the alignment of ESG disclosures with actual environmental performance has a greater impact on firm value in Indonesia than either PROPER or ESG alone. In order to ensure that ESG reporting and accredited environmental practices are consistent, businesses are urged to improve the integration of ESG reporting with the PROPER assessment system, while authorities are urged to do the same.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.9744/ijobp.5.1.171-186first seen 2026-07-18 07:56:09
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