ESG Disclosure and Capital Structure in Explaining the Value of Renewable Energy-Oriented Energy Companies
再生可能エネルギー志向のエネルギー企業の価値説明におけるESG開示と資本構成 (AI 翻訳)
Alfina Damayanti, Rousilita Suhendah
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所に上場する再生可能エネルギー企業を対象に、ESG開示と資本構成が企業価値に与える影響を分析した。2020年から2024年のデータを用いたパネルデータ回帰の結果、ESG開示は企業価値に負の有意な影響を与える一方、資本構成は有意な影響を示さなかった。この結果は、インドネシアの再生可能エネルギーセクターにおけるESG実践と開示の透明性向上の重要性を示唆している。
English
This study examines the effect of ESG disclosure and capital structure on firm value in renewable energy companies listed on the Indonesia Stock Exchange from 2020 to 2024. Panel data regression results show that ESG disclosure has a negative significant effect on firm value, while capital structure has no significant effect. The findings highlight the need for improved ESG implementation and disclosure transparency in Indonesia's renewable energy sector to enhance investor confidence.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
In the global GX context
This paper contributes to the global ESG disclosure literature by providing empirical evidence from an emerging market's renewable energy sector. It underscores the complexity of ESG valuation effects, challenging the universal positive value assumption and informing investors and standard-setters about market-specific dynamics.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure and firm value in an emerging market renewable energy context, useful for comparative ESG studies.
🏢実務担当者:For corporate sustainability teams in emerging markets: highlights that ESG disclosure may not automatically increase firm value, emphasizing the need for quality and transparency.
🏛政策担当者:Regulators in emerging markets can note the negative valuation effect, suggesting that disclosure alone is insufficient and must be accompanied by credible implementation.
📄 Abstract（原文）
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure and capital structure on firm value in renewable energy-oriented companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Secondary data were obtained from financial, annual, and sustainability reports. Using purposive sampling, 34 observations from 7 companies were analyzed through panel data regression with EViews 12. The results show that ESG disclosure has a negative and significant effect on firm value, while capital structure has no significant effect. This study contributes to the ESG literature in Indonesia’s renewable energy sector and underscores the importance of improving ESG implementation and disclosure transparency to enhance investor confidence and support sustainable firm value
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ejournal.45mataram.ac.id/index.php/economina/article/download/2924/2210first seen 2026-07-13 06:49:39
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