ESG開示・グリーンイノベーション・収益性は企業価値を高めるか？
Does ESG Disclosure, Green Innovation, and Profitability Increase Firm Value? (原題)
Olivia Hasifah, Siti Aisjah
🤖 gxceed AI 要約
日本語
インドネシア証券取引所のエネルギー企業6社を対象に、ESG開示・グリーンイノベーション・収益性（ROA）が企業価値に与える影響を2019〜2023年で回帰分析した。ESG開示と収益性は企業価値に有意な正の影響を与える一方、グリーンイノベーションは有意でなかった。投資家はESG開示を評価するが、グリーンイノベーションはまだ価値評価に織り込まれていないことを示す。
English
Using multiple regression on six Indonesian energy firms (2019–2023), this study tests how ESG disclosure, green innovation, and profitability (ROA) affect firm value. ESG disclosure and profitability significantly raise firm value, while green innovation shows no significant effect. Investors reward ESG disclosure but do not yet price green innovation in this market.
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
新興国・インドネシアの実証だが、ESG開示が企業価値・資本コストに効くという構図は、SSBJ基準や有報でのサステナビリティ開示を進める日本企業・投資家にとって参照価値がある。特にグリーンイノベーションが評価に直結しない点は、日本企業の開示戦略を考える上でも示唆的。
In the global GX context
Adds emerging-market evidence to the global ESG-disclosure-to-firm-value literature, complementing TCFD/ISSB/CSRD debates that are largely EU/US-centric. It suggests that in Indonesia, disclosure is priced while green innovation is not yet rewarded, offering a contrast to transition-finance markets where innovation is increasingly valued.
👥 読者別の含意
🔬研究者:新興国エネルギーセクターにおけるESG開示と企業価値の関係を、グリーンイノベーションの非有意性と併せて示す実証データを提供する。
🏢実務担当者:ESG開示の充実が投資家評価・企業価値向上に寄与しうる一方、グリーンイノベーション投資の対外説明には追加の工夫が必要だと示唆する。
🏛政策担当者:新興国市場ではESG開示の制度化が企業価値にプラスに働く可能性を示し、開示義務化の政策設計の参考になる。
📄 Abstract（原文）
Purpose – This study aims to analyze the effects of Environmental, Social, and Governance (ESG) disclosure, green innovation, and profitability, measured by Return on Assets (ROA), on firm value in energy sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The study seeks to understand how sustainability-related factors and financial performance influence investor valuation amid increasing global attention toward sustainable business practices. Design/Methodology/Approach – This study employs a quantitative research approach using multiple linear regression analysis. The population consists of 90 energy sector companies listed on the Indonesia Stock Exchange during the observation period. Using a saturated sampling technique, six companies were selected as research samples. Data were collected from annual reports and sustainability reports obtained through Bloomberg and analyzed using SPSS version 30.0. Findings – The results indicate that ESG disclosure and profitability have a significant effect on firm value, while green innovation does not have a significant effect. The findings suggest that ESG disclosure strengthens investor confidence and contributes to higher firm value, while strong profitability reflects favorable financial performance that supports positive market valuation. Conversely, green innovation has not yet become a primary factor considered by investors in assessing company value. Originality/Value – This study contributes to sustainability and corporate finance literature by examining the simultaneous effects of ESG disclosure, green innovation, and profitability on firm value within the Indonesian energy sector. The findings provide insights for companies and investors regarding the relative importance of sustainability practices and financial performance in shaping market valuation.
🔗 Provenance — このレコードを発見したソース
- openalex https://jmrk.ub.ac.id/index.php/jmrk/article/view/269first seen 2026-10-08 05:00:16
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