Unveiling the nexus: ESG reporting, financial performance, and IPO underpricing in the Indonesian stock market

日本語

本研究はインドネシア株式市場におけるESG報告とIPOアンダープライシングの関係を分析。ESG開示が情報非対称性を低減し、IPO時の過小評価を緩和する可能性を示唆。財務パフォーマンスとの相互作用も検討。

English

This paper examines the relationship between ESG reporting and IPO underpricing in the Indonesian stock market. It suggests that ESG disclosures reduce information asymmetry, potentially mitigating IPO undervaluation. The interaction with financial performance is also explored.

日本のGX文脈において

日本ではSSBJ基準の適用が進む中、ESG開示が資本調達コストに与える影響は重要。インドネシア新興市場の知見は日本企業の東南アジア進出にも示唆を与える。

In the global GX context

Globally, the link between ESG reporting and IPO pricing is under-researched, especially in emerging markets. This study adds to the literature on disclosure value relevance and its effect on capital formation.