企業価値に最も影響するESG次元はどれか？インドネシアからの証拠
Which ESG Dimension Matters Most for Firm Value? Evidence from Indonesia (原題)
Rismawati Rismawati, Fitriani Fitriani, Muhammad Aqsa, Duriani Duriani
🤖 gxceed AI 要約
日本語
インドネシア上場50社・2021〜2024年の200社年データを用い、ESG開示の各次元と企業価値（Tobin's Q、PBV）の関係を回帰分析と相対重要度分析で検証した研究。環境開示のみがTobin's Qに5%水準で有意な正の関連を示し、ESG説明力の65.73%を占めた。社会・ガバナンス開示は正だが非有意で、ガバナンスは普及率が最も高いものの価値貢献は最小だった。ESG次元は均等に価値関連的ではなく、環境の透明性が最も強い市場シグナルとなることを示す。
English
Using 200 firm-year observations from 50 Indonesian listed firms (2021–2024), this study tests which ESG disclosure dimension is most value-relevant via regression and relative importance analysis. Environmental disclosure alone is significantly positive for Tobin's Q (5% level) and accounts for 65.73% of ESG explanatory power, while social and governance disclosure are positive but insignificant. Governance is the most prevalent practice yet contributes least to firm value. ESG dimensions are not equally value-relevant; environmental transparency sends the strongest market signal in Indonesia.
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
新興国におけるESG開示の価値関連性を次元別に分解した実証は、SSBJ基準策定や有報・統合報告書での環境開示強化を検討する日本企業・規制当局にとって比較可能な参照点となる。特に「ガバナンス偏重・環境開示の情報価値」という示唆は、日本企業の開示戦略の優先順位を考える上で示唆的。
In the global GX context
This adds emerging-market evidence to the global disclosure debate (ISSB/IFRS S1-S2, TCFD) that disaggregates ESG into dimensions and ranks their value relevance, showing environmental transparency carries the strongest market signal even where governance reporting is most mature. It supports regulators and standard-setters arguing for decision-useful, environment-focused disclosure rather than uniform ESG box-ticking.
👥 読者別の含意
🔬研究者:Provides a replicable method (relative importance analysis) for ranking ESG sub-dimensions' value relevance in emerging markets.
🏢実務担当者:Suggests prioritizing credible environmental disclosure over governance boilerplate to maximize market valuation signal.
🏛政策担当者:Supports mandating decision-useful environmental disclosure, as it shows the strongest association with firm value in an emerging market.
📄 Abstract（原文）
This study examines which environmental, social, and governance (ESG) disclosure dimension is most relevant to firm value in Indonesia. Using 200 firm-year observations from 50 listed firms over 2021–2024, the study estimates regression models with firm-clustered standard errors. Tobin’s Q serves as the primary firm-value proxy, while price-to-book value (PBV) is used for robustness analysis. The models control for firm size, profitability, leverage, sales growth, listing age, industry profile, and year effects, and are complemented by relative importance analysis. The results show that environmental disclosure is positively associated with Tobin’s Q at the 5% level and remains positive using PBV at the 10% level. Social and governance disclosure have positive but statistically insignificant coefficients in the full models. Relative importance analysis further indicates that environmental disclosure accounts for 65.73% of the total ESG-related explanatory contribution, compared with 25.33% for social disclosure and 8.94% for governance disclosure. Although governance disclosure is the most prevalent ESG practice in the sample, it provides the smallest incremental contribution to firm value. These findings demonstrate that ESG dimensions are not equally value-relevant and that environmental transparency provides the strongest market signal in the Indonesian context. The study extends emerging-market ESG research by combining disaggregated disclosure measures with a direct ranking of their explanatory contributions and offers practical implications for firms, investors, and regulators seeking more decision-useful sustainability reporting.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.54408/jabter.v5i3.641first seen 2026-11-05 04:44:29
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