エコ効率性、持続可能性報告、コーポレート・ガバナンスが企業価値に与える影響：企業規模を媒介変数として
The Effect of Eco-Efficiency, Sustainability Reporting, and Corporate Governance on Firm Value with Firm Size as a Mediating Variable (原題)
Gabrina Nathania
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場のエネルギー企業69社を対象に、エコ効率性、持続可能性報告、コーポレート・ガバナンスが企業価値に与える影響を分析。回帰分析とパス解析の結果、エコ効率性と持続可能性報告は企業価値に有意な直接効果を持たない一方、コーポレート・ガバナンスは正の効果を持つことが示された。また、企業規模はガバナンスと企業価値の関係を媒介するが、環境開示の効果は媒介しない。
English
This study analyzes 69 firm-year observations of Indonesian energy companies to examine the effects of eco-efficiency, sustainability reporting, and corporate governance on firm value. Using regression and path analysis, it finds that eco-efficiency and sustainability reporting have no significant direct effect, while corporate governance positively influences firm value. Firm size mediates the governance-firm value relationship but not the effects of environmental disclosures.
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
日本ではSSBJ開示が始まり、環境情報の企業価値への影響が注目されるが、本研究成果は新興国市場の文脈で示唆を与える。日本のエネルギー企業でも、環境開示の効果はガバナンスや企業規模などの要因に依存する可能性があり、開示戦略を考える上で参考になる。
In the global GX context
This study contributes to the global discourse on ESG disclosure and firm value, particularly in emerging markets. It highlights that environmental disclosures alone may not enhance firm value without strong governance mechanisms, offering insights for ISSB and CSRD implementation in developing economies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating role of firm size in the ESG-firm value nexus in an emerging market context.
🏢実務担当者:Suggests that corporate governance structures may be more critical than environmental disclosures for enhancing firm value in energy sectors.
🏛政策担当者:Indicates that policies promoting sustainability reporting may need to be coupled with governance reforms to be effective.
📄 Abstract（原文）
This study addresses the inconsistent findings reported in previous studies regarding the influence of sustainability practices and corporate governance on firm value, particularly within environmentally sensitive industries. It aims to examine the effects of eco-efficiency, sustainability reporting, and corporate governance on firm value, while investigating the mediating role of firm size in Indonesian energy companies. The study employs a quantitative research design using secondary data obtained from the annual reports and sustainability reports of energy companies listed on the Indonesia Stock Exchange during 2021–2023. A purposive sampling technique was applied, resulting in 69 firm-year observations. Data were analyzed using multiple regression and path analysis after satisfying the required classical assumption tests. The findings indicate that eco-efficiency and sustainability reporting have no significant direct effect on firm value, whereas corporate governance, represented by the audit committee and independent commissioners, positively influences firm value. Furthermore, firm size mediates the relationship between corporate governance and firm value but does not mediate the effects of eco-efficiency and sustainability reporting. These findings provide additional evidence on the role of corporate governance in enhancing firm value while highlighting the limited contribution of environmental disclosure practices within Indonesia's energy sector.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.37481/jmeb.v6i3.2148first seen 2026-09-08 04:42:39
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