← 論文一覧に戻る

ANALYSIS OF THE EFFECT OF ESG DISCLOSURE ON FINANCIAL PERFORMANCE AND FIRM VALUE IN ENERGY SECTOR COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE

インドネシア証券取引所上場のエネルギー企業におけるESG開示が財務業績と企業価値に与える影響の分析 (AI 翻訳)

Rosidawaty, Andika Mugi Gumilang, Tanti Septiani, Ingkak Chintya Wangsih

プレプリント2026-02-17#ESG経営インパクト: 資金調達対象セクター: energy
DOI: 10.5281/zenodo.20751643
原典: https://doi.org/10.5281/zenodo.20751643

🤖 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エネルギー企業18社（2020〜2024年）を対象に、ESG開示がROA、ROE、Tobin's Qに与える影響を重回帰分析で検証した。結果、ESG開示はROEに有意な正の影響を与えるが、ROAとTobin's Qには有意な影響がないことが示された。ESG開示が株主利益を高める一方、業務効率や市場評価には影響しない可能性を示唆する。

English

This study examines the impact of ESG disclosure on financial performance (ROA, ROE, Tobin's Q) for 18 Indonesian energy companies (2020-2024) using multiple regression. Results show ESG disclosure significantly positively affects ROE but not ROA or Tobin's Q, suggesting ESG disclosure may enhance shareholder returns but not operational efficiency or market valuation.

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、ESG情報の質と企業価値の関係が注目されている。本研究成果は、新興国市場でのESG開示の効果を示す参考事例として、日本の投資家対応や開示戦略に示唆を与える。

In the global GX context

This study adds to the global evidence on ESG disclosure and firm performance, particularly in emerging markets. It complements ISSB/CSRD implementation discussions by highlighting that ESG disclosure may affect shareholder returns (ROE) but not market valuation, suggesting the need for quality over quantity in disclosure.

👥 読者別の含意

🔬研究者:Provides empirical evidence from an emerging market on ESG disclosure-financial performance link, useful for comparative studies.

🏢実務担当者:Suggests that improving ESG disclosure quality may enhance shareholder returns, informing corporate disclosure strategy.

🏛政策担当者:Highlights the need for regulatory frameworks that encourage substantive ESG disclosure to realize financial benefits.

📄 Abstract（原文）

This study examines the influence of Environmental, Social, and Governance (ESG) disclosure on firm performance within the energy sector listed on the Indonesia Stock Exchange (IDX) over the period 2020–2024. The primary objective is to evaluate the effect of ESG disclosure, measured using indicators based on the Global Reporting Initiative (GRI) Standards, on three key financial performance metrics: Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q. Adopting a quantitative approach with a causal-associative research design, the study utilizes secondary data derived from annual and sustainability reports of 18 energy companies that consistently disclosed ESG information over five consecutive years, resulting in 90 firm-year observations. Data were analyzed using multiple linear regression with the support of SPSS version 25. The findings indicate that ESG disclosure has a statistically significant positive effect on ROE, whereas its impact on ROA and Tobin’s Q is not significant. These results imply that ESG disclosure may enhance shareholder returns but does not substantially influence operational efficiency or market valuation. The study suggests that companies should improve the quality and substance of ESG disclosures, and recommends that future research incorporate moderating or mediating variables to better capture the dynamics between ESG practices and firm performance.

🔗 Provenance — このレコードを発見したソース

🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。

gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。