The Effect of ESG Disclosure and Firm Size on Firm Value: An Analysis Using Tobin’s Q as a Market Value Proxy Moderated by Financial Performace
ESG開示と企業規模が企業価値に与える影響：財務業績を調整変数としたトービンのQを用いた市場価値代理変数分析 (AI 翻訳)
Darfin Go Arianto, Sofie
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのエネルギーセクター企業を対象に、ESG開示と企業規模が企業価値（トービンのQ）に与える影響を分析した。2021～2024年のパネルデータを用いた回帰分析の結果、ESGは企業価値に負の有意な影響を与え、企業規模は正の影響を与えることがわかった。また、収益性はESGと企業価値の関係を強化するが、企業規模の効果は弱めることが示された。これは、インドネシア市場ではESGがまだ十分に評価されておらず、強い財務業績と組み合わさった場合にのみ価値創出に寄与することを示唆している。
English
This study examines the effect of ESG disclosure and firm size on firm value (Tobin's Q) for 91 Indonesian energy sector companies from 2021-2024. Using panel data regression, it finds that ESG has a negative significant effect on firm value, while firm size has a positive effect. Profitability moderates the relationships: it strengthens the ESG-value link but weakens the size-value link. The results imply that in Indonesia's energy sector, ESG practices are not yet fully valued by the market and only create value when supported by strong financial performance.
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
インドネシアのエネルギーセクターにおけるESG開示の効果を分析した本稿は、日本のSSBJや開示制度の文脈では、市場の成熟度がESG評価に与える影響を理解する上で参考になる。ただし、日本市場とは制度環境が異なるため、直接的な適用には注意が必要。
In the global GX context
This paper contributes to the global debate on ESG materiality by providing evidence from an emerging market (Indonesia) where ESG disclosure has a negative market reaction, contrasting with many developed market studies. It highlights the role of profitability in moderating the ESG-value relationship, relevant for global investors considering ESG integration in emerging markets.
👥 読者別の含意
🔬研究者:Researchers can use this as a reference for ESG-value studies in emerging markets, noting the negative relationship and moderation by profitability.
🏢実務担当者:Corporates in emerging markets should note that ESG disclosure alone may not boost valuation without strong financial performance.
🏛政策担当者:Policymakers in emerging markets may consider that market appreciation of ESG requires concurrent financial health and regulatory maturity.
📄 Abstract（原文）
This study aims to examine the effect of Environmental, Social, and Governance (ESG) performance and firm size on firm value, proxied by Tobin’s Q, among energy sector companies in Indonesia, with profitability serving as a moderating variable and leverage and firm age included as control variables. The study employed a quantitative approach using panel data from 91 energy sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period, resulting in a total of 212 observations. The data were analyzed using panel data regression, with the most appropriate model selected through the Chow, Hausman, and Lagrange Multiplier tests, indicating that the common effect model was the best-fitting model. The findings reveal that ESG has a negative and significant effect on firm value, while firm size has a positive and significant effect on firm value. Furthermore, profitability was found to strengthen the relationship between ESG and firm value but weaken the effect of firm size on firm value. These findings suggest that ESG practices have not yet been fully appreciated by the market within Indonesia’s energy sector and only generate added value when supported by strong financial performance. This study provides both theoretical and practical implications for corporate management, investors, and regulators in understanding the role of ESG in firm value creation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.52644/bcrhjy67first seen 2026-07-18 06:08:39
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