Does ESG Disclosure Enhance Firm Value? The Moderating Role of Profitability in Indonesia's ESG Leaders Index
ESG開示は企業価値を高めるか？インドネシアESGリーダーズ指数における収益性の調整効果 (AI 翻訳)
Stefanny Wachyudi, Bagas Brian Pratama
🤖 gxceed AI 要約
日本語
本研究は、インドネシアIDX ESGリーダーズ企業（2021-2025年）におけるESG開示が企業価値（Tobin's Q）に与える影響と、収益性（ROE）の調整効果を検証した。回帰分析の結果、ESG開示は企業価値に有意な影響を与えず、収益性も調整効果を持たなかった。ESG開示は正当性確保の基準として機能しているが、直接的な価値向上要因とはなっていない。
English
This study examines the impact of ESG disclosure on firm value (Tobin's Q) and the moderating role of profitability (ROE) among IDX ESG Leaders firms (2021-2025). Regression analysis shows no significant direct effect of ESG disclosure on firm value, and profitability does not moderate the relationship. ESG disclosure serves as a legitimacy standard but not a direct value driver.
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基準の任意適用が始まり、ESG開示の企業価値への影響が注目される。本結果はインドネシア市場の知見だが、開示が必ずしも短期的価値向上につながらない点は日本の実務家にも示唆を与える。
In the global GX context
Globally, the debate on ESG disclosure's value relevance continues. This study from an emerging market (Indonesia) provides evidence that, even for ESG index constituents, disclosure alone does not boost firm value, adding nuance to the case for mandated disclosure.
👥 読者別の含意
🔬研究者:Provides empirical evidence from Indonesia on the ESG disclosure-firm value link, with implications for legitimacy theory.
🏢実務担当者:Suggests that ESG disclosure may not directly increase firm value; focus on substantive ESG performance rather than disclosure alone.
🏛政策担当者:Indicates that mandatory ESG disclosure may not automatically enhance market valuations; complementary policies may be needed.
📄 Abstract（原文）
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value and analyze the role of profitability as a moderating variable in IDX ESG Leaders companies during the 2021–2025 period. This study uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, and corporate financial statements. The sample was selected using purposive sampling, resulting in 15 companies with a total of 75 observations. Firm value is proxied by Tobin's Q, ESG disclosure is measured using an ESG disclosure index, while profitability is proxied by Return on Equity (ROE). The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that ESG disclosure has no significant effect on firm value, and profitability is unable to moderate this relationship. These findings indicate that, among IDX ESG Leaders companies, ESG disclosure tends to serve as a sustainability and legitimacy standard, but has not yet become a primary factor that directly increases firm value.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.70610/jcpa.1402first seen 2026-06-18 06:08:27
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