財務パフォーマンスを媒介としたエネルギーセクター企業におけるESG開示と企業価値
Pengungkapan ESG dan Nilai Perusahaan Sektor Energi dengan Kinerja Keuangan sebagai Mediator (原題)
A. Munandar, Sarwani Sarwani, Rahma Yuliani, Wahyudin Nor, Chairina Chairina
🤖 gxceed AI 要約
日本語
インドネシア上場エネルギー企業44社・2022〜2024年の132社年データを用い、ESG開示と企業価値の直接・間接的関連を検証。環境・社会開示はROAと有意でなく、ガバナンス開示はROAと負の関連。企業価値式では環境開示がTobin's Qと正、社会開示が負、ROAが正に関連。ESGを単一スコアに統合すると異なる方向性と経路が隠れる可能性を示す。
English
Using 132 firm-year observations from 44 Indonesian listed energy firms (2022–2024), this study examines direct and indirect links between ESG disclosure and firm value via ROA. Environmental and social disclosure were not significantly linked to ROA, while governance disclosure was negatively associated. In the firm-value equation, environmental disclosure was positive, social negative, and ROA positive. Combining ESG dimensions into one score may mask distinct directions and channels.
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
SSBJ・有報でのESG開示義務化が進む日本企業にとって、ESGを単一スコアで扱う危うさと次元別開示の重要性を示す示唆となる。新興国エネルギー企業の実証例として、日本企業の開示設計や投資家対話の参考になる。
In the global GX context
Amid ISSB/CSRD-driven moves toward consolidated ESG disclosure, this paper warns that aggregating E, S, and G into a single score can obscure opposing effects and mediation channels. It adds emerging-market energy-sector evidence to the global disclosure-value literature, complementing TCFD/ISSB-focused studies.
👥 読者別の含意
🔬研究者:ESG開示と企業価値の媒介経路を次元別に分解する実証設計の参考になる。
🏢実務担当者:ESGスコアを単一指標で扱わず、E・S・G別に開示と財務インパクトを検討すべき。
🏛政策担当者:ESG開示制度設計では次元別情報の可視性確保が投資家判断に重要。
📄 Abstract（原文）
This study examines the direct and indirect associations between environmental, social, and governance (ESG) disclosure and firm value through financial performance among Indonesian listed energy companies. A quantitative study used annual and sustainability reports for 44 firms over 2022–2024, yielding 132 firm-year observations. Disclosure was scored by reported items, financial performance was measured by return on assets (ROA), and firm value by Tobin’s Q. Panel regressions were estimated using random effects for the ROA equation and fixed effects for the firm-value equation; indirect effects were assessed with the Sobel test. Environmental and social disclosure were not significantly associated with ROA, whereas governance disclosure had a negative association (coefficient −0.099451; p = 0.0203). In the firm-value equation, environmental disclosure was positively associated with Tobin’s Q, social disclosure negatively associated, governance disclosure not significant, and ROA positively associated. The reported Sobel statistics indicated no significant indirect effect for the environmental or social dimensions, but a significant negative indirect effect for governance through ROA. The findings show that combining ESG dimensions into one score may conceal distinct directions and channels. Investors should assess disclosure alongside profitability and the quality of underlying practices. The observational design and short study period limit causal and long-term interpretation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://scientivapress.org/index.php/jumia/article/download/4632/3330first seen 2026-10-12 05:26:23 · last seen 2026-10-13 05:21:08
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