When Transparency Meets Performance: The Moderating Role of Sustainability Reporting in Shaping Firm Value
透明性が業績に与える影響：企業価値形成におけるサステナビリティ報告の調整役 (AI 翻訳)
David HM Hasibuan, Fajar Novianto, Heti Herawati
🤖 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不動産企業（2021～2024年）を対象に、収益性、ソルベンシー、コーポレートガバナンスが企業価値に与える影響を、サステナビリティ報告を調整変数として分析した。実証結果では、サステナビリティ開示は収益性と企業価値の関係を強化し、負債比率との関係を緩和し、独立取締役との関係を増幅することが示された。調整R2は69.73%で、説明力が高い。
English
This study examines how profitability, solvency, and governance affect firm value, with sustainability reporting as a moderator, in Indonesian real estate firms (2021-2024). Findings show sustainability disclosure strengthens the profitability-firm value link, weakens the solvency-firm value link, and amplifies the governance-firm value link, with adjusted R-squared of 69.73%.
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
本論文はインドネシア企業を対象としており、日本のGX文脈への直接的な関連性は限定的。しかし、サステナビリティ報告が企業価値に与える調整効果を実証しており、SSBJや統合報告の潮流と整合する。日本企業にとっても、新興市場における開示品質が投資家認識に与える影響を示唆。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on how sustainability reporting moderates the relationship between financial performance and firm value. For global GX contexts like ISSB and CSRD, it underscores the strategic importance of disclosure quality and its interaction with traditional financial metrics.
👥 読者別の含意
🔬研究者:This paper offers empirical evidence on the moderating role of sustainability reporting in an emerging market, useful for researchers studying disclosure and firm value.
🏢実務担当者:Sustainability teams can use these findings to justify disclosure investments as a value-enhancing tool, especially in emerging markets.
🏛政策担当者:Regulators in emerging economies may consider the positive impact of sustainability disclosure on firm valuation when designing disclosure frameworks.
📄 Abstract（原文）
This research aims to examine how profitability, solvency, and good corporate governance shape firm value, with sustainability reporting serving as the moderating variable in property and real estate companies listed on the Indonesia Stock Exchange over the 2021–2024 period. As the dependent variable, firm value is proxied by Price to Book Value (PBV), while profitability is reflected through Return on Equity (ROE), solvency through Debt to Equity Ratio (DER), and good corporate governance through the share of independent commissioners on the board. Sustainability reporting is quantified using the Sustainability Report Disclosure Index (SRDI). The data utilized are secondary, sourced from the annual and sustainability reports of property and real estate firms listed on the IDX, producing 72 firm-year observations through purposive sampling. Panel data regression coupled with Moderated Regression Analysis (MRA) was applied using the Random Effect Model (REM) and processed in EViews 12. The empirical evidence shows that ROE produces a negative yet statistically insignificant influence on firm value, whereas DER, the proportion of independent commissioners, and sustainability disclosure each generate positive and significant impacts. As a moderating element, sustainability reporting reinforces the link between ROE and firm value, mitigates the relationship between DER and firm value, and amplifies the connection between independent commissioners and firm value. With an adjusted R-squared of 69.73%, the explanatory variables and their interaction terms collectively account for the majority of variation in firm value. Overall, the study underscores the strategic relevance of sustainability disclosure in strengthening investor trust and lifting corporate valuation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.47191/jefms/v9-i7-21first seen 2026-07-24 05:56:06
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