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ESG開示とサステナビリティ委員会が企業価値に与える影響

Pengaruh Environmental Social and Governance (ESG) Disclosure dan Sustainability Committe Terhadap Nilai Perusahaan (原題)

Fajar Sholachuddin, S. Andayani

Owner📚 査読済 / ジャーナル2026-07-01#ESG対象セクター: energy
DOI: 10.33395/owner.v10i3.3494
原典: https://owner.polgan.ac.id/index.php/owner/article/download/3494/1904
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🤖 gxceed AI 要約

日本語

インドネシア証券取引所のエネルギー企業26社（2022-2024年）を対象に、ESG開示とサステナビリティ委員会の存在が企業価値に与える影響を重回帰分析で検証。ESG開示は企業価値に負の影響を与える一方、サステナビリティ委員会は正の影響を与えることを示した。ガバナンスの裏付けなしではESG開示は十分でないと結論。

English

This study examines the effect of ESG disclosure and sustainability committee on firm value for 26 Indonesian energy companies (2022-2024). Using multiple regression, it finds ESG disclosure negatively affects firm value, while sustainability committee positively affects it. The authors conclude that ESG disclosure alone is insufficient without credible governance support.

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

インドネシアの新興市場におけるESG開示の実証結果は、日本企業のSSBJ対応や統合報告書での開示戦略に示唆を与える。特に、開示の質とガバナンス体制の重要性が示唆され、日本でも形式的な開示ではなく実効性が問われる。

In the global GX context

This study provides evidence from an emerging market (Indonesia) on the relationship between ESG disclosure and firm value, contributing to global discussions on the credibility of ESG practices. It highlights the importance of governance mechanisms like sustainability committees, relevant for ISSB and CSRD implementation contexts.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure and firm value in an emerging market context, useful for comparative studies.

🏢実務担当者:Highlights the importance of establishing sustainability committees to enhance the credibility of ESG disclosures.

🏛政策担当者:Suggests that regulators should consider governance requirements alongside disclosure mandates to ensure effectiveness.

📄 Abstract（原文）

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and the existence of a sustainability committee on firm value in energy sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The population consists of all energy sector companies, with samples selected using purposive sampling based on specific criteria, resulting in 26 companies with a total of 78 observations. This research employs a quantitative approach using secondary data obtained from annual and sustainability reports. Data analysis is conducted using multiple linear regression with SPSS, along with classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that ESG disclosure has a negative and significant effect on firm value, indicating that the market may perceive ESG practices as a cost burden or question their credibility. In contrast, the sustainability committee has a positive and significant effect on firm value, suggesting that stronger governance mechanisms enhance investor confidence and improve firm valuation. Simultaneously, both variables significantly influence firm value, although the model explains a limited proportion of variance. In conclusion, ESG disclosure alone is not sufficient to increase firm value without credible governance support, while the presence of a sustainability committee plays an important role in strengthening the effectiveness of sustainability practices and enhancing firm value.

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