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Influence of green accounting, sustainability reporting, and ESG on firm value with stakeholder pressure moderation

グリーンアカウンティング、サステナビリティ報告、ESGが企業価値に与える影響：ステークホルダーの圧力による調整効果 (AI 翻訳)

Esa Nur Oktafianis, Imam Hidayat

Jurnal Akademi Akuntansi📚 査読済 / ジャーナル2026-05-28#ESG
DOI: 10.22219/jaa.v9i2.44607
原典: https://doi.org/10.22219/jaa.v9i2.44607

🤖 gxceed AI 要約

日本語

本研究は、インドネシアのエネルギー企業28社（2022～2024年）を対象に、グリーン会計、サステナビリティ報告、ESGが企業価値に与える影響と、ステークホルダー圧力の調整効果を分析。グリーン会計は企業価値を高めるが、サステナビリティ報告は負の影響を与え、ESGの影響は限定的。ステークホルダー圧力はサステナビリティ報告の負の影響を弱めるが、グリーン会計やESGの影響は調整しない。

English

This study examines the impact of green accounting, sustainability reporting, and ESG on firm value, with stakeholder pressure as a moderator, using panel data from 28 Indonesian energy companies (2022-2024). Green accounting positively affects firm value, while sustainability reporting has a negative effect. ESG's influence is limited. Stakeholder pressure moderates only the sustainability reporting-firm value relationship, weakening its negative effect.

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、インドネシアのエネルギー企業を対象に、グリーン会計やESGが企業価値に与える影響を、ステークホルダー圧力の調整効果とともに検証。日本企業にとっても、サステナビリティ報告の負の効果や、ステークホルダー対応の重要性を示唆する点で参考になるが、インドネシア特有の制度や市場環境を考慮する必要がある。

In the global GX context

This paper contributes to the global debate on the value relevance of ESG and sustainability reporting by testing stakeholder pressure as a moderator in an emerging market (Indonesia). It finds that sustainability reporting can negatively impact firm value, challenging the assumption of a positive link, and highlights the contingent role of stakeholder pressure. This has implications for disclosure research and firms' reporting strategies in developing economies.

👥 読者別の含意

🔬研究者:Provides evidence from Indonesia on moderating role of stakeholder pressure in ESG-firm value relationship; useful for comparative sustainability accounting research.

🏢実務担当者:Indonesian energy firms should consider stakeholder pressure when implementing green accounting and sustainability reporting; caution needed as reporting may reduce firm value.

🏛政策担当者:Regulators in emerging markets may note that sustainability reporting alone does not always enhance firm value; stakeholder engagement policies might be necessary.

📄 Abstract（原文）

Purpose: This research looks into how ESG, eco-friendly accounting, and sustainability reports influence the worth of businesses, while considering stakeholder pressure as a factor that can change this effect. Methodology/Approach: A quantitative method is used to analyze 28 energy companies selected purposefully and listed on the IDX from 2022 to 2024. Panel data regression is applied. Findings: The study reveals that eco-friendly accounting positively impacts business value, whereas sustainability reports negatively affect it. In addition, The effect of environmental, social, and governance (ESG) factors on a company's value is limited. It also observes that although pressure from stakeholders might diminish the effect of sustainability reporting on a company's worth, it does not reduce the impact of eco-friendly accounting. Lastly, stakeholder pressure does not diminish the influence of ESG on business value either. Practical and Theoritical contribution/Originality: This study extends sustainability and stakeholder theory by introducing Stakeholder Pressure as a moderator and provides insights for optimizing sustainability practices in enhancing firm value. Research Limitation: In order to provide more thorough and broadly applicable findings, future studies are anticipated to include additional factors, longer observation times, and other sectors.

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