資本コストを媒介変数としたサステナビリティ報告が企業価値に与える影響（インドネシア証券取引所上場製造業、2020-2024年）
The Effect of Sustainability Reporting on Firm Value with Cost of Capital as a Mediating Variable (Study on Manufacturing Companies Listed on The Indonesia Stock Exchange 2020-2024) (原題)
Evi Bintang Marlina Hutapea, Sofie
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の製造業を対象に、サステナビリティ報告が企業価値に与える影響と資本コストの媒介効果をパネルデータ回帰とSobel検定で分析。報告は企業価値を有意に高め、資本コストを有意に低下させる。資本コストは両者の関係を有意に媒介し、開示が情報非対称性と認識リスクを下げて資金調達効率を改善する経路を示す。
English
Using panel regression and Sobel tests on Indonesian-listed manufacturers (2020-2024), this study finds sustainability reporting significantly raises firm value and lowers cost of capital. Cost of capital significantly mediates the reporting-firm value link, showing disclosure improves financing efficiency by reducing information asymmetry and perceived risk.
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
新興国における開示と資本コストの実証は、SSBJ基準導入や有報でのサステナビリティ開示拡大を進める日本企業・投資家にとって、開示が資金調達コスト低減に効くという経路の傍証となる。ただしインドネシア固有の制度・市場環境のため、日本への直接適用には注意が必要。
In the global GX context
Provides emerging-market evidence for the disclosure-to-cost-of-capital channel that underpins TCFD/ISSB and CSRD rationales, complementing the largely developed-market literature. Useful for global disclosure scholarship on whether sustainability reporting translates into financing benefits outside advanced economies.
👥 読者別の含意
🔬研究者:開示と資本コスト・企業価値の媒介経路を新興国データで検証した実証例として参照価値がある。
🏢実務担当者:サステナビリティ開示が資金調達コスト低減と企業価値向上に寄与しうる根拠として、開示戦略の正当化に使える。
🏛政策担当者:新興国での開示義務化が資本市場の効率性向上につながる可能性を示す政策示唆を提供する。
📄 Abstract（原文）
The increasing implementation of sustainability reporting has encouraged companies to improve transparency and accountability toward stakeholders. However, empirical evidence regarding its effect on firm value remains inconclusive, particularly concerning the mechanism through which sustainability reporting influences firm value in emerging markets. This study aims to examine the effect of sustainability reporting on firm value and investigate the mediating role of cost of capital in manufacturing companies listed on the Indonesia Stock Exchange during 2020–2024. This research employs a quantitative approach using secondary data obtained from annual reports, sustainability reports, and financial statements. The sample was selected through purposive sampling, and the data were analyzed using panel data regression with the Fixed Effect Model and Sobel test for mediation analysis. The findings reveal that sustainability reporting has a positive and significant effect on firm value, indicating that greater sustainability disclosure enhances investor confidence and market valuation. Furthermore, sustainability reporting has a negative and significant effect on the cost of capital, suggesting that higher disclosure reduces information asymmetry and perceived investment risk. The results also show that the cost of capital negatively and significantly affects firm value. In addition, the Sobel test confirms that the cost of capital significantly mediates the relationship between sustainability reporting and firm value. These findings indicate that sustainability reporting not only directly increases firm value but also indirectly enhances firm value by reducing the cost of capital. Therefore, sustainability reporting serves as an important strategic instrument for improving corporate transparency, financing efficiency, and long-term firm value.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.58218/kasta.v6i3.3659first seen 2026-09-11 05:08:06
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