The Influence of ESG on the Firm Value of the Mining Subsector Listed on the IDX
IDXに上場する鉱業サブセクターの企業価値に対するESGの影響 (AI 翻訳)
Supandi Dedi, Nurhaliza Nurhaliza, Fiarani Mesil, Quro Umul
🤖 gxceed AI 要約
日本語
本研究はインドネシア証券取引所（IDX）の鉱業サブセクター企業を対象に、ESG開示が企業価値に与える影響を分析。2022～2025年のデータを用いた結果、ESG開示は企業価値に有意な負の影響を与えず、ROAとDERが有意に正の影響を与えることを示した。投資家は依然として財務パフォーマンスを重視している。
English
This study analyzes the effect of ESG disclosure on firm value in mining subsector companies listed on the Indonesia Stock Exchange (IDX). Using data from 2022-2025, it finds that ESG disclosure has no significant negative effect on firm value, while ROA and DER have significant positive effects. Investors still prioritize financial performance over sustainability disclosures.
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
インドネシア市場の事例ではあるが、日本企業がインドネシア鉱業に投資する際の参考となる可能性がある。また、日本でもESG開示と企業価値の関係は議論されており、新興市場のエビデンスとして示唆を与える。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on the ESG-financial performance link, suggesting that ESG disclosure is not yet valued by investors in the mining sector. Globally, it contributes to the debate on whether ESG integration affects firm value, relevant for ISSB and TCFD adoption in diverse markets.
👥 読者別の含意
🔬研究者:Provides emerging market evidence on the ESG-firm value link, highlighting the role of financial metrics over ESG in mining.
🏛政策担当者:Suggests that ESG disclosure regulations may not immediately influence market valuations in mining; investor education may be needed.
📄 Abstract（原文）
This study analyzes the effect of Environmental, Social, and Governance (ESG) disclosure on firm value in mining subsector companies listed on the Indonesia Stock Exchange (IDX), with Return on Assets (ROA) and Debt-to-Equity Ratio (DER) as control variables. The study uses a causal associative quantitative approach with secondary data from annual reports, sustainability reports, and capital market data for the period 2022–2025. The results show that ESG disclosure has no significant and negative effect on firm value, while ROA and DER have a positive and significant effect. These findings indicate that ESG disclosure has not yet become a major factor in market valuations, and investors in the mining subsector in Indonesia are still more focused on financial performance than sustainability disclosures in assessing firm value and have a negative effect because investor responses can burden companies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.29303/jmm.v15i2.851first seen 2026-07-19 05:54:51
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