The Impact of Carbon Emission Disclosure On Firm Value With Sustainability Performance As A Mediating Variable: Evidence From Palm Oil and Mining Companies In Indonesia
炭素排出開示が企業価値に与える影響：持続可能性パフォーマンスの媒介効果－インドネシアのパーム油・鉱業企業の証拠 (AI 翻訳)
Muthia Harnida, Sri Bulkia, Netty Nurhayati, Kemas Anshory, Pasha Aulia Tambang
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのパーム油・鉱業企業を対象に、炭素排出開示が企業価値に与える影響を分析し、持続可能性パフォーマンス（ESGスコア）の媒介効果を検証した。2019～2023年の105データを用いた固定効果モデルによる分析の結果、炭素開示は企業価値に直接的な正の影響を与えるが、ESGスコアの媒介効果は確認されなかった。この結果は、炭素開示の直接的な価値関連性を示唆する一方、ESGスコアの役割に疑問を投げかける。
English
This study examines the impact of carbon emission disclosure on firm value, with sustainability performance (ESG score) as a mediator, focusing on Indonesian palm oil and mining companies. Using panel data regression on 105 observations from 2019-2023, it finds that carbon disclosure directly increases firm value, but ESG does not mediate this relationship. The findings highlight the direct value relevance of carbon disclosure while questioning the mediating role of ESG scores.
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
日本ではSSBJ基準や有報での気候関連開示が進む中、本研究成果は炭素開示の直接的な企業価値向上効果を示唆する。ただし、インドネシア特有の産業・制度環境に基づくため、日本企業への一般化には慎重な解釈が必要。ESGスコアの媒介効果が確認されなかった点は、日本の統合報告書における非財務情報の価値関連性を再考する契機となる。
In the global GX context
This paper contributes to the global debate on the value relevance of carbon disclosure, particularly in emerging markets. While TCFD/ISSB frameworks emphasize the link between climate disclosure and firm value, this study's finding that ESG scores do not mediate the relationship challenges the assumption that sustainability performance is the primary channel. It offers empirical evidence from a high-emission sector in Indonesia, relevant for global investors and regulators assessing disclosure effectiveness in diverse contexts.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the direct effect of carbon disclosure on firm value in an emerging market context, with implications for disclosure theory and ESG mediation.
🏢実務担当者:Suggests that carbon disclosure alone can enhance firm value, but ESG scores may not capture the full impact; companies should focus on transparent carbon reporting.
🏛政策担当者:Highlights the need for mandatory carbon disclosure policies and incentive mechanisms, as disclosure directly affects firm value in high-emission sectors.
📄 Abstract（原文）
This study aims to analyze the impact of carbon emission disclosure on firm value, with sustainability performance as a mediating variable. This study focuses on palm oil and mining companies listed on the Indonesia Stock Exchange (IDX) with 105 data points for the period 2019–2023. Carbon emission disclosure is a form of corporate transparency in managing environmental impacts and is increasingly a major concern for stakeholders, particularly investors. However, the direct relationship between carbon emission disclosure and firm value remains a gap in various previous studies. This study used a panel data regression with a fixed effects model equipped with robust standard errors (clustered by company). Carbon emission disclosure is measured using the Global Reporting Initiative (GRI) 305: Emissions index, Sustainability performance with Environmental, Social, and Governance (ESG) score as the proxy for sustainability performance, and firm value by the Tobin's Q ratio. The results indicate that carbon emission disclosure has a direct effect on firm value. However, ESG in this study does not mediate the relationship between carbon emission disclosure and firm value. The implications of this research are expected to be a reference for companies in increasing sustainability transparency and for regulators in formulating policies for carbon emission disclosure and its incentive mechanism.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.46729/ijstm.v6i6.1370first seen 2026-05-05 19:08:17
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