Peran Environmental, Social, and Governance (ESG) terhadap Price to Book Value (PBV) Saham PT Energi Mega Persada pada Periode 2022–2024
ESGがPTエナジー・メガ・ペルサダのPBRに与える影響（2022-2024） (AI 翻訳)
Agung B. Darmoyo, Vera Salma Meilania, Ovalia Rukmana
🤖 gxceed AI 要約
日本語
本論文は、インドネシアのエネルギー企業PT Energi Mega Persadaを対象に、ESG開示が株価純資産倍率（PBV）に与える影響を定性的に分析した。インタビューと内容分析の結果、ESGの各要素はPBVに対してポジティブだが変動的な影響を持ち、特に環境イニシアチブとガバナンス改善が信頼性を高めることが示された。
English
This qualitative case study examines the effect of ESG disclosure on the Price-to-Book Value (PBV) of PT Energi Mega Persada, an Indonesian energy company, from 2022–2024. Through interviews and content analysis, it finds that ESG performance positively influences PBV, particularly through environmental initiatives and governance improvements, though the effect varies.
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
日本企業が新興国エネルギーセクターに投資する際のESG評価の参考になる。ただし、日本のGX政策（SSBJなど）との直接的な関連は薄い。
In the global GX context
This paper adds to the growing body of evidence on the financial materiality of ESG disclosure in emerging market energy firms, which is relevant for global investors considering ESG integration in frontier markets.
👥 読者別の含意
🔬研究者:Offers a qualitative lens on ESG valuation in an emerging market context, complementing quantitative studies.
🏢実務担当者:Corporate sustainability teams can use the findings to demonstrate the market benefits of enhanced ESG disclosure.
🏛政策担当者:May inform regulators in Southeast Asia about the positive market response to ESG improvements in the energy sector.
📄 Abstract（原文）
This study aims to explore the effect of Environmental, Social, and Governance (ESG) performance on the Price-to-Book Value Ratio (PBV) of PT Energi Mega Persada Tbk (EMP) during the period of 2022–2024, which was marked by global energy volatility and increased sustainability disclosure requirements, and to examine whether increased ESG disclosure in the Sustainability Annual Report can result in higher market valuations, especially in the energy sector, which faces scrutiny regarding corporate environmental, social, and governance transparency. Data collection was conducted through semi-structured interviews with two sources: the investor relations department of PT. Energi Mega Persada and representatives of the majority shareholders of ENRG, with the aim that investor relations have full access to public data and are considered valid to answer issues related to PBV, ESG, and corporate performance. Meanwhile, the majority shareholder's representative will influence the company's strategic direction and the majority investor's expectations regarding ESG, PBV, and company performance in a valid manner, and will also explain the majority shareholder's perspective to understand ESG issues, financial performance, and company strategy in an integrated manner. The analysis in this study uses a qualitative approach, supported by content analysis in NVivo, to explore how Environmental, Social, and Governance (ESG) disclosure relates to Book Value Price (PBV). The results show that ESG disclosure, overall, has a positive but variable effect on PBV. The environmental dimension contributes through emission-reduction initiatives and improved waste management, while the social dimension demonstrates consistency with increased CSR investment. Improvements in governance, such as establishing an ESG Committee, strengthen the company's credibility. PBV remained relatively stable throughout the observed period, reflecting stable investor confidence.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.31004/joecy.v6i1.6981first seen 2026-05-15 18:31:13
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