KUALITAS TATA KELOLA PERUSAHAAN DALAM MEMODERASI PENGARUH LAPORAN KEBERLANJUTAN TERHADAP NILAI PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN DALAM INDEKS LQ45)
企業価値に対するサステナビリティ報告の影響を緩和するコーポレートガバナンスの質（LQ45指数構成企業に関する実証研究） (AI 翻訳)
null Nur Intan Mei Hidayati
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのLQ45指数構成企業を対象に、ESG開示が企業価値に与える影響と、コーポレートガバナンス（独立取締役比率）の調整効果を検証。結果、ESG開示もガバナンスも企業価値に有意な影響を与えず、ガバナンスの調整効果も確認されず、インドネシア市場ではグリーンウォッシング懸念からESG情報の信頼性が低いことが示唆された。
English
This study examines the effect of ESG disclosure on firm value and the moderating role of corporate governance (proportion of independent commissioners) using data from Indonesian LQ45 index companies. Results show neither ESG disclosure nor governance significantly affect firm value, and governance does not moderate the relationship. This suggests greenwashing skepticism in the Indonesian capital market, where ESG information is not yet perceived as credible.
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
本稿はインドネシア市場に焦点を当てているが、日本企業がASEAN地域でサステナビリティ報告を行う際の信頼性確保の重要性を示唆する。日本の開示制度（SSBJなど）においても、グリーンウォッシング対策として実質的なガバナンス強化が求められる。
In the global GX context
This study adds to the global literature on ESG credibility and greenwashing, providing empirical evidence from an emerging market. For international investors and standard-setters (e.g., ISSB, CSRD), it highlights that mere compliance may not enhance firm value without credible governance and assurance mechanisms.
👥 読者別の含意
🔬研究者:Useful for scholars examining ESG disclosure effects in emerging markets and the role of governance in moderating credibility gaps.
🏢実務担当者:Corporate sustainability teams should ensure ESG reporting is substantive and backed by strong governance to build investor trust.
🏛政策担当者:Regulators in emerging economies may need to strengthen assurance requirements and governance standards to mitigate greenwashing.
📄 Abstract（原文）
The investment paradigm shift towards non-financial aspects has rendered ESG disclosure become crucial for firm valuation. However, high reporting compliance has paradoxically triggered investor skepticism regarding greenwashing risks due to credibility gaps. This study examines the effect of ESG disclosure on firm value, employing Good Corporate Governance (GCG) as a moderating variable. This study employs a quantitative approach with cross-sectional data on companies listed in the LQ45 index of the Indonesia Stock Exchange for the 2024 period. The sample was selected using purposive sampling, resulting in a total of 45 company observations. Data analysis was performed using multiple linear regression and Moderated Regression Analysis (MRA) using Stata software. The results indicate that ESG disclosure has no significant effect on firm value. Similarly, GCG, proxied by the proportion of independent commissioners, does not significantly affect firm value. Furthermore, GCG is proven unable to moderate the relationship between ESG disclosure and firm value. These findings indicate investor skepticism in the Indonesian capital market regarding greenwashing risks, where ESG information is not yet perceived as credible. This suggests that market participants in Indonesia still heavily prioritize financial fundamentals over long-term sustainability incentives. Consequently, companies need to ensure that the implementation of governance and sustainability practices is substantive rather than merely a formality.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.35446/akuntansikompetif.v9i1.2573first seen 2026-05-14 22:13:16
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