Profitability and Firm Value in the Perspective of Signaling Theory and Stakeholder Theory: The Moderating Role of Sustainability Reporting
収益性と企業価値：シグナリング理論とステークホルダー理論の観点から—サステナビリティ報告の調整的役割 (AI 翻訳)
Revi Candra, Nurul Nazifah, Gampito, Elfadhli, Fatimah Setia Wardani
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のプランテーション企業を対象に、収益性が企業価値に与える影響を、サステナビリティ報告の調整効果に着目して分析。2021〜2023年の11社を対象に調整付き回帰分析を実施し、収益性とサステナビリティ報告は個別には負の効果を示すが、その交互作用は正で有意となり、条件付き調整効果が確認された。
English
This study analyzes how profitability affects firm value in Indonesian plantation companies listed on the IDX (2021–2023) and whether sustainability reporting moderates this relationship. Using moderated regression on 11 firms, it finds negative direct effects of profitability and sustainability reporting on firm value, but a positive significant interaction effect, confirming a conditional moderating role.
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
インドネシアのプランテーション産業というESGセンシティブな業種での実証結果は、日本企業がSSBJ開示や統合報告書でサステナビリティ情報を開示する際、開示が単独で企業価値を高めるのではなく、財務シグナルを補完する条件付き効果を持つことを示唆する。
In the global GX context
Provides empirical evidence from an emerging-market, ESG-sensitive sector that sustainability reporting does not directly raise firm value but conditionally moderates the profitability–value link. Contributes to global disclosure scholarship on the signaling role of sustainability reports beyond Western markets.
👥 読者別の含意
🔬研究者:Highlights the need for conditional/moderating models when studying ESG disclosure effects on firm value.
🏢実務担当者:Suggests that sustainability reporting alone may not boost valuation; it should complement strong financial performance.
🏛政策担当者:Informs disclosure regulators that sustainability reporting requirements may have indirect, conditional capital-market effects.
📄 Abstract（原文）
The increase in profitability does not automatically lead to a higher firm value, indicating that other supporting factors may influence this relationship. One factor frequently associated with strengthening this linkage is sustainability reporting, which reflects a company’s commitment to transparency and responsibility toward its stakeholders. Accordingly, this research investigates how profitability affects firm value and examines whether sustainability reporting moderates this relationship in plantation companies listed on the Indonesia Stock Exchange during the 2021–2023 period. This study differs from prior research in mining or other ESG-sensitive sectors by addressing the unique land-use legitimacy challenges of the plantation industry, where a conditional moderation model is theoretically essential to explain how sustainability disclosure reconfigures the interpretation of financial signals. This research applies a quantitative research design with a causal approach. The population includes 24 plantation sector companies, from which 11 firms that consistently publish sustainability reports were selected using a purposive sampling technique. The data analysis was conducted through classical assumption testing followed by Moderated Regression Analysis (MRA). The findings reveal that profitability and sustainability reporting individually exhibit negative and significant effects on firm value. However, the interaction term shows a positive and significant coefficient, indicating a conditional moderating effect. This suggests that sustainability reporting strengthens the influence of profitability under certain conditions rather than directly increasing firm value. Unlike previous studies that focus solely on the linear relationship between profitability and firm value, this research examines the specific nuances of ESG-sensitive industries through a moderation lens.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61194/ijtc.v7i3.2287first seen 2026-07-31 06:14:30
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