企業リスク管理、サステナビリティ報告、企業価値：財務パフォーマンスの調整効果
ENTERPRISE RISK MANAGEMENT, SUSTAINABILITY REPORTING, AND FIRM VALUE: THE MODERATING ROLE OF FINANCIAL PERFORMANCE (原題)
Hanapiah, Iin Rosini, Dian Widiyati
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー企業18社・90観測を対象に、ERM開示とGRI基準サステナビリティ報告が企業価値（Tobin's Q）に与える影響をパネル回帰で分析。サステナビリティ報告は企業価値に有意な負の効果を持つ一方、ERM開示は有意でなかった。ROEはERM開示と企業価値の関係を負に、サステナビリティ報告との関係を正に調整する。
English
Panel regression on 18 Indonesian energy firms (90 observations, 2020–2024) tests how ERM disclosure (COSO-based) and GRI sustainability reporting affect firm value (Tobin's Q). Sustainability reporting shows a significant negative effect on firm value, while ERM disclosure is insignificant. ROE negatively moderates the ERM–value link and positively moderates the sustainability–value link, suggesting profitability shapes investor perception of 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
新興国エネルギーセクターにおけるESG開示の企業価値効果を示す実証で、SSBJ・有報サステナビリティ開示の費用対効果を議論する日本企業にとって比較材料となる。開示の質と収益性の相互作用という論点は国内の統合報告書設計にも示唆を与える。
In the global GX context
Adds emerging-market evidence to the global debate on whether sustainability disclosure creates or destroys firm value, relevant to ISSB/GRI alignment discussions. The profitability-moderated effect cautions that disclosure value is conditional, informing CSRD/ISSB cost-benefit debates.
👥 読者別の含意
🔬研究者:開示と企業価値の関係が収益性に条件づけられることを示す調整効果の実証例として参照できる。
🏢実務担当者:サステナビリティ開示の投資家評価は収益性次第であり、開示の質と財務成果の両立が重要という示唆。
🏛政策担当者:開示義務化の費用対効果を議論する際、企業の収益状況による効果の差異を考慮すべき点を示す。
📄 Abstract（原文）
This study aims to analyze the effects of Enterprise Risk Management (ERM) and Sustainability Report disclosure on firm value, with Return on Equity (ROE) as a moderating variable, among energy sector companies listed on the Indonesia Stock Exchange during 2020–2024. This study employs a quantitative approach using panel data regression. Secondary data were collected from annual reports, sustainability reports, and financial statements of 18 energy sector companies, resulting in 90 observations. ERM was measured using the Enterprise Risk Management Disclosure Index based on the COSO framework, Sustainability Report disclosure using the Sustainability Report Disclosure Index based on Global Reporting Initiative (GRI) standards, firm value using Tobin’s Q, and ROE using the ratio of net income to shareholders’ equity. The results indicate that ERM disclosure has no significant effect on firm value (β = 0.077902; p = 0.8953), whereas Sustainability Report disclosure has a significant negative effect (β = −0.617959; p = 0.0007). ROE also has no significant direct effect on firm value (β = 0.032236; p = 0.7672). Furthermore, ROE significantly moderates the relationship between ERM disclosure and firm value in a negative direction (β = −4.891053; p = 0.0446) and the relationship between Sustainability Report disclosure and firm value in a positive direction (β = 5.677508; p = 0.0453). These findings suggest that profitability conditions influence how investors perceive risk management and sustainability disclosures. Therefore, energy sector companies should improve the quality and relevance of their ERM and sustainability disclosures while considering profitability to support firm value creation and strengthen investor confidence.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61990/ijamesc.v4i5.850first seen 2026-11-02 04:55:13 · last seen 2026-11-06 05:01:58
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