The Effect of Financial Performance and ESG Disclosure on Firm Value: Evidence from IDX Score Firms in 2024
財務業績とESG開示が企業価値に与える影響：2024年IDXスコア企業の証拠 (AI 翻訳)
Nabil Maulana, Ario Purdianto, Benny Dhevyanto
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所（IDX）のESGスコア指数に含まれる58社を対象に、財務業績（ROA）とESG開示が企業価値（Tobin's Q）に与える影響を分析。ROAは企業価値を有意に向上させる一方、ESG開示の影響は統計的にわずかであった。同時分析では両変数が有意であり、調整R²は13.7％で、追加要因の重要性を示唆。インドネシア市場では財務業績が主要なシグナルであり、ESG開示はまだ完全に価格に織り込まれていないことが示された。
English
This study investigates the influence of financial performance (ROA) and ESG disclosure (IDX ESG score) on firm value (Tobin's Q) for 58 firms listed on the Indonesia Stock Exchange in 2024. Using multiple regression, it finds that ROA significantly enhances firm value, while ESG disclosure has a positive but statistically minor effect. Together, both variables significantly influence firm value, with an adjusted R-squared of 13.7%, suggesting other factors dominate. The results indicate that in the Indonesian market, financial performance remains the primary signal for investors, with ESG disclosure as a secondary signal not yet fully priced.
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
GXの文脈では、ESG開示が企業価値に与える影響が限定的であることは、日本のSSBJや有報における非財務情報開示への示唆となる。インドネシア新興市場での知見は、日本企業の海外子会社におけるESG戦略検討にも役立つ。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) that ESG disclosure still plays a secondary role compared to financial performance in influencing firm value. For global GX researchers and practitioners, it highlights the varying stages of ESG integration across markets, reinforcing the need for context-specific disclosure strategies in frameworks like ISSB and CSRD.
👥 読者別の含意
🔬研究者:Empirical test of ESG disclosure value relevance in an emerging market, with implications for market-level adoption of sustainability signals.
🏢実務担当者:In Indonesia, ESG disclosure alone does not significantly boost firm value; linking it to financial metrics is key.
🏛政策担当者:Mandatory ESG disclosure alone may not suffice; investor education and integration with financial reporting may be needed.
📄 Abstract（原文）
This study examines the influence of financial performance and ESG disclosure on firm value for companies listed on the Indonesian Stock Exchange (IDX) that are included in the IDX ESG Score index for the year 2024. Financial performance is indicated by Return on Assets (ROA), firm value is quantified using Tobin's Q, and ESG disclosure is denoted by the ESG score released by IDX. Grounded in agency theory, stakeholder theory, and signaling theory, the study utilises a quantitative associative methodology, drawing on secondary data from annual reports and sustainability reports. A purposive sampling method produced a final sample of 58 companies. Multiple linear regression analysis was applied following classical assumption tests. The findings demonstrate that ROA significantly enhances firm value, whereas ESG disclosure exhibits a favourable albeit statistically minor impact on tobin’s Q. Simultaneously, both variables significantly influence firm value, with an Adjusted R-squared of 13.7%, suggesting that additional factors beyond the model explain the majority of firm value variation. These studies confirm that in the Indonesian capital market, financial performance remains the primary signal for investors, while ESG disclosure functions as a supporting signal not yet fully priced by the market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.59431/ijer.v6i2.806first seen 2026-07-13 06:49:59
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。