Pengaruh Governance terhadap Firm Value dengan Institutional Ownership sebagai Variabel Moderasi pada Perusahaan Cyclicals dan Non-Cyclicals di BEI 2021-2023
ガバナンスが企業価値に与える影響：インドネシア証券取引所の循環的・非循環的企業における機関所有権の調整効果（2021-2023年） (AI 翻訳)
Elda Furi Lestari, Ambar Kusumaningsih
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所に上場する消費循環・非循環企業43社を対象に、ガバナンス（Bloombergガバナンススコア）が企業価値（Tobin's Q）に与える影響を、機関所有権の調整効果とともに検証した。パネルデータ分析の結果、ガバナンスは企業価値に有意な影響を及ぼさず、機関所有権もその関係を強化しなかった。これはインドネシア市場ではESG情報が十分に投資判断に活用されていないことを示唆する。
English
This study examines the effect of governance (Bloomberg Governance Score) on firm value (Tobin's Q) with institutional ownership as a moderator, using panel data from 43 consumer cyclical and non-cyclical firms listed on the Indonesia Stock Exchange (2021-2023). Results show no significant direct effect of governance on firm value, and institutional ownership does not strengthen the relationship. This suggests that ESG governance signals are not yet fully integrated into investment decisions in the Indonesian capital market.
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
インドネシア市場ではESGガバナンスが企業価値に反映されていない点は、日本企業が新興国に進出する際の投資判断や現地子会社のガバナンス報告の重要性を示唆する。また、日本市場でもESG情報の浸透度を再考するきっかけとなる。
In the global GX context
This study provides evidence from an emerging market (Indonesia) that ESG governance signals are not yet priced by investors. Globally, it reinforces the need for stronger ESG disclosure standards and investor education, especially in markets where ESG integration is still developing.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the governance-firm value link in an emerging market context, highlighting the moderating role of institutional ownership.
🏢実務担当者:Suggests that improving governance reporting and ESG literacy may be necessary for firms in emerging markets to attract investment.
🏛政策担当者:Indicates that regulators should strengthen governance disclosure standards and promote ESG awareness among market participants.
📄 Abstract（原文）
The study investigates the impact of governance on firm value along with the moderating role of institutional ownership in companies operating within the consumer cyclicals and consumer non-cyclicals sectors listed on the Indonesia Stock Exchange (IDX) over the 2021-2023 period. Drawing on a sample of 43 companies and 129 observations, a quantitative panel data approach was adopted, with data gathered through purposive sampling. The Bloomberg Governance Score was utilized to measure governance, while Tobin's Q served as the proxy for firm value, institutional ownership was positioned as the moderating variable, and firm size, leverage, and profitability were incorporated as control variables. Model selection was conducted through the Chow Test and Hausman Test in EViews 14, which determined the Random Effects Model (REM) as the most suitable estimation approach. The findings reveal that governance does not exert a significant influence on firm value. Furthermore, institutional ownership is unable to strengthen the relationship between governance and firm value. These results suggest that ESG-based governance signals have not yet been optimally absorbed by investors in the Indonesian capital market; hence, reinforcing governance reporting standards and enhancing investor ESG literacy are considered essential steps toward integrating non-financial information into investment decision-making.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54066/jrea-itb.v4i1.3975first seen 2026-07-18 08:32:36
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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。