ESG and Firm Value (Study on Energy Sector Companies Listed on the Indonesia Stock Exchange)
ESGと企業価値（インドネシア証券取引所上場エネルギー企業の研究） (AI 翻訳)
Nilmawati Nilmawati, Gabriel Reinhard Sitindaon, S. Suprapti
🤖 gxceed AI 要約
日本語
本稿は、インドネシア証券取引所上場のエネルギー企業におけるESG開示と企業価値（トービンのQと資本コスト）の関係を分析した実証研究である。2021-2023年の21社63観測値を使用し、GRI基準に基づく環境開示が企業価値を有意に向上させることを示した。社会・ガバナンス開示の影響は見られなかった。
English
This empirical study analyzes the relationship between ESG disclosure and firm value (Tobin's Q and cost of capital) for energy companies listed on the Indonesia Stock Exchange from 2021-2023. Using GRI standards-based disclosures for 21 firms (63 observations), it finds that environmental disclosure significantly increases Tobin's Q and reduces cost of capital, while social and governance disclosures have no significant effect.
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
インドネシアのエネルギー企業におけるESG開示の価値関連性を検証した点で、日本企業の有報・統合報告書における非財務情報の開示実務にも示唆を与える。環境情報が資本市場で評価されることを示すエビデンスとして参考になる。
In the global GX context
This paper provides evidence from an emerging Asian market (Indonesia) that environmental disclosure positively impacts firm value, supporting the global push for standardized sustainability reporting. It reinforces the business case for ISSB-aligned disclosures in energy sectors.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure-value link in a non-Western context.
🏢実務担当者:Supports the argument that environmental disclosure can lower cost of capital for energy firms.
🏛政策担当者:Highlights the market value of mandatory environmental reporting for energy sector.
📄 Abstract（原文）
The purpose of this study is to look into how firm value in energy businesses listed on the Indonesia Stock Exchange is affected by environmental, social, and governance disclosures. Tobin's Q and the cost of capital are used to calculate firm value. Using energy firms listed on the Indonesia Stock Exchange between 2021 and 2023, this study employs a quantitative method utilizing a multiple regression approach. The sample companies are those who use the GRI Standards in their sustainability reports to provide environmental, social, and governance information. With a total of 63 observations, the sample size that results is 21 firms. The findings indicate that social and governance factors have no bearing on company value, on the other hand, environmental considerations considerably raise Tobin's Q and lower the cost of capital. Investors can evaluate businesses using non-financial data thanks to these discoveries. Firm value may be impacted by non-financial disclosure, such as environmental factors in this instance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.32535/jicp.v8i6.4709first seen 2026-06-30 05:38:05
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