財務業績がサステナビリティ報告とグッド・コーポレート・ガバナンスが企業価値に与える影響を媒介する
Financial Performance Memediasi Sustainability Report dan Good Corporate Governance Terhadap Firm Value (原題)
Yoga Ardiansah, Dwi Suhartini
🤖 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エネルギー企業35社（2022-2024年）を対象に、サステナビリティ報告、独立取締役比率、機関所有が企業価値に与える影響を、財務業績を媒介変数として検証した。パネル回帰分析の結果、サステナビリティ報告は財務業績と企業価値に正の影響を与え、財務業績はその関係を部分的に媒介することが示された。一方、独立取締役比率は負の影響、機関所有は有意な影響を示さなかった。
English
This study examines the impact of sustainability reporting, independent commissioner proportion, and institutional ownership on firm value, with financial performance as a mediator, for 35 Indonesian energy firms (2022-2024). Panel regression shows sustainability reporting positively affects both financial performance and firm value, with financial performance partially mediating this relationship. Independent commissioners have a negative effect, while institutional ownership shows no significant impact.
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を対象とした実証研究であり、日本企業への直接的な示唆は限定的。ただし、GRI 2021フレームワークに基づく開示と企業価値の関連性は、SSBJ開示や統合報告書の実務において、非財務情報の価値関連性を主張する根拠として参考になる。
In the global GX context
This study adds to the global evidence on the value relevance of sustainability reporting in emerging markets, using the GRI 2021 framework. It highlights the mediating role of financial performance, which is relevant for understanding how sustainability disclosure translates into firm value, a topic of interest under ISSB and CSRD regimes.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the mediating role of financial performance in the sustainability reporting-firm value nexus in an emerging market context.
🏢実務担当者:Highlights the importance of sustainability reporting for financial performance and firm value, which can support corporate disclosure strategies.
🏛政策担当者:Offers insights into the effectiveness of sustainability disclosure regulations in emerging markets, potentially informing policy design.
📄 Abstract（原文）
Purpose: This study was conducted to investigate the influence of sustainability Report, the proportion of independent commissioners on the board, and institutional ownership on firm value. In this relationship, financial performance was positioned as a mediating variable among energy companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Method: A quantitative research design was employed using secondary data collected from companies’ annual reports and sustainability reports. The research sample comprised 35 energy-sector firms selected through purposive sampling, resulting in a total of 105 firm-year observations. The data were analyzed using panel regression techniques with EViews 13 software, while the mediating role of financial performance was assessed through the Sobel test. Finding: The findings revealed that sustainability Report contributes positively and significantly to both financial performance and firm value. In contrast, the presence of independent commissioners was found to have a significant negative impact on financial performance as well as firm value. Meanwhile, institutional ownership did not demonstrate a statistically significant effect on either financial performance or firm value. Further analysis indicated that financial performance partially mediates the association between sustainability Report and firm value, as well as the relationship between independent commissioners and firm value. However, no mediating effect of financial performance was identified in the linkage between institutional ownership and firm value. Novelty: The originality of this study lies in the adoption of the Global Report Initiative (GRI) 2021 framework, which encompasses 117 disclosure indicators, the inclusion of institutional ownership as an additional corporate governance mechanism, and the application of the Quintuple Bottom Line perspective. This framework was utilized to explain the interconnections among sustainability practices, corporate governance, financial performance, and firm value within the context of Indonesia’s energy industry.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.55587/jla.v6i3.346first seen 2026-09-02 04:57:29
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