Pengaruh Pengungkapan ESG dan Nilai Perusahaan dengan Kendala Keuangan sebagai Mediasi
ESG開示と企業価値に対する財務制約の媒介効果 (AI 翻訳)
Rasti Wijayanti, Chara Pratami Tidespania Tubarad
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場企業78社を対象に、ESG開示が企業価値に与える影響を財務制約の媒介効果に着目して分析。パネルデータ回帰の結果、ESG開示は企業価値や財務制約に有意な影響を与えず、市場がESGを価値向上要因として認識していないことが示唆された。一方、財務制約は企業価値に負の影響を与えるが、媒介効果は確認されなかった。
English
This study examines the effect of ESG disclosure on firm value with financial constraints as a mediator for 78 Indonesian listed firms (2021-2023). Using panel data regression and Sobel test, it finds that ESG disclosure does not significantly affect firm value or financial constraints, suggesting the market does not yet perceive ESG as value-enhancing. Financial constraints negatively impact firm value but do not mediate the ESG-firm value relationship.
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
インドネシア新興市場の実証結果は、日本企業がASEAN地域のESG実践を理解する上で参考になる。ただし、日本の開示制度（SSBJ等）とは状況が異なる点に注意。
In the global GX context
This study adds emerging-market evidence to the global ESG disclosure literature, showing that in Indonesia, ESG disclosure has not yet been priced by the market—a contrast to more mature markets. It highlights the importance of market context in evaluating ESG value relevance.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on the non-significant direct effect of ESG disclosure on firm value and the role of financial constraints.
🏛政策担当者:Suggests that mandatory ESG disclosure alone may not boost firm value in emerging markets; complementary policies may be needed.
📄 Abstract（原文）
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with financial constraints serving as a mediating variable, in companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The motivation for this research arises from the increasing attention of investors and stakeholders toward corporate sustainability practices and their potential implications for firm performance and value. This study adopts a quantitative approach using panel data obtained from the annual reports and sustainability reports of 78 sampled companies. Panel data regression is employed to analyze the relationships among variables, while the Sobel test is applied to assess the mediating role of financial constraints. The results indicate that ESG disclosure does not have a significant effect on firm value or financial constraints. These findings suggest that ESG practices and disclosures in Indonesia have not yet been fully perceived by the market as value-enhancing factors. Furthermore, financial constraints are found to have a significant negative effect on firm value, indicating that firms experiencing higher financial constraints tend to exhibit lower market value. However, financial constraints do not mediate the relationship between ESG disclosure and firm value. This study contributes to the existing literature on ESG by providing empirical evidence from an emerging market context and offers practical insights for corporate managers and investors in formulating sustainability strategies and investment decisions.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.55606/optimal.v6i2.10739first seen 2026-06-07 05:02:58
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