環境・社会・ガバナンスおよびESG開示が財務パフォーマンスを媒介変数として企業価値に与える影響
The Influence of Environmental Social Governance and ESG Disclosure on Company Value with Financial Performance as an Intervening Variable (原題)
Yuriestyo Tjatur Widodo, Wahidahwati, Lilis Ardini
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の鉱業企業17社・85社年データ（2018〜2022年）を用い、ESG開示が財務パフォーマンス（ROA）と企業価値（PBV）に与える影響を回帰・パス解析で検証。環境・社会・ガバナンス・総合ESG開示はいずれも財務パフォーマンスと企業価値に有意な直接効果を持つ。財務パフォーマンスは環境・ガバナンス開示と企業価値の関係を媒介するが、社会開示・総合ESGでは媒介しない。ESG次元ごとに企業価値への経路が異なることを示す。
English
Using 85 firm-year observations from 17 Indonesian-listed mining firms (2018–2022), this study tests how ESG disclosure affects financial performance (ROA) and firm value (PBV) via regression and path analysis. Environmental, social, governance, and aggregate ESG disclosure all show significant direct effects on both performance and value. Financial performance mediates the environment– and governance–value links but not the social or aggregate ESG links, indicating dimension-specific pathways.
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
日本ではSSBJ基準・有報でのサステナビリティ開示義務化が進む中、ESG開示と企業価値の因果経路を次元別に示した本稿は、開示設計や投資家説明の実務的示唆を与える。新興国鉱業という文脈は異なるが、ESG次元ごとに媒介構造が異なる点は日本企業の開示戦略にも示唆的。
In the global GX context
Amid ISSB/CSRD-driven global convergence, this paper adds emerging-market evidence that ESG disclosure–value pathways differ by dimension (E, S, G), challenging one-size-fits-all disclosure narratives. It contributes to the broader debate on whether ESG transparency translates into valuation, and how financial performance mediates that link in extractive industries.
👥 読者別の含意
🔬研究者:ESG開示と企業価値の媒介構造を次元別に検証した新興国実証として、開示効果の異質性研究に資する。
🏢実務担当者:ESG開示を進める際、環境・ガバナンス開示は財務改善を通じ企業価値に効く可能性がある一方、社会開示は直接効果中心と理解すべき。
🏛政策担当者:新興国市場でのESG開示義務化が企業価値に与える経路を次元別に示し、開示制度設計の参考になる。
📄 Abstract（原文）
This study examines the effects of environmental, social, governance, and aggregate environmental, social, and governance (ESG) disclosure on financial performance and firm value, and evaluates the intervening role of financial performance among mining companies listed on the Indonesia Stock Exchange during 2018–2022. A quantitative causative design was applied to a population of 49 mining companies. Purposive sampling yielded 17 companies observed over five years, producing 85 firm-year observations. Financial performance was measured using Return on Assets (ROA), while firm value was represented by Price to Book Value (PBV). Multiple linear regression and path analysis were conducted using IBM SPSS. The results indicate that environmental, social, governance, and aggregate ESG disclosure significantly affect financial performance. The same variables also show significant direct effects on firm value, while financial performance significantly affects firm value. The mediation analysis indicates that financial performance mediates the relationships of environmental and governance disclosure with firm value. In contrast, financial performance does not mediate the relationships of social disclosure or aggregate ESG disclosure with firm value. These findings suggest that the pathways linking ESG-related disclosure to firm value differ across ESG dimensions. For the mining companies examined, stronger ESG transparency is associated with financial performance and market valuation, although the intervening role of financial performance is not uniform across environmental, social, and governance dimensions.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.9734/ajeba/2026/v26i102396first seen 2026-10-03 05:00:23
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