Sustainability Report Disclosure and Firm Value: The Mediating Role of Corporate Reputation
サステナビリティ報告書の開示と企業価値：企業評判の媒介的役割 (AI 翻訳)
Rijal Habibulloh
🤖 gxceed AI 要約
日本語
インドネシアのESGリーダー企業を対象に、サステナビリティ報告開示が企業価値に与える影響と、企業評判の媒介効果を分析。GRI基準に基づく開示スコアと株価純資産倍率を用いたパス解析の結果、開示の有無や内容は企業価値に有意な影響を与えず、評判の媒介効果も認められなかった。
English
This study analyzes the impact of sustainability report disclosure on firm value and the mediating role of corporate reputation, using data from Indonesian ESG leader companies. The panel data path analysis reveals that neither overall nor aspect-based (economic, environmental, social) disclosure significantly affects firm value, and corporate reputation does not mediate the 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
本論文はインドネシア市場に焦点を当てており、日本国内のSSBJや有報への直接的な示唆は限定的。ただし、サステナビリティ開示が企業価値に直結しないという結果は、日本企業においても開示の質と統合戦略の重要性を再認識させる。
In the global GX context
The study provides evidence from an emerging market that sustainability disclosure alone does not enhance firm value, challenging the assumption in global ESG discourse. It underscores the need for integrated strategies beyond disclosure, relevant for markets like the EU and US where mandatory reporting is expanding.
👥 読者別の含意
🔬研究者:Highlights the need to examine mediating variables and context-specific factors in the disclosure-value relationship.
🏢実務担当者:Suggests that sustainability teams should not expect automatic valuation benefits from disclosure alone; integration with business strategy is critical.
🏛政策担当者:Indicates that mandatory disclosure policies may require complementary measures to achieve market impact.
📄 Abstract（原文）
This research analyzes and proves the effect of sustainability report disclosure on firm value,measured based on overall disclosure and economic, environmental, and social performanceaspects. It also examines the mediating role of corporate reputation in this relationship. Thestudy focuses on companies listed in the IDX ESG Leaders from 2020 to 2023, using a purposive sampling technique and obtaining 14 companies with 56 units of analysis. Sustainability report disclosure is measured using the GRI standard, which contains three mainaspects: economic, environmental, and social performance. Firm value is measured by Price toBook Value (PBV), and corporate reputation is proxied by the number of awards received. Thedata used are secondary data in the form of annual reports and sustainability reports, which areanalyzed using a quantitative approach with the panel data path analysis method. The resultsshow that sustainability report disclosure, whether measured as a whole or based on aspects ofeconomic, environmental, and social performance, has no significant effect on firm value. Inaddition, corporate reputation also cannot mediate the relationship between sustainabilityreport disclosure and firm value. These findings indicate that although the sustainability reporthas been disclosed, it has not been able to be a significant factor in increasing firm value. Thisstudy provides insight into the fact that sustainability disclosure requires a more integratedstrategy to have a real impact on firm value.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jurnal.polbeng.ac.id/index.php/IAKP/article/download/1367/766first seen 2026-07-04 05:21:59
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