ESG Disclosure and Firm Value in Sharia Capital Markets: Evidence from Food and Beverage Firms in Indonesia
シャリア資本市場におけるESG開示と企業価値：インドネシアの食品・飲料企業の証拠 (AI 翻訳)
Aizzatut Tahiyya Nafisatul Muna, Nyata Nugraha, Iwan Budiyono
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのシャリア株式指数（ISSI）に上場する食品・飲料企業13社を対象に、ESG開示が企業価値（PBV）に与える影響をパネルデータ回帰で分析した。結果、ESG開示は同時に企業価値に有意な影響を与え、環境面は正、ガバナンス面は負の影響を示した。ESG実施が投資家の信頼を高め、企業価値向上につながることを示唆する。
English
This study analyzes the impact of ESG disclosure on firm value (PBV) for 13 food and beverage firms listed on the Indonesian Sharia Stock Index (ISSI) from 2021-2024 using panel data regression. Results show that ESG disclosure simultaneously significantly affects firm value, with environmental aspects having a positive effect and governance aspects a negative effect. The findings suggest ESG implementation can enhance investor confidence and firm value.
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開示が始まり、ESG情報の投資判断への活用が進む中、新興国イスラム市場でのESG開示と企業価値の関係を示す本研究成果は、日本企業の海外展開やイスラム金融市場への参入を検討する際の参考となる。
In the global GX context
This study contributes to the global ESG disclosure literature by providing evidence from an emerging Islamic capital market, highlighting the differential effects of ESG components on firm value. It offers insights for investors and policymakers in integrating ESG factors in diverse market contexts.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-firm value nexus in an Islamic market context, useful for comparative studies.
🏢実務担当者:Highlights the importance of environmental disclosure for firm value, suggesting focus on environmental performance.
🏛政策担当者:Indicates that ESG disclosure regulations can influence firm value, supporting the case for mandatory ESG reporting.
📄 Abstract（原文）
This study aims to analyze the influence of Environmental, Social, and Governance (ESG) on firm value in food and beverage sub-sector companies listed in the Indonesian Sharia Stock Index (ISSI) for the 2021–2024 period. Firm value is proxied using Price to Book Value (PBV), while ESG is measured based on the disclosure of the company's environmental, social, and governance performance in annual reports and sustainability reports. This study uses a quantitative method with purposive sampling techniques so that 13 samples of companies that meet the research criteria are obtained. Data analysis was carried out using E-Views software version 13 with panel data regression to determine the relationship between ESG variables and firm value. The results of the study show that simultaneous ESG disclosure has a significant effect on firm value. Partially, the environmental aspect has a significant positive influence, the negative social aspect has no effect, while the governance aspect has a significant negative influence on the firm value. These findings suggest that the implementation of ESG can increase investor confidence and have an impact on increasing the firm value.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.47191/jefms/v9-i8-03first seen 2026-08-08 05:07:00
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