ESG開示、グリーン投資、サステナビリティ報告の質と企業価値：インドネシアエネルギー企業における企業規模の調整効果
ESG Disclosure, Green Investment, Sustainability Reporting Quality, and Firm Value: The Moderating Role of Firm Size in Indonesian Energy Companies (原題)
Windi Craudia, Heni Safitri, Dedi Hariyanto
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー企業65件を対象に、ESG開示・グリーン投資・サステナビリティ報告の質が企業価値に与える影響を企業規模の調整効果とともに検証した。ESG開示単独では企業価値への有意な影響は見られなかったが、グリーン投資と報告の質は企業価値を有意に高めた。企業規模は直接効果を持つものの調整効果は確認されず、実質的なグリーン投資と報告の信頼性向上が市場価値強化に重要だと示唆する。
English
Using 65 firm-year observations from Indonesian-listed energy companies in 2024, this study tests how ESG disclosure, green investment, and sustainability reporting quality affect firm value, with firm size as moderator. ESG disclosure alone shows no significant effect, while green investment and reporting quality significantly raise firm value; firm size has a direct but no moderating effect. Concrete green investment and credible, complete reporting are what strengthen market 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
新興国エネルギー企業における開示の質と企業価値の関係は、SSBJ・有報サステナ開示の実効性を考える日本企業にとっても示唆的。特に「開示より実投資」という結果は国内の統合報告書戦略にも一考の材料となる。
In the global GX context
Adds emerging-market evidence to the global disclosure debate (ISSB/IFRS S2 adoption), suggesting that in capital-scarce markets substantive green capex and reporting credibility move valuation more than ESG disclosure volume alone—relevant as ISSB standards roll out across Asia.
👥 読者別の含意
🔬研究者:Emerging-market ESG-value nexus evidence with a moderation design; useful for comparative disclosure studies.
🏢実務担当者:Signals that credible sustainability reporting and real green capex, not disclosure volume, drive valuation in Indonesian energy.
🏛政策担当者:Supports pushing reporting quality and green investment incentives rather than disclosure mandates alone in emerging markets.
📄 Abstract（原文）
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure, green investment, and sustainability reporting quality on firm value, with firm size as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange in 2024. The study employed a quantitative associative approach using secondary data obtained from annual reports, sustainability reports, and financial statements. Purposive sampling produced 65 observations that met the research criteria. Data were analyzed using Moderated Regression Analysis (MRA), supported by classical assumption tests and hypothesis testing. The findings indicate that ESG disclosure does not significantly affect firm value. In contrast, green investment and sustainability reporting quality have positive and significant effects on firm value. Firm size also has a positive and significant direct effect on firm value. However, firm size does not moderate the relationship between ESG disclosure, green investment, or sustainability reporting quality and firm value. Simultaneously, ESG disclosure, green investment, and sustainability reporting quality significantly affect firm value. The first regression model explains 36.0% of the variation in firm value, while the moderation model explains 74.4%. These findings imply that energy sector companies should prioritize concrete green investment initiatives and improve the quality, completeness, and credibility of sustainability reporting to strengthen market value and stakeholder confidence.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.47353/ecbis.v4i6.491first seen 2026-10-27 05:20:39 · last seen 2026-11-06 05:23:58
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