THE EFFECT OF CAPITAL STRUCTURE, FREE CASH FLOW AND FIRM SIZE ON FIRM VALUE WITH ESG DISCLOSURE AS A MODERATING VARIABLE

資本構造、フリーキャッシュフロー、企業規模が企業価値に与える影響：ESG開示の調整効果 (AI 翻訳)

Dwi Kartika, Reni Widyastuti, Febriati Febriati

Jurnal Ilmiah Manajemen Ekonomi & Akuntansi (MEA)📚 査読済 / ジャーナル2026-06-29#ESGOrigin: Global対象セクター: cross_sector

DOI: 10.31955/mea.v10i2.7529

原典: https://doi.org/10.31955/mea.v10i2.7529

🤖 gxceed AI 要約

日本語

本研究は2020-2024年のインドネシア上場企業を対象に、資本構造、フリーキャッシュフロー、企業規模が企業価値に与える影響をESG開示が調整するかを検証した。結果、資本構造と企業規模は企業価値に正の影響、フリーキャッシュフローは負の影響を与え、ESG開示は一部の関係を調整する。

English

This study examines how capital structure, free cash flow, and firm size affect firm value for Indonesian industrial firms from 2020-2024, with ESG disclosure as a moderator. Findings show positive effects of capital structure and size, negative effect of free cash flow, and mixed moderating role of ESG disclosure.

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

インドネシア市場のESG開示と企業価値の関係を実証。日本のSSBJや有報でのESG情報開示議論に直接関連しないが、新興国のESG実践事例として参考になる。

In the global GX context

This paper provides empirical evidence on the moderating role of ESG disclosure in an emerging market (Indonesia). While not directly applicable to global frameworks like ISSB, it adds to the literature on ESG-financial performance linkages in developing economies.

👥 読者別の含意

🔬研究者:Provides evidence on ESG disclosure as a moderator in an emerging market context.

🏛政策担当者:Suggests that ESG disclosure may not uniformly affect firm value, informing disclosure mandate design.

📄 Abstract（原文）

This study will examine the influence of capital structure, free cash flow, and company size on company value during 2020–2024, with Environmental, Social, and Governance (ESG) disclosure as a moderating variable in industrial companies listed on the Indonesia Stock Exchange. The researchers analyzed the data using selective sampling and a quantitative approach known as Moderated Regression Analysis (MRA), which produced 187–188 conclusions. The findings demonstrate that while capital structure and firm size have a positive and significant impact on business value, free cash flow has a negative impact. Firm size, free cash flow, and firm value are all impacted by ESG disclosure, but the relationship between capital structure and firm value is unaffected. In general, ESG moderates business value selectively.

🔗 Provenance — このレコードを発見したソース

openalex https://doi.org/10.31955/mea.v10i2.7529first seen 2026-07-18 06:04:59

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