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ESG開示と企業価値：インドネシア上場企業における女性取締役の調整効果

ESG disclosure and firm value: The moderating role of female directors in Indonesian listed firms (原題)

Revina Selvia, Irwan Trinugroho

AFRE (Accounting and Financial Review)📚 査読済 / ジャーナル2026-10-10#ESG経営インパクト: 資金調達対象セクター: finance
DOI: 10.26905/afr.v8i3.17522
原典: https://doi.org/10.26905/afr.v8i3.17522

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場67社・2015〜2024年の670社年データを用い、GRI基準のESG開示指数とTobin's Qの関係をパネル回帰で検証。ESG開示は企業価値と有意に関連せず、女性取締役比率も調整効果を持たなかった。開示単独では企業価値を高めにくいことを示す。

English

Using 670 firm-year observations from 67 Indonesian listed firms (2015–2024), this study tests whether GRI-based ESG disclosure relates to Tobin's Q and whether female board representation moderates it. ESG disclosure shows no significant association with firm value, and the interaction with female directors is insignificant, robust to firm-clustered errors. Disclosure alone may not drive valuation.

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

新興国におけるESG開示の経済効果の限界を示す事例として、SSBJ・有報開示の費用対効果や投資家の評価実務を考える際の比較材料になる。日本企業の開示戦略の過信を戒める示唆を持つ。

In the global GX context

Adds emerging-market evidence to the mixed global literature on ESG disclosure and valuation, relevant to ISSB/CSRD debates on whether disclosure mandates deliver capital-market benefits and to board-diversity expectations in governance codes.

👥 読者別の含意

🔬研究者:ESG開示と企業価値の非有意結果と女性取締役の調整効果の欠如を、新興国パネルデータの頑健性検証例として参照できる。

🏢実務担当者:開示拡充だけでは企業価値向上につながらない可能性を踏まえ、開示の質や投資家対話の設計を見直す材料になる。

🏛政策担当者:ESG開示義務化の効果を過大評価せず、開示の質・比較可能性や取締役会多様性政策の設計を検討する根拠になる。

📄 Abstract（原文）

Growing sustainability awareness has encouraged investors to consider environmental, social, and governance (ESG) factors when evaluating firms. However, evidence regarding the relationship between ESG disclosure and firm value remains mixed. This study examines the association between ESG disclosure and firm value and investigates whether female directors moderate this relationship in Indonesia. The study analyzes secondary data from 67 firms listed on the Indonesia Stock Exchange (IDX) over 2015–2024, yielding 670 firm-year observations. Panel data regression using the Random Effects Model was conducted following the Chow, Hausman, and Lagrange Multiplier tests. ESG disclosure is measured using an index based on the Global Reporting Initiative (GRI) Standards, female board representation using the Female Board Ratio (FBR), and firm value using Tobin’s Q. The results indicate that ESG disclosure is not significantly associated with firm value. Female directors exhibit a positive association with firm value when control variables are excluded, but this association becomes insignificant at the 5% level after controls are included. Furthermore, the interaction between ESG disclosure and female board representation is insignificant, a result that remains robust when firm-clustered standard errors are applied. These findings suggest that ESG disclosure alone may not be sufficient to influence firm valuation and that female board representation does not significantly strengthen the relationship between ESG disclosure and firm value.

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