インドネシアのエネルギー企業におけるESG開示、収益性、流動比率、企業価値
ESG Disclosure, Profitability, Current Ratio, and Company Value in Indonesian Energy Companies (原題)
Romza Amalia
🤖 gxceed AI 要約
日本語
インドネシア証券取引所のエネルギー企業30社・90社年を対象に、ESG開示・ROA・流動比率と企業価値（PBV）の関連を固定効果パネルで分析。ESG開示スコア（GRI 2021基準）はPBVと正に関連し（係数3.38, p=0.016）、ROAと流動比率も有意に正。調整済R²は0.80で、持続可能性開示と財務指標が共に市場評価と結びつくことを示す。
English
Panel fixed-effects analysis of 30 Indonesian energy firms (90 firm-years, 2023–2025) links GRI-based ESG disclosure, ROA, and current ratio to firm value (PBV). ESG disclosure is positively associated with PBV (coef. 3.38, p=0.016), as are ROA and liquidity; adjusted R²=0.80. Suggests sustainability disclosure and financial fundamentals jointly relate to valuation in an emerging-market energy sector.
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ESG開示と企業価値の関連を示す実証で、SSBJ・有報開示が進む日本企業にとって、開示の市場評価への波及を比較検討する材料となる。特に資本集約的な電力・エネルギーセクターの投資家対応に示唆。
In the global GX context
Adds emerging-market evidence to the global debate on whether ESG disclosure is priced by markets, complementing ISSB/CSRD-driven disclosure scholarship that is still dominated by developed-market samples. Useful for transition-finance discussions in carbon-intensive energy sectors.
👥 読者別の含意
🔬研究者:Emerging-market ESG-valuation literatureの実証データ点として、開示スコアと財務指標の同時効果を検討する際の参照になる。
🏢実務担当者:インドネシア拠点や新興国サプライチェーンを持つ企業の開示・投資家対応のベンチマークとして使える。
🏛政策担当者:新興国でのESG開示義務化が市場評価に与える影響を検討する際の基礎証拠となる。
📄 Abstract（原文）
Background: The growing importance of sustainable finance has widened the information set used in corporate valuation. This is particularly relevant for Indonesian energy firms, whose market performance is shaped by a combination of environmental exposure, capital intensity, and near-term financial capacity. Objective: This study assesses whether ESG disclosure, profitability, and liquidity are statistically associated with firm value among energy-sector issuers on the Indonesia Stock Exchange during 2023–2025. Methods: A panel-data design was applied to 90 firm-year observations from 30 energy companies selected purposively from 91 listed firms. The analysis used annual financial statements and sustainability reports. ESG disclosure was scored against the GRI Standards 2021, profitability was measured by Return on Assets (ROA), liquidity by the Current Ratio (CR), and firm value by Price to Book Value (PBV). Panel estimation was performed in EViews 12, with specification testing indicating the use of company fixed effects. Results: In the fixed-effects regression, ESG disclosure was positively associated with PBV (coefficient = 3.379502; p = 0.0158). ROA also showed a positive association (coefficient = 0.019785; p = 0.0049), as did CR (coefficient = 0.265845; p < 0.001). The model was significant overall and produced an adjusted R² of 0.804446. Conclusion: The evidence from the observed firms indicates that sustainability disclosure and financial fundamentals are jointly relevant to market valuation. Higher ESG disclosure, profitability, and liquidity were each accompanied by higher PBV, although the non-experimental panel design permits association-based rather than causal interpretation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.59261/bustechno.v7i5.859first seen 2026-11-05 05:21:48 · last seen 2026-11-06 05:00:56
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