THE EFFECT OF ESG DISCLOSURE ON EQUITY VALUATION WITH PROFITABILITY AS A MEDIATING VARIABLE
ESG開示が株式評価に与える影響：収益性を媒介変数として (AI 翻訳)
Nurul Annur, Sutisna, Gema Ika Sari
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの鉱業セクターにおけるESG開示が株式評価に与える影響を、収益性を媒介変数として分析した。2020〜2024年のデータを用いたパネル回帰分析の結果、ガバナンス開示は株式評価に正の影響を与えるが、環境・社会開示は有意な影響を与えなかった。収益性はESG開示と株式評価の関係を媒介しなかった。企業統治の強化が重要であることが示唆された。
English
This study examines the effect of ESG disclosure on equity valuation with profitability as a mediating variable in the Indonesian mining sector from 2020-2024. Panel regression shows that governance disclosure positively affects equity valuation, while environmental and social disclosures have no significant direct effect. Profitability does not mediate the ESG-valuation relationship. The findings highlight the importance of corporate governance for market 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
インドネシア鉱業セクターのESG開示と企業評価の関係を分析しており、日本企業の海外投資判断の参考になる可能性がある。
In the global GX context
This study adds to the growing body of literature on ESG disclosure and firm valuation in emerging economies, offering insights for global investors assessing Indonesian mining companies. However, it does not specifically address climate-related disclosure standards like TCFD or ISSB.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure effects in an emerging market context.
🏢実務担当者:May inform corporate disclosure strategies for mining companies aiming to enhance market valuation, particularly regarding governance disclosure.
📄 Abstract（原文）
The mining sector in Indonesia exhibits a disparity between corporate profitability and equity valuation, indicating that non-financial factors may influence investors’ assessments. This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on equity valuation with profitability as a mediating variable. The research sample consists of mining companies listed on the Indonesia Stock Exchange during the 2020–2024 period. A quantitative approach with panel data regression analysis was employed. Data were collected from companies’ annual and sustainability reports and analyzed using EViews software. The results indicate that Environmental and Social Disclosure have no significant effect on equity valuation, while Governance Disclosure has a positive and significant effect. Environmental Disclosure negatively affects profitability, whereas Social and Governance Disclosure positively and significantly influence profitability. Profitability has a positive and significant effect on equity valuation but does not mediate the relationship between ESG disclosure and equity valuation. Simultaneously, ESG disclosure significantly affects both profitability and equity valuation. This study concludes that good corporate governance plays a crucial role in enhancing equity valuation, while environmental and social disclosures require further strengthening to generate optimal financial and market value impacts.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.56127/ijme.v5i1.2495first seen 2026-05-15 18:08:00 · last seen 2026-06-16 05:07:29
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