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ESG開示と企業価値：気候変動リスクの調整的役割

ESG Disclosure dan Nilai Perusahaan: Peran Moderasi Climate Change Risk (原題)

Weni Weni, Umiaty Hamzani, Khristina Yunita

Anggaran Jurnal Publikasi Ekonomi dan Akuntansi📚 査読済 / ジャーナル2026-09-01#ESG対象セクター: basic_materials
DOI: 10.61132/anggaran.v4i3.2478
原典: https://doi.org/10.61132/anggaran.v4i3.2478

🤖 gxceed AI 要約

日本語

インドネシア証券取引所の基礎素材セクター15社を対象に、ESG開示が企業価値に与える影響と、気候変動リスクの調整効果を分析。ESG開示は企業価値に負の影響を与え、気候リスクはその関係を弱めることが示された。実務的には、ESG開示に具体的な行動と気候リスク管理の統合が必要と示唆。

English

This study examines the moderating role of climate change risk on the relationship between ESG disclosure and firm value, using 15 basic materials firms listed on the Indonesia Stock Exchange (2021-2024). Results show ESG disclosure has a significant negative effect on firm value, and climate risk weakens this relationship. The findings suggest ESG disclosure effectiveness is contextual, urging firms to complement disclosure with concrete actions and integrate climate risk management.

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

インドネシアの新興市場データではあるが、SSBJ適用企業や日本企業にとっても、ESG開示が必ずしも企業価値向上に直結しない可能性を示す点で示唆的。気候リスク管理の統合の重要性を再認識させる。

In the global GX context

This study contributes to the global discourse on ESG disclosure effectiveness, particularly in emerging markets. It highlights that climate risk can moderate the value relevance of ESG disclosure, aligning with the ISSB's emphasis on climate-related disclosures and the need for firms to integrate climate risk management into governance.

👥 読者別の含意

🔬研究者:Provides empirical evidence from an emerging market on the moderating role of climate risk in the ESG-firm value nexus.

🏢実務担当者:Suggests that ESG disclosure alone may not enhance firm value; concrete actions and climate risk integration are needed.

🏛政策担当者:Indicates that climate risk context affects the value of ESG disclosures, informing policy on climate risk management requirements.

📄 Abstract（原文）

The growing urgency of climate change risk in corporate sustainability practices has encouraged this study to analyze the role of climate change risk in moderating the relationship between ESG disclosure and firm value. The research sample consisted of 15 basic materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period, selected using purposive sampling. Secondary data were obtained from annual reports, sustainability reports, and World Bank Open Data. The analytical methods used were Multiple Linear Regression and Moderated Regression Analysis (MRA). The results show that ESG disclosure has a significant negative effect on firm value. In addition, climate change risk has been proven to weaken the relationship between ESG disclosure and firm value. The originality of this study lies in the use of micro-level control variables, namely leverage and firm size, as well as a macro-level control variable, namely Gross Domestic Product (GDP), with climate change risk as a moderating variable. These findings indicate that the effectiveness of ESG disclosure in enhancing firm value is contextual and influenced by the level of climate risk. Practically, companies need to complement ESG disclosure with concrete actions and integrate climate risk management into corporate governance.

🔗 Provenance — このレコードを発見したソース

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