Pengaruh Profitabilitas dan Kebijakan Dividen terhadap Nilai Perusahaan dengan Pengungkapan ESG Sebagai Variabel Moderasi
収益性と配当政策が企業価値に与える影響：ESG開示の調整効果 (AI 翻訳)
I Wayan Radika Putra, I Nyoman Sunarta
🤖 gxceed AI 要約
日本語
本研究はインドネシア証券取引所上場のエネルギー企業15社（2023-2025年）を対象に、収益性と配当政策が企業価値に与える影響を、ESG開示の調整効果を加味して分析した。パネルデータ回帰の結果、収益性と配当政策は企業価値に正の影響を与え、ESG開示は収益性の効果を強化する一方、配当政策の効果を弱めることが示された。持続可能性開示が投資家の信頼に影響することが示唆される。
English
This study examines the effect of profitability and dividend policy on firm value with ESG disclosure as a moderating variable, using panel data from 15 Indonesian energy sector companies (2023-2025). Findings show profitability and dividend policy positively affect firm value, and ESG disclosure strengthens the profitability effect but weakens the dividend policy effect, highlighting the role of sustainability disclosure in investor confidence.
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
本稿はインドネシアのエネルギー企業を対象としており、日本のSSBJや有報とは直接関係しないが、ESG開示が財務指標と企業価値の関係を調整する点は、日本企業の統合報告書や投資家対応においても示唆に富む。
In the global GX context
While this study uses Indonesian data, its finding that ESG disclosure moderates the financial performance-firm value relationship is relevant globally for understanding how sustainability disclosure interacts with investor perceptions, especially in the energy sector under TCFD/ISSB frameworks.
👥 読者別の含意
🔬研究者:Researchers can note the moderating role of ESG disclosure between financial indicators and firm value in an emerging market context.
🏢実務担当者:Corporate sustainability teams should consider how ESG disclosure can amplify the value of profitability but may reduce the signaling effect of dividends.
📄 Abstract（原文）
This study aims to examine the effect of profitability and dividend policy on firm value with ESG disclosure as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during 2023–2025. This research employed a quantitative approach using secondary data collected from annual reports, financial statements, and sustainability reports. The sample consisted of 15 companies selected through purposive sampling, resulting in 45 observations. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with EViews 12. The findings indicate that profitability and dividend policy have a positive and significant effect on firm value. Furthermore, ESG disclosure significantly strengthens the positive effect of profitability on firm value, suggesting that sustainability disclosure enhances investor confidence in profitable firms. Conversely, ESG disclosure weakens the positive effect of dividend policy on firm value, indicating that investors also consider companies’ commitments to sustainability initiatives when evaluating dividend decisions. These findings highlight that integrating strong financial performance with comprehensive ESG disclosure is essential for enhancing firm value and strengthening long-term competitiveness in the energy sector.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.30640/trending.v4i3.7363first seen 2026-07-23 06:00:58
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