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ESG開示、機関所有、企業価値：インドネシアのエネルギー企業における企業規模の調整役割

ESG Disclosure, Institutional Ownership, and Firm Value: The Moderating Role of Firm Size in Indonesian Energy Companies (原題)

Ike Indrianti Priyono, Harmono, Diyah Sukanti Cahyaningsih, Dyah Ani Pangastuti, Sihwahjoeni

Jurnal QOSIM Jurnal Pendidikan Sosial & Humaniora📚 査読済 / ジャーナル2026-08-22#ESG対象セクター: energy
DOI: 10.61104/jq.v4i5.12141
原典: https://doi.org/10.61104/jq.v4i5.12141

🤖 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20社（2022-2025年）を対象に、ESG開示と機関所有が企業価値に与える影響を分析。ESG開示は有意な影響を与えず、機関所有は正の影響を与える。企業規模は両関係を弱める調整効果を持つ。

English

This study examines the effects of ESG disclosure and institutional ownership on firm value in Indonesian energy companies. Using data from 20 firms (2022-2025), it finds that ESG disclosure has no significant effect, while institutional ownership positively affects firm value. Firm size moderates and weakens both relationships.

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

日本ではSSBJ開示が始まり、ESG情報の企業価値への影響が注目される。本研究成果は、新興国市場でのESG開示の効果が文脈依存的であることを示し、日本企業の開示戦略や投資家対応に示唆を与える。

In the global GX context

This study contributes to the global discourse on ESG disclosure and firm value, particularly in emerging markets. It highlights the moderating role of firm size, which is relevant for understanding how ESG practices translate into value across different institutional contexts, complementing findings from developed markets.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG-firm value nexus in an emerging market, highlighting firm size as a moderator.

🏢実務担当者:Suggests that ESG disclosure alone may not boost firm value; institutional ownership and firm size matter, informing corporate strategy.

🏛政策担当者:Indicates that ESG disclosure regulations may need to consider firm size and ownership structures to be effective.

📄 Abstract（原文）

Firm value reflects market perceptions of a company’s performance and future prospects, while Environmental, Social, and Governance (ESG) disclosure and institutional ownership are increasingly considered important factors related to corporate value. However, previous studies have reported inconsistent findings regarding these relationships, particularly in emerging-market energy companies. This study aims to examine the effects of ESG disclosure and institutional ownership on firm value and to analyze the moderating role of firm size. The study employed a quantitative explanatory design using secondary data from annual reports, financial statements, and sustainability reports of energy-sector companies listed on the Indonesia Stock Exchange during 2022–2025. Purposive sampling resulted in 20 companies with 80 firm-year observations, and the data were analyzed using Moderating Regression Analysis (MRA). The results show that ESG disclosure has no significant effect on firm value (β = −0.038; p = 0.853), whereas institutional ownership has a positive and significant effect on firm value (β = 1.266; p = 0.001). Firm size significantly moderates and weakens the relationship between ESG disclosure and firm value (β = −0.814; p = 0.004). Firm size also significantly weakens the relationship between institutional ownership and firm value (β = −0.760; p = 0.014). These findings indicate that firm size is an important contextual factor that reduces the strength of the relationships between ESG disclosure, institutional ownership, and firm value in Indonesia’s energy sector.

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