Analysis of the Relationship between Environmental, Social, and Governance (ESG) and Firm Value: A Systematic Review of Empirical Evidence in Indonesia
環境・社会・ガバナンス（ESG）と企業価値の関係の分析：インドネシアにおける実証エビデンスの系統的レビュー (AI 翻訳)
Dedi Hartono, W. Mawardi, Sugeng Wahyudi
🤖 gxceed AI 要約
日本語
この論文は、インドネシアにおけるESGと企業価値の関係を系統的にレビューした。20の実証研究を分析した結果、インドネア研究では結果が一貫しない一方、国際的なベンチマーク研究では一貫した正の関係が確認された。標準化された開示と保証の重要性が示唆される。
English
This systematic review examines the relationship between ESG and firm value in Indonesia. Analyzing 20 empirical studies, it finds mixed results for Indonesian firms while international benchmarks show a consistent positive link. The study highlights the need for standardized disclosure, ESG assurance, and investor education in Indonesia to harness positive effects on firm value.
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
インドネアはASEAN最大の経済国であり、日本企業の進出も多い。本レビューは、ESG開示の標準化が企業価値向上に寄与する可能性を示唆しており、SSBJ対応を進める日本企業にも示唆がある。ただし、インドネア特有の市場環境に基づく主張であり、そのまま日本に適用できるわけではない。
In the global GX context
Indonesia, as a major emerging economy and a key destination for Japanese investment, presents unique ESG disclosure challenges. This paper shows that inconsistent ESG effects in Indonesia stem from weak regulatory frameworks and low investor awareness, contrasting with developed markets where ESG disclosure is more mature. For global readers, this reinforces the importance of institutional infrastructure to realize ESG's value-creation potential.
👥 読者別の含意
🔬研究者:Provides a systematic mapping of ESG-firm value literature in Indonesia, highlighting heterogeneity and gaps for future research.
🏢実務担当者:Indonesian companies can use this to understand that ESG disclosure quality matters for firm value, but context-specific factors must be considered.
🏛政策担当者:Regulators in Indonesia should note that standardized ESG disclosure and assurance could unlock positive firm value effects.
📄 Abstract（原文）
Background: ESG is an essential non-financial factor that can influence firm value; however, the evidence in Indonesia shows mixed results because ESG activity measurements are not standardized, the market remains varied, and disclosure is not evenly distributed, so a generalizable conclusion is not available. Objective: This research seeks to systematically review empirical evidence on the effect of ESG on firm value by emphasizing the analysis in the Indonesian context. Methods: This work utilizes a Systematic Literature Review (SLR) in line with PRISMA guidelines. In March 2025, exhaustive searches were conducted on Scopus, ScienceDirect, and Google Scholar (limited to Scopus-indexed or peer-reviewed sources only), and tailored Boolean search combinations were used. Out of 487 identified records, 20 empirical studies on Indonesian and internationally benchmarked listed companies satisfied the inclusion criteria. Results: Among the 20 studies reviewed, 6 Indonesian studies found ESG–firm value effects to be positive, 3 negative, and 4 insignificant; heterogeneity is explained by industry sector, the life cycle stage of the firm, and the quality of ESG disclosure. International benchmark studies (n = 10) showed a positive and largely consistent impact, attributable to stronger regulatory frameworks and greater investor ESG awareness in developed and more mature emerging markets, which reduce firm-level risks. Conclusion: The impact of ESG on firm value is context-dependent, and Indonesia needs standardized disclosure, ESG assurance, and investor education to harness its positive impact on firm value.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.59261/jbt.v7i2.598first seen 2026-07-16 06:06:41
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