The Effect of Sustainability Report Disclosure, Firm Size, and Liquidity on Firm Value: Evidence from Indonesian Mining Companies
サステナビリティ報告書の開示、企業規模、流動性が企業価値に与える影響：インドネシア鉱業企業の証拠 (AI 翻訳)
Iriana Auliyah Iriana, Jesicha Ardhyana Destriani, Mursalam Salim, Septyana Prasetianingrum, Entar Sutisman
🤖 gxceed AI 要約
日本語
インドネシア鉱業企業を対象に、サステナビリティ報告書の開示、企業規模、流動性が企業価値（PBR）に与える影響を分析。2020〜2024年の14社・70企業年データを用いた重回帰分析の結果、開示は負の有意効果、企業規模は正の有意効果、流動性は非有意だった。開示がコストやリスクのシグナルと解釈される可能性を示唆。
English
This study examines the impact of sustainability report disclosure, firm size, and liquidity on firm value (PBR) for Indonesian mining firms. Using 70 firm-year observations from 2020-2024, regression analysis shows disclosure has a negative significant effect, firm size positive significant, and liquidity insignificant. Findings suggest disclosure may be seen as a costly or risk-revealing signal.
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開示が始まる中、開示が必ずしも企業価値に正の影響を与えないという実証結果は、開示の質と実体を伴う重要性を示す参考になる。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
In the global context of ISSB and CSRD, this study provides empirical evidence from an emerging market that sustainability disclosure alone may not enhance firm value, highlighting the importance of credible sustainability performance. It adds to the debate on disclosure effectiveness in different institutional settings.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the disclosure-firm value relationship in an emerging market context, useful for comparative studies.
🏢実務担当者:Highlights that sustainability disclosure without credible performance may be perceived negatively, informing corporate communication strategies.
🏛政策担当者:Suggests that disclosure regulations should be accompanied by mechanisms to ensure credibility and quality of sustainability information.
📄 Abstract（原文）
This study examines whether sustainability report disclosure, firm size, and liquidity affect firm value in Indonesian mining companies. Mining firms operate in a capital-intensive and environmentally sensitive sector; therefore, investor valuation may be shaped not only by financial indicators but also by sustainability transparency. The study applies a quantitative explanatory design using secondary data from mining-sector companies listed on the Indonesia Stock Exchange during 2020–2024. From a population of 39 firms, 14 companies were selected through purposive sampling, generating 70 firm-year observations. Firm value was measured using Price to Book Value, sustainability report disclosure was measured through a disclosure index, firm size used the natural logarithm of total assets, and liquidity used the current ratio. Multiple linear regression with SPSS 22 was employed after classical assumption testing. The results show that sustainability report disclosure has a negative and significant effect on firm value, with a coefficient of −73.065 and significance of 0.000. Firm size has a positive and significant effect, with a coefficient of 3.000 and significance of 0.000. Liquidity has a positive but insignificant coefficient of 0.874 and significance of 0.344. The model explains 42.5% of firm-value variation. These findings imply that sustainability disclosure in mining firms may be interpreted as a costly or risk-revealing signal unless supported by credible sustainability performance, while company scale remains a strong valuation signal.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.58812/esaf.v4i03.1035first seen 2026-08-11 04:39:45
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。