Carbon Emissions and Climate Change Disclosure in Low-Carbon Companies in Indonesia
インドネシアの低炭素企業における炭素排出量と気候変動開示 (AI 翻訳)
Krisnina Maharani Putri Baiq, Ely Windarti Hastuti, Animah, Ulaya Fitriani Baiq
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所の低炭素リーダー企業（24社）を対象に、炭素排出量開示と気候変動開示が企業価値に与える影響を分析した。結果、炭素開示は企業価値に負の影響を与え、環境パフォーマンス（PROPER評価）のみが正の影響を示した。この結果は、投資家が実質的な環境パフォーマンスを重視することを示唆しており、レジティマシー理論を支持する。
English
This study examines the impact of carbon emissions and climate change disclosure on firm value using a sample of 24 low-carbon leader companies listed on the Indonesia Stock Exchange (2022-2024). Results show that carbon disclosure has a negative effect, while environmental performance (PROPER rating) positively affects firm value. Findings support legitimacy theory, suggesting investors value substantive environmental performance over symbolic disclosure.
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
インドネシアの低炭素企業に焦点を当てた実証研究。日本の投資家が新興国での炭素開示の価値関連性を理解する上で参考となる。ただし、日本企業の有価証券報告書における気候関連開示（SSBJ）とは制度が異なるため、直接的な適用には注意が必要。
In the global GX context
This paper contributes to global climate disclosure literature by providing emerging-market evidence from Indonesia. It shows that investors react more to tangible environmental performance (e.g., PROPER) than to symbolic disclosures—a key insight for regulators (e.g., ISSB) designing disclosure standards that emphasize materiality and real outcomes.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the value relevance of carbon disclosure in an emerging market, enriching the legitimacy theory debate.
🏢実務担当者:Companies should prioritize substantive environmental performance (e.g., certified ratings) over mere disclosure to enhance firm value.
🏛政策担当者:Disclosure standards alone may not boost firm value unless backed by verifiable environmental performance metrics.
📄 Abstract（原文）
This study aims to understand how Low Carbon Leader companies integrate sustainability aspects, specifically carbon emission disclosure, climate change disclosure, environmental performance, and their impact on company value. The population used in this study consists of all companies listed in the Low-Carbon Leader Index on the Indonesia Stock Exchange, selected using a purposive sampling approach, comprising 24 companies with a 3-year mandate period (2022-2024). This study uses a quantitative approach, with panel data regression analysis processed using E-views software version 12. The results of this study indicate that carbon emission and climate change disclosures have a negative effect on company value, and only environmental performance has a positive effect on the company value of low-carbon leader companies. This finding supports the legitimacy theory in explaining the relationship between environmental performance and capital market reactions. Investors respond more to substantive legitimacy reflected in real and measurable environmental performance, such as through the PROPER rating, compared to symbolic environmental disclosures. Practically, this study's findings have implications for how investors and companies consider and evaluate the size and indicators of environmental issues as important considerations for future corporate sustainability initiatives
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.22236/agregat_vol10.i1/23282first seen 2026-06-23 05:27:12
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