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ESGとイノベーションを超えて：サステナビリティ価値最大化（SIVM）の構成概念の開発と検証

Beyond ESG and Innovation: Construct Development and Validation of Sustainability Innovative Value Maximization (SIVM) (原題)

A. Junaedi, Christian Herdinata, Murpin Josua Sembiring Gurky

Inkubis Jurnal Ekonomi dan Bisnis📚 査読済 / ジャーナル2026-08-27#ESG対象セクター: cross_sector
DOI: 10.59261/inkubis.v8i3.310
原典: https://inkubis.polteksci.ac.id/index.php/ink/article/download/310/471
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🤖 gxceed AI 要約

日本語

本研究は、ESG開示と企業業績の関係が一貫しない問題に対し、持続可能性の圧力を価値創造に変える能力として「サステナビリティ価値最大化（SIVM）」という新しい構成概念を提案・検証した。インドネシアの高ESG業界（鉱業、パーム油、タバコ）の187社を対象に探索的・確認的因子分析を行い、SIVMがESG開示や持続可能性志向イノベーション（SOI）とは異なる多次元の概念であることを確認。ESGはSIVMを介して企業業績に正の影響を与え、企業政治活動（CPA）も媒介するが、SOIは業績に有意な影響を与えなかった。

English

This study introduces Sustainability Innovative Value Maximization (SIVM) as a novel strategic capability to bridge the gap between ESG disclosure and corporate performance. Using EFA and CFA on data from 187 firms in high-ESG-exposure industries in Indonesia (mining, palm oil, tobacco), the authors confirm SIVM as a valid, multidimensional construct distinct from ESG disclosure and Sustainability-Oriented Innovation (SOI). ESG significantly influences SIVM, which positively affects corporate performance both directly and indirectly via Corporate Political Activity (CPA), while SOI shows no significant effect. The findings suggest firms should focus on developing capabilities to convert sustainability pressures into 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

日本ではSSBJ開示が始まり、ESG情報の開示義務が高まる中、開示を超えた価値創造能力の重要性を示す本研究成果は、日本企業の統合報告書や投資家対応において、単なる開示コンプライアンスではなく、持続可能性を競争優位に変える内部能力の構築が求められることを示唆する。

In the global GX context

Globally, as ISSB and CSRD push for standardized sustainability disclosure, this study challenges the assumption that disclosure alone drives performance. It offers a capability-based framework (SIVM) that could inform how firms and investors assess sustainability value creation beyond reporting metrics, relevant for emerging markets and beyond.

👥 読者別の含意

🔬研究者:Provides a validated construct (SIVM) that can be used in future ESG-performance research, especially in emerging market contexts.

🏢実務担当者:Suggests that corporate sustainability teams should invest in capabilities to turn sustainability pressures into value, not just improve disclosure.

🏛政策担当者:Highlights that policy should encourage capability-building for sustainability value creation, not only disclosure compliance.

📄 Abstract（原文）

Background: SIVM is conceptualized as a firm’s ability to transform sustainability pressures into value creation. Despite the exponential growth of ESG adoption globally, with over 90% of S&P 500 companies publishing sustainability reports, empirical evidence on the ESG–performance nexus remains inconclusive, signaling the need for a capability-based construct that bridges this theoretical gap. Objective: This study addresses inconsistent findings regarding the relationship between Environmental, Social, and Governance (ESG) disclosure and corporate performance by introducing Sustainability Innovative Value Maximization (SIVM) as a novel strategic capability. Methods: This research employs a construct development approach using Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA) on data from 187 respondents drawn from firms operating in industries with high ESG exposure in Indonesia (mining, palm oil, and tobacco). Data were collected between January and May 2025 through purposive sampling. Results: The results confirm that SIVM is a valid, reliable, and multidimensional construct that is distinct from ESG disclosure and Sustainability-Oriented Innovation (SOI). Structural model analysis reveals that ESG significantly influences SIVM, which, in turn, has a strong positive effect on corporate performance, both directly and indirectly through Corporate Political Activity (CPA). Meanwhile, SOI does not significantly affect performance, indicating the limitations of innovation-centric explanations. Conclusion: This study contributes to the literature by positioning SIVM as a critical internal capability that bridges sustainability pressures and value creation, thereby extending stakeholder and agency perspectives. Practically, the findings suggest that firms should move beyond disclosure and focus on developing capabilities for converting sustainability pressures into value.

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