ESG開示が資本構成、収益性、流動性が企業価値に与える影響を調整する役割：2020-2024年のESGL指数上場企業を対象に
The Role of ESG Disclosure in Moderation of the Influence of Capital Structure, Profitability, and Liquidity on the Value of Companies Listed in the ESGL Index in 2020-2024 (原題)
Dicky Yulvarizal
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所のESG Leaders Index（IDXESGL）に上場する33社を対象に、資本構成（DER）、収益性、流動性が企業価値（PBV）に与える影響と、ESG開示の調整効果を分析した。結果、DERはPBVに有意な正の影響を与え、ESG開示はその関係を弱める調整効果を持つことが示された。投資家は負債水準だけでなく、ESG開示を通じた持続可能性とリスクも考慮していることを示唆する。
English
This study analyzes the impact of capital structure (DER), profitability, and liquidity on firm value (PBV) and the moderating role of ESG disclosure, using 33 companies listed on the Indonesia Stock Exchange's ESG Leaders Index (IDXESGL) from 2020-2024. Results show DER significantly increases PBV, and ESG disclosure weakens this relationship, indicating investors consider sustainability factors alongside debt levels.
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情報と企業価値の関連性への関心が高い。本研究成果は、ESG開示が資本市場でどのように評価されるかの示唆を与え、日本の上場企業の開示戦略や投資家対応に参考となる。
In the global GX context
Globally, this adds evidence from an emerging market (Indonesia) on how ESG disclosure moderates the debt-firm value relationship, complementing studies from developed markets. It supports the view that ESG disclosure provides risk-relevant information to investors, aligning with ISSB/CSRD objectives.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure as a moderator in an emerging market context, useful for comparative studies.
🏢実務担当者:Highlights that ESG disclosure can influence investor perception of debt risk, informing corporate disclosure strategies.
🏛政策担当者:Suggests that promoting ESG disclosure can enhance market efficiency by providing risk-relevant information.
📄 Abstract（原文）
This study aims to analyze the effect of capital structure, profitability, and liquidity on firm value, as well as to examine the role of ESG Disclosure as a moderating variable in companies listed in the ESG Leaders Index (IDXESGL) during the 2020–2024 period. The study employs an explanatory research approach with a quantitative method to obtain information that can be used to address the research problems. The population of this study consists of all companies listed in the IDX ESG Leaders Index (IDXESGL) issued by the Indonesia Stock Exchange (IDX). From the total population, 33 companies met the predetermined sampling criteria and characteristics. This study employed Statistical Product and Service Solutions (SPSS) as the analytical tool to examine the relationships among the research variables. The results indicate that the Debt to Equity Ratio (DER) has a significant effect on Price to Book Value (PBV). These findings suggest that optimally managed debt utilization is capable of increasing firm value through enhanced financing capacity, operational activities, and business growth opportunities. Therefore, a higher DER within an optimal threshold tends to increase firm value. This study also reveals that ESG Disclosure is able to moderate the effect of Debt to Equity Ratio (DER) on Price to Book Value (PBV) by weakening the relationship. This finding indicates that investors not only consider the company’s level of debt utilization but also pay attention to sustainability factors and corporate risks through ESG disclosure practices.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.38142/jogta.v5i1.1994first seen 2026-08-20 04:48:35
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