PROFITABILITY, CAPITAL STRUCTURE, AND FIRM SIZE ON FIRM VALUE: THE MODERATING ROLE OF SUSTAINABILITY REPORTING IN INDONESIA'S ENERGY SECTOR
収益性、資本構成、企業規模が企業価値に与える影響：インドネシアのエネルギー部門における持続可能性報告の調整的役割 (AI 翻訳)
Gabriel Hamonangan Malau, David.H.M Hasibuan, Tri Marlina
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場のエネルギー企業39社（2021-2024年）を対象に、収益性、資本構成、企業規模が企業価値に与える影響と、持続可能性報告の調整効果を検証した。ランダム効果モデルを用いた分析の結果、これらの要因は企業価値に正の影響を与えるが、持続可能性報告は収益性と企業規模の効果を弱めることが示された。投資家の認識が重要であることを示唆する。
English
This study examines the impact of profitability, capital structure, and firm size on firm value, with sustainability reporting as a moderator, using panel data from 39 Indonesian energy firms (2021-2024). Results show positive effects of these factors, but sustainability reporting weakens the effects of profitability and firm size, suggesting investor perception matters.
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、企業価値との関連が注目される中、本研究成果は開示が必ずしも企業価値を高めるとは限らないことを示し、日本企業の開示戦略に示唆を与える。ただし、インドネシア市場特有の文脈を考慮する必要がある。
In the global GX context
Globally, as ISSB and CSRD frameworks emphasize the link between sustainability disclosure and firm value, this study provides empirical evidence from an emerging market, showing that the moderating effect of sustainability reporting can be negative, highlighting the importance of investor perception and market context.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating role of sustainability reporting in an emerging market, contributing to the disclosure-firm value literature.
🏢実務担当者:Highlights that sustainability reporting may not always enhance firm value, suggesting the need for strategic communication to investors.
🏛政策担当者:Offers insights for regulators in emerging markets on how sustainability disclosure mandates might affect firm valuation.
📄 Abstract（原文）
This study investigates the influence of profitability, capital structure, and firm size on firm value, while also examining sustainability reporting as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. The research employs a quantitative method using secondary panel data obtained from 39 companies with 156 observations. The Random Effect Model (REM) was selected as the most appropriate estimation model based on the Chow, Hausman, and Lagrange Multiplier tests. In this study, firm value is measured using Price to Book Value (PBV), profitability by Return on Equity (ROE), capital structure by Debt to Equity Ratio (DER), firm size by the natural logarithm of total assets, and sustainability reporting through the Sustainability Report Disclosure Index (SRDI) based on Global Reporting Initiative (GRI) standards. The findings reveal that profitability, capital structure, firm size, and sustainability reporting positively and significantly affect firm value. However, the moderation results indicate that sustainability reporting weakens the effect of profitability and firm size on firm value, while it does not significantly moderate the relationship between capital structure and firm value. These results imply that the impact of sustainability reporting on firm value depends on how investors perceive and evaluate each company within the energy sector.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.32424/icsema.v2i1.1020first seen 2026-08-15 04:59:45
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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。