企業価値の向上：企業規模に調整されたサステナビリティ報告と優れたコーポレートガバナンス
Boosting Firm Value: Sustainability Report and Good Corporate Governance Moderated by Firm Size (原題)
Nurul Aini, Lilik Pirmaningsih
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の製造業62社・248観測値を用い、サステナビリティ報告（SR）と優れたコーポレートガバナンス（GCG）が企業価値に与える影響を企業規模の調整効果とともに検証した。SR、独立取締役会、監査委員会はいずれも企業価値に有意な正の直接効果を持つ。企業規模はSRおよび独立取締役会と企業価値の関係を有意に調整するが、監査委員会との関係は調整しない。
English
Using 62 Indonesian-listed manufacturing firms (248 firm-year observations, 2021-2024), this study tests how sustainability reporting (SR) and good corporate governance (GCG) affect firm value, with firm size as a moderator. SR, independent boards, and audit committees each show significant positive direct effects on firm value. Firm size significantly moderates the SR-firm value and board-firm value links, but not the audit committee link.
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基準・有報でのサステナビリティ開示義務化が進み、開示と企業価値・資本コストの関係は投資家対応の核心課題。新興国IDXの実証は、開示規制の効果が市場・企業規模により異なる可能性を示す比較材料となる。
In the global GX context
As ISSB/SSBJ-aligned disclosure becomes mandatory across jurisdictions, evidence linking sustainability reporting to firm value and its size-dependence is directly relevant to the global disclosure-effectiveness debate. This IDX study adds emerging-market empirical evidence to a literature dominated by developed-market samples.
👥 読者別の含意
🔬研究者:開示と企業価値の関係における企業規模の調整効果を示す新興国実証として、比較研究の参照点になる。
🏢実務担当者:サステナビリティ報告と取締役会・監査委員会の整備が企業価値評価に寄与しうることを示す。
🏛政策担当者:開示義務化の効果が企業規模により異なる可能性を示し、規制設計の参考になる。
📄 Abstract（原文）
Background: Firm value has become a central concern in capital market studies, as it reflects investor confidence and long-term corporate sustainability. Prior empirical evidence on the effects of sustainability reporting (SR) and good corporate governance (GCG) on firm value remains inconclusive, warranting further investigation, particularly with respect to potential moderating factors such as firm size proxied by market capitalization. Objective: This study aims to integrate sustainability reporting and good corporate governance variables that influence firm value by using firm size as a moderating variable. Methods: This research employed a quantitative methodology utilizing a purposive sampling strategy. The participants in the study comprised 62 manufacturing firms listed on the Indonesia Stock Exchange from 2021 to 2024. A cumulative total of 248 data observations were examined using SPSS software. Results: The findings of the study reveal that sustainability reporting (β = 2.981, p < 0.01), the presence of an independent board of commissioners (β = 4.275, p < 0.01), and the audit committee (β = 1.004, p < 0.01) each have a significant positive direct impact on firm value. Additionally, firm size plays a significant moderating role in the relationship between sustainability reporting and firm value (interaction β = 0.389, p < 0.05) as well as between the independent board of commissioners and firm value (interaction β = 0.421, p < 0.05). However, firm size does not moderate the relationship between audit committees and firm value (interaction β = −0.051, p > 0.05). These conclusions are drawn from a sample of 62 manufacturing firms listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024, resulting in 248 company-year observations. Conclusion: Future research could explore other moderating variables such as profitability or apply the model in a cross-industry or cross-country context to test the robustness of these findings.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.59261/inkubis.v8i3.173first seen 2026-10-10 05:16:21
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