← 論文一覧に戻る

GRI 2021ベースのESG開示、レバレッジ、配当政策が鉱業企業価値に与える影響：2021–2024年パネルデータ回帰による実証的証拠

Pengaruh ESG Disclosure Berbasis GRI 2021, Leverage, dan Kebijakan Dividen terhadap Nilai Perusahaan Pertambangan: Bukti Empiris Regresi Data Panel Periode 2021–2024 (原題)

Bonia Sundari, Ridarmelli Ridarmelli, Adib Minanurohman

Owner📚 査読済 / ジャーナル2026-10-01#ESG経営インパクト: 資金調達対象セクター: mining
DOI: 10.33395/owner.v10i4.3697
原典: https://doi.org/10.33395/owner.v10i4.3697

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場の鉱業企業14社・56社年を対象に、GRI 2021準拠のESG開示、レバレッジ、配当政策が企業価値（Tobin's Q）に与える影響をパネルデータ回帰で検証。ESG開示・レバレッジ・配当政策はいずれも企業価値に正かつ有意に影響し、説明力は85.5%。持続可能性の透明性と財務意思決定が投資家評価を高めることを示す。

English

Using panel data regression on 14 Indonesian-listed mining firms (56 firm-years, 2021–2024), this study tests how GRI 2021-based ESG disclosure, leverage, and dividend policy affect firm value (Tobin's Q). All three variables show positive and significant effects, jointly explaining 85.5% of variation. Sustainability transparency and financial decisions act as positive signals raising investor confidence and firm 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基準・有報のサステナビリティ開示が進む中、GRI準拠開示と企業価値の実証的関連は、開示の経済的効果を測る参考事例となる。ただしインドネシア鉱業に限定され、日本企業への直接適用には慎重さが必要。

In the global GX context

As global disclosure moves toward ISSB/CSRD, this study offers emerging-market evidence that GRI-based ESG transparency correlates with higher firm value in the mining sector. It adds to the debate on whether disclosure pays off, though the Indonesian context limits generalizability to TCFD/ISSB regimes.

👥 読者別の含意

🔬研究者:新興国・資源セクターにおけるESG開示と企業価値の関連をパネルデータで示した実証例として参考になる。

🏢実務担当者:GRI準拠のESG開示が投資家評価に寄与しうることを示すが、日本企業の開示戦略に直接流用するには文脈の違いに注意。

🏛政策担当者:新興国におけるESG開示義務化の効果を測る基礎資料となりうるが、規制設計への示唆は限定的。

📄 Abstract（原文）

This study aims to examine the effect of ESG disclosure, leverage, and dividend policy on firm value in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The mining sector was selected because its substantial environmental and social footprint makes sustainability practices and funding decisions increasingly relevant to how investors assess corporate value. This research employs a quantitative associative approach using secondary data drawn from the annual reports and sustainability reports of the sampled firms. The population comprises 40 mining companies, and through purposive sampling 14 companies were obtained, yielding 56 firm-year observations. ESG disclosure is measured using a GRI 2021-based disclosure index, leverage is proxied by the debt to equity ratio, dividend policy by the dividend payout ratio, and firm value by Tobin’s Q. The data were analysed using panel data regression with the aid of Eviews 12 software, and a series of model specification tests established the random effect model as the most appropriate estimator. The empirical findings reveal that ESG disclosure, leverage, and dividend policy each exert a positive and significant effect on firm value, jointly explaining 85.5 percent of its variation. These results imply that sustainability transparency, well-managed use of debt, and consistent dividend distribution serve as positive signals that strengthen investor confidence and enhance firm value, offering practical considerations for management, investors, and regulators.

🔗 Provenance — このレコードを発見したソース

🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。

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。