サステナビリティ報告開示と取締役会特性が収益性の調整を伴う企業価値に与える影響
Pengaruh Sustainability Reporting Disclosure dan Board Characteristic terhadap Firm Value dengan Moderasi Profitabilitas (原題)
Mochammad Arya Maulana, Tantina Haryati
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の産業部門企業48社・144社年を対象に、GRIスタンダード2021に基づくサステナビリティ報告開示（SRD）と取締役会特性が企業価値（PBV）に与える影響を、収益性（ROA）の調整効果とともに検証した。パネルデータ回帰の結果、SRD・取締役会規模・ジェンダー多様性・独立委員比率はいずれも企業価値に有意な影響を与えず、収益性の調整効果も確認されなかった。調整済みR²は0.0795にとどまり、企業価値はこれら以外の要因に左右される可能性を示唆する。
English
Using 48 Indonesian-listed industrial firms (144 firm-years, 2022–2024), this study tests whether GRI 2021-based sustainability reporting disclosure (SRD) and board characteristics affect firm value (PBV), with profitability (ROA) as moderator. Panel regression finds no significant effects for SRD, board size, gender diversity, or independent commissioners, and no significant moderation by profitability. Adjusted R² of 0.0795 suggests firm value is driven by factors beyond disclosure and governance.
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
新興国・インドネシアにおけるGRI準拠開示と企業価値の関係を示す実証例であり、SSBJ・有報開示を進める日本企業にとって、開示が直ちにバリュエーションに反映されない可能性を比較材料として提供する。
In the global GX context
Adds emerging-market (Indonesia) evidence to the global debate on whether sustainability disclosure translates into valuation premiums, complementing TCFD/ISSB/CSRD scholarship that is largely EU/US-centric. The null findings caution against assuming disclosure alone drives firm value.
👥 読者別の含意
🔬研究者:新興国市場におけるGRI開示と企業価値の非有意な関係を示す比較データとして有用。
🏢実務担当者:開示拡充が短期的な企業価値向上に直結しない可能性を踏まえた期待値管理の参考になる。
🏛政策担当者:開示義務化の効果を評価する際、開示と評価の連動には時間や他条件が必要との示唆。
📄 Abstract（原文）
Sustainability Reporting Disclosure (SRD) and board characteristics have become important aspects of corporate governance and corporate valuation, particularly in industrial sector companies. This research analyzes the effects of SRD, board of director size, gender diversity, and the proportion of independent commissioners on firm value, while considering profitability as a moderating variable. Secondary data were obtained from annual reports and sustainability reports of industrial sector companies listed on the Indonesia Stock Exchange during 2022–2024. Purposive sampling resulted in 48 companies and 144 firm-year observations. SRD was measured using 117 disclosure items based on the GRI Standards 2021, while firm value was proxied by Price to Book Value (PBV) and profitability by Return on Assets (ROA). Panel data regression and Moderated Regression Analysis were performed using EViews 12, with the Random Effect Model selected based on the model specification tests. The empirical results show that SRD, board of director size, gender diversity, and the proportion of independent commissioners do not have a statistically significant effect on firm value. Profitability also fails to significantly moderate the relationships between these variables and firm value. The model produces an Adjusted R-squared of 0.0795, indicating that the variables included in the model explain 7.95% of the variation in firm value. The findings indicate that firm valuation in the observed industrial sector may be influenced by factors beyond sustainability disclosure, board characteristics, and profitability.
🔗 Provenance — このレコードを発見したソース
- openalex https://journal.insyaka.ac.id/index.php/index/article/view/2434first seen 2026-10-05 05:27:47
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