サステナビリティ報告書開示と企業価値：インドネシア銀行の証拠
Sustainability Report Disclosures and Firm Value: Evidence from Indonesian Banks (原題)
Carnelita Diana, Setyo Tri Wahyudi, Saizal Pinjaman, Rika Lidyah
🤖 gxceed AI 要約
日本語
インドネシア銀行3行の2010〜2023年データ（42観測）を用い、GRI開示を経済・環境・社会に分解しTobin's Qとの関連を固定効果モデルで検証。社会開示は正、経済開示は負、環境開示は非有意。市場が非財務情報を次元別に異質に評価することを示すが、サンプル限定から初期採用行に固有の条件付き関係にとどまる。
English
Using 42 bank-year observations from three Indonesian banks (2010–2023), this study disaggregates GRI disclosures into economic, environmental, and social dimensions and tests associations with Tobin's Q via fixed effects. Social disclosure shows a positive, economic a negative, and environmental no significant association, indicating markets value non-financial disclosure categories heterogeneously. Findings are conditional on early adopters given the small sample.
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・有報でのサステナ開示義務化が進み、開示項目ごとに市場評価が異なる可能性を示す本知見は、開示設計や投資家対話の実務に示唆を与える。ただし新興国・小標本のため直接適用には慎重さが必要。
In the global GX context
As ISSB/SSBJ standards push mandatory, dimension-specific sustainability disclosure, this paper's evidence that markets price social, environmental, and economic disclosures differently informs standard-setters and banks on disclosure design. Its emerging-market, small-sample setting limits generalization but highlights the need to disaggregate ESG metrics.
👥 読者別の含意
🔬研究者:開示次元別の企業価値評価という研究設計と、小標本ゆえの限界を踏まえた追試の必要性を学べる。
🏢実務担当者:銀行のサステナ開示では社会項目の充実が市場評価に寄与しうる一方、経済項目の扱いに注意が必要という示唆。
🏛政策担当者:開示基準策定では非財務情報を一括でなく次元別に捉え、評価される項目設計を検討する材料となる。
📄 Abstract（原文）
This study examines the dimension-specific associations between sustainability report (SR) disclosures and firm value within the Indonesian banking sector. Disaggregating GRI-based disclosure indicators into economic, environmental, and social dimensions, the analysis employs a fixed-effects panel specification on a balanced sample of three continuously reporting banks over the 2010–2023 period (42 bank-year observations). Firm value is proxied by Tobin’s Q. Baseline estimates reveal a statistically significant positive association between social disclosure and Tobin’s Q, a negative association for economic disclosure, and no statistically significant relationship for environmental disclosure. These empirical variations demonstrate that financial markets evaluate categories of non-financial disclosures heterogeneously. However, given the restricted sample size, the findings reflect conditional relationships specific to early SR adopters rather than generalizable industry-wide effects. The study highlights the necessity of disaggregating sustainability metrics in emerging market research and provides nuanced implications for standard-setters and financial institutions.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.29259/jep.v24i1.23540first seen 2026-10-04 04:50:04
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