The Effect of ESG Disclosure on Company Value with Profitability as a Moderation Variable
ESG開示が企業価値に与える影響：収益性を調整変数として (AI 翻訳)
Yulius Paul Pian, Sari Rusmita, Umiaty Hamzani
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場企業（2020-2024年）を対象に、ESG開示が企業価値（Tobin's Q）に与える影響と、収益性（ROA）の調整効果を検証した。固定効果モデルによる分析の結果、ESG開示は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。モデル全体は有意であり、説明力は約60%であった。
English
This study examines the effect of ESG disclosure on company value (Tobin's Q) and the moderating role of profitability (ROA) for Indonesian listed firms (2020-2024). Using fixed effects panel regression, ESG disclosure had no significant direct effect nor moderated effect on firm value. The overall model is significant with 60% explanatory power.
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
インドネシア市場におけるESG開示の企業価値への影響を検証した実証研究である。日本市場とは制度・投資家構成が異なるが、途上国市場でのESG開示の有効性を理解する上で示唆を与える。SSBJ対応やグローバルな開示基準への統合を進める日本企業にとって、新興国市場での開示効果の限界を知る参考となる。
In the global GX context
This Indonesian empirical study adds to the global discussion on whether ESG disclosure translates into firm value. It finds no significant effect, contrasting with many developed-market studies. For global GX context, it highlights that disclosure effectiveness may vary by market maturity and investor focus, relevant for ISSB and CSRD adoption in emerging economies.
👥 読者別の含意
🔬研究者:This study provides evidence from an emerging market (Indonesia) on the weak link between ESG disclosure and firm value, contributing to the broader debate on the value relevance of ESG.
🏛政策担当者:The null results suggest that mandatory ESG disclosure alone may not boost firm valuations; complementary investor education and market mechanisms may be needed.
📄 Abstract（原文）
This study aims to examine the influence of Environmental, Social, and Governance (ESG) disclosure on Company Value proxied using Tobin's Q, as well as to test the role of profitability as a moderation variable in companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The study used an explanatory quantitative approach with panel data consisting of 117 companies during the observation period, resulting in 574 observations (unbalanced panels). The model selection was carried out through the Chow Test, the Hausman Test, and the Lagrange Multiplier (LM) Test. The test results showed that the Chow Test (p=0.0000), the Hausman Test (p=0.0407), and the LM Test (p=0.0000) directed the best model to the Fixed Effect Model (FEM). The results of the estimate show that ESG has a coefficient of −0.044 (p=0.823) so that it does not have a significant effect on the Company's Value. The ESG×ROA moderation variable also showed a coefficient of −0.161 (p=0.856) so it was not proven to moderate the relationship between ESG and Company Value. However, the model is simultaneously significant with an F-statistic value of 8.239 and Prob(F-statistic)=0.0000, so the model is considered feasible to use. An Adjusted R² value of 0.599 indicates that the model is able to explain 59.9% of Tobin's Q variations. These results are in line with Patima et al. (2024) which found that environmental disclosure did not have a significant effect on the company's value in the basic materials sector on the IDX.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.55927/ijba.v6i3.16620first seen 2026-07-16 07:23:26
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