持続可能性報告（SR）とコーポレート・ガバナンス（GCG）が企業価値に与える影響：PT Indo Tambangraya Megah Tbk 2015–2024年

Pengaruh Sustainability Reporting (Sr) Dan Good Corporate Governance (GCG) Terhadap Nilai Perusahaan Pada Pt Indo Tambangraya Megah Tbk Periode 2015 – 2024 (原題)

Diana Widia Putri, Kartono Kartono

Digital Bisnis Jurnal Publikasi Ilmu Manajemen dan E-Commerce📚 査読済 / ジャーナル2026-09-21#ESG経営インパクト: 資金調達対象セクター: mining

DOI: 10.30640/digital.v5i3.7891

原典: https://doi.org/10.30640/digital.v5i3.7891

🤖 gxceed AI 要約

日本語

インドネシア上場の石炭鉱業企業PT Indo Tambangraya Megahを対象に、GRI G4基準のSRDIで測る持続可能性報告と独立取締役比率で測るGCGが企業価値（PBV）に与える影響を2015〜2024年の10観測で検証した。重回帰分析の結果、持続可能性報告と独立取締役はいずれも単独・同時に企業価値へ有意な影響を与えないことが示された。

English

Using 10 annual observations (2015–2024) of Indonesian coal miner PT Indo Tambangraya Megah, this study tests whether sustainability reporting (GRI G4-based SRDI) and good corporate governance (share of independent commissioners) affect firm value (PBV). Multiple regression finds no significant effect, individually or jointly, on 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・有報でのサステナビリティ開示が進み、開示と企業価値の関係は投資家の関心事である。ただし本稿は新興国・単一企業・小標本の事例であり、日本の実務への直接的な含意は限定的。開示の「形式」と「価値創造」の乖離を示す一例として参照価値がある。

In the global GX context

Amid ISSB/CSRD-driven disclosure mandates, evidence on whether sustainability reporting actually moves firm value remains contested. This single-firm emerging-market study adds a null result to that debate, suggesting disclosure alone—without governance or performance substance—may not be priced by markets.

👥 読者別の含意

🔬研究者:開示と企業価値の関係を扱う際、単一企業・小標本では有意性が検出されにくい点の実例として参考になる。

🏢実務担当者:開示の有無だけでなく、ガバナンスや実質的パフォーマンスを伴わなければ市場評価に直結しない可能性を示唆する。

🏛政策担当者:開示義務化の効果を測る際、開示の質・実効性と企業価値の因果は単純でない点に留意が必要。

📄 Abstract（原文）

This study aims to determine and obtain empirical evidence regarding the effect of Sustainability Reporting and Good Corporate Governance, proxied by Independent Commissioners, on Firm Value. Sustainability Reporting is measured using the Sustainability Report Disclosure Index (SRDI) based on the Global Reporting Initiative (GRI) G4 indicators. Good Corporate Governance is proxied by the proportion of Independent Commissioners, which is measured by comparing the number of Independent Commissioners to the total number of members of the Board of Commissioners. Firm Value is measured using the Price to Book Value (PBV) ratio. The population of this study is PT Indo Tambangraya Megah Tbk, which is listed on the Indonesia Stock Exchange (IDX) during the 2015–2024 period. The sampling technique used is saturated sampling, in which all data during the observation period are used as the research sample, resulting in 10 observations. This study employs secondary data using a quantitative research method. Data analysis was conducted using multiple linear regression analysis with the assistance of IBM SPSS Statistics version 25. The results of this study indicate that Sustainability Reporting and Independent Commissioners simultaneously have no significant effect on Firm Value. Partially, Sustainability Reporting has no significant effect on Firm Value, and Independent Commissioners also have no significant effect on Firm Value.

🔗 Provenance — このレコードを発見したソース

openalex https://doi.org/10.30640/digital.v5i3.7891first seen 2026-09-23 05:08:39

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