Environmental, Social, and Governance Disclosure on Firm Value in the Indonesian Stock Exchange
インドネシア証券取引所における企業価値に及ぼす環境・社会・ガバナンス開示の影響 (AI 翻訳)
Siti Fatimah, Dian Fahriani, Kafidin Muzakki, Chairil Anwar
🤖 gxceed AI 要約
日本語
本研究は2020〜2024年のインドネシア証券取引所基礎素材セクター企業を対象に、GRIスタンダード2021に基づくESG開示が企業価値（Tobin's Q）に与える影響を分析。個別の環境・社会・ガバナンス開示は有意ではないが、3次元を同時に考慮すると有意な関連が見られた。ただし説明力は限定的。
English
This study examines the impact of ESG disclosure (using GRI Standards 2021) on firm value (Tobin's Q) for Indonesian basic materials sector firms from 2020-2024. Individually, environmental, social, and governance disclosures are not significant, but jointly they show a statistically significant association, though with limited 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
この論文はインドネシア市場に特化しており、日本のGX文脈（SSBJや有報など）に直接的な示唆は少ない。ただし、新興国におけるGRI基準を用いたESG開示の実証結果として、日本企業がASEAN展開する際の開示戦略に参考となる可能性がある。
In the global GX context
This paper focuses on Indonesia but adds to the global ESG disclosure literature by applying GRI Standards 2021 in an emerging market context post-pandemic. The finding that individual dimensions are not significant but jointly matter reinforces the importance of integrated reporting. It does not address climate-specific disclosure (TCFD/ISSB) but contributes to broader ESG-disclosure-value research.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on ESG disclosure and firm value using GRI 2021, useful for comparative studies in developing economies.
📄 Abstract（原文）
The purpose of the study is to investigate how environmental, social, and governance disclosures affect the firm value of companies in the basic materials industry that are listed on the Indonesia Stock Exchange (IDX) between 2020 and 2024. This study used a causal associative design and a quantitative technique. Purposive sampling was used to choose the sample, which included 50 businesses with 250 firm-year observations. Tobin's Q was used to represent company value, while the GRI Standards 2021 disclosure index was used to quantify ESG disclosure. Multiple linear regression was used to analyse the data using IBM SPSS version 25. The findings demonstrate that Environmental Disclosure, Social Disclosure, and Governance Disclosure do not significantly impact firm value when tested individually. However, the three ESG dimensions jointly show a statistically significant association with firm value, although the model's explanatory power remains limited. By applying the GRI Standards 2021 framework with fresh empirical data from Indonesian Basic Materials sector firms during the post-pandemic period, and bolstering sustainability-related policies, this study adds to the body of ESG literature.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.59689/commo.v7i1.1388first seen 2026-07-16 07:23:08
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