ESG開示・流動性・収益性が企業価値に与える影響の分析：株価ボラティリティを調整変数としたIDX ESG Leadersのケーススタディ

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:新興国市場におけるESG開示と企業価値の非有意な関係を示す実証データとして、開示の質や市場構造の比較研究に有用。

🏢実務担当者:ESG開示が短期的な企業価値向上に直結しない可能性を踏まえ、開示の質や投資家エンゲージメントの重要性を再認識する材料。

🏛政策担当者:開示義務化が企業価値に与える効果は市場・投資家層に依存するため、制度設計時に市場成熟度を考慮すべきとの示唆。

This study aims to analyze the effects of Environmental, Social, and Governance (ESG) disclosure, liquidity, and profitability on firm value, as well as to test stock price volatility as a moderating variable for companies listed on the Indonesia Stock Exchange during the 2024–2025 period. Corporate value is measured using Tobin’s Q; liquidity is assessed using the Current Ratio (CR), Quick Ratio (QR), and Cash Ratio; and profitability is measured using ROE and ROA. The study employs a quantitative approach using secondary data from annual reports and financial statements, involving 30 companies or 60 observations. The analysis was conducted using panel data regression with the Fixed Effects Model (FEM) and Moderated Regression Analysis (MRA). The results indicate that ESG Disclosure, the Current Ratio, ROE, and ROA do not have a significant effect on firm value. Meanwhile, the Quick Ratio has a negative and significant effect, while the Cash Ratio has a positive and significant effect on firm value. Stock price volatility does not moderate the effects of ESG Disclosure, Current Ratio, ROE, and ROA, but it strengthens the effect of the Quick Ratio and weakens the effect of the Cash Ratio on firm value. These findings suggest that the role of stock price volatility as a moderating variable depends on the type of fundamental information investors use to evaluate firms.

• openalex https://e-journal.citakonsultindo.or.id/index.php/IJEBIR/article/view/6585first seen 2026-10-05 05:27:36