Pengaruh Pengungkapan Environmental, Social, & Governance (ESG) dan Kualitas Laba terhadap Nilai Perusahaan
ESG開示と利益の質が企業価値に与える影響 (AI 翻訳)
Prameswari Gentika, Rialdi Azhar
🤖 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上場のエネルギー企業18社を対象に、ESG開示と利益の質が企業価値（Tobin's Q）に与える影響をパネルデータ回帰で分析した。結果、ESG開示は企業価値に有意な負の影響を与え、利益の質は有意な影響を示さなかった。同時分析ではESG開示、利益の質、ROAが企業価値に有意に影響した。投資家がESG開示を評価に織り込んでいない可能性を示唆する。
English
This study analyzes the impact of ESG disclosure and earnings quality on firm value (Tobin's Q) using panel data regression on 18 energy companies listed on the Indonesia Stock Exchange from 2020-2024. Results show ESG disclosure has a significant negative effect on firm value, while earnings quality has no significant effect. Simultaneously, ESG disclosure, earnings quality, and ROA significantly affect firm value, suggesting investors did not prioritize ESG disclosure during the period.
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開示が始まり、ESG情報の投資判断への活用が進む中、新興国市場でESG開示が企業価値に負の影響を与えたという結果は、開示の質や投資家の理解度の重要性を示す。日本企業の海外投資家対応にも示唆を与える。
In the global GX context
This study provides empirical evidence from an emerging market (Indonesia) on the relationship between ESG disclosure and firm value, contributing to the global discussion on ESG materiality and investor behavior. It highlights that in markets where ESG disclosure is less mature, investors may not yet reward such practices, offering a contrast to developed markets and informing global disclosure scholarship.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure and firm value in an emerging market, useful for comparative studies.
🏢実務担当者:Highlights that ESG disclosure alone may not enhance firm value in certain markets, suggesting the need for quality and investor communication.
🏛政策担当者:Indicates that mandatory ESG disclosure may not automatically lead to higher valuations, emphasizing the need for investor education and market development.
📄 Abstract（原文）
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure and earnings quality on firm value in energy sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. A quantitative approach was employed using secondary data from 18 companies selected through purposive sampling. Panel data regression with the Random Effects Model (REM) was used for data analysis. Firm value was measured using Tobin's Q, ESG disclosure was assessed using the ESG Disclosure Index based on the 2021 Global Reporting Initiative (GRI) Standards, earnings quality was proxied by the Cash Flow from Operations to Net Income (CFO/NI) ratio, and Return on Assets (ROA) was included as a control variable. The results indicate that ESG disclosure has a significant negative effect on firm value, while earnings quality has no significant effect. Simultaneously, ESG disclosure, earnings quality, and ROA significantly affect firm value. These findings suggest that, during the observation period, ESG disclosure and earnings quality were not the primary considerations in investors' valuation of energy sector companies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.61132/jeap.v3i3.2461first seen 2026-08-09 05:38:10
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