ESG開示はいかに企業価値を生むか：インドネシア鉱業企業における実効税率の媒介効果
Explaining How ESG Disclosure Creates Firm Value: The Mediating Role of Effective Tax Rate in Indonesian Mining Companies (原題)
Anisatun Humayrah Rais, Yulia Yunita Yusuf
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の鉱業企業115社・年次データ（2020〜2024年）を用い、ESG開示が企業価値（PBV）に与える影響と、実効税率（ETR）の媒介効果をPLS経路分析で検証した。ESG開示はETRとPBVの双方に正の影響を与え、ETRもPBVを高めることが示された。ETRがESG開示と企業価値の関係を媒介することが確認され、責任ある税務行動がESG開示の価値創造メカニズムであると結論づけている。
English
Using 115 firm-year observations from Indonesian mining firms (2020–2024), this study tests how ESG disclosure affects firm value (PBV) and whether effective tax rate (ETR) mediates this relationship via PLS path analysis. ESG disclosure positively affects both ETR and PBV, and ETR positively affects PBV. Mediation tests confirm ETR mediates the ESG–firm value link, suggesting responsible tax behavior is a mechanism through which ESG disclosure creates 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む中、ESG開示と税務の透明性を結びつける視点は、統合報告書での税務戦略開示や投資家の非財務評価に示唆を与える。新興国鉱業という文脈だが、ESG評価の内部メカニズムを考える材料となる。
In the global GX context
Amid ISSB/CSRD-driven expansion of sustainability disclosure, this paper links ESG disclosure to tax transparency—an under-explored channel in global disclosure scholarship. It offers emerging-market mining evidence on how ESG ratings and disclosure translate into valuation via responsible tax behavior, relevant to investors assessing ESG quality beyond headline scores.
👥 読者別の含意
🔬研究者:ESG開示と企業価値の媒介メカニズム（税務行動）を実証する新興国データとして参照できる。
🏢実務担当者:税務の透明性・責任ある税務行動がESG評価と企業価値に寄与しうる点を開示戦略に活かせる。
🏛政策担当者:ESG開示と税務透明性を結びつける政策設計や、鉱業セクターの開示義務の根拠として参考になる。
📄 Abstract（原文）
This study examines how Environmental, Social, and Governance (ESG) disclosure creates firm value through corporate tax behavior. The main issue addressed in this study is the limited understanding of the internal mechanism linking ESG disclosure to market valuation, particularly in Indonesia’s mining sector. Using a quantitative explanatory approach, this study analyzes 115 firm-year observations from mining companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Firm value is measured using Price to Book Value (PBV), corporate tax behavior is proxied by the Effective Tax Rate (ETR), and firm size is included as a control variable. Data are analyzed using Partial Least Squares path analysis, with the assessment focused on the structural model. The findings show that ESG disclosure has a positive effect on both ETR and PBV, while ETR positively affects PBV. The mediation test confirms that ETR mediates the relationship between ESG disclosure and firm value. These results suggest that companies with higher ESG disclosure tend to exhibit more responsible tax behavior, which contributes to higher firm value. This study concludes that corporate tax behavior serves as an important mechanism through which ESG disclosure contributes to firm value creation. The findings provide practical implications for managers, investors, and policymakers in promoting credible ESG disclosure and responsible corporate tax behavior.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.58812/esssh.v4i01.1277first seen 2026-11-12 05:13:31 · last seen 2026-11-14 05:18:52
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