気候変動開示とグリーン知的資本が企業価値に与える影響：機関投資家保有による調整効果
Pengaruh Climate Change Disclosure dan Green Intellectual Capital terhadap Nilai Perusahaan dengan Moderasi Kepemilikan Institusional (原題)
Reihanna Reihanna, Umiaty Hamzani, Gita Desyana
🤖 gxceed AI 要約
日本語
インドネシア証券取引所の素材セクター企業105件（2021〜2025年）を対象に、気候変動開示（CCD）とグリーン知的資本（GIC）が企業価値に与える影響を検証。CCDは企業価値に有意な影響を与えず、GICは有意な負の影響を示した。機関投資家保有はCCDの効果を強めないが、GICの効果を有意に高める。TCFD準拠の開示基準強化の政策的含意を示す。
English
Using 105 firm-year observations from basic materials firms on the Indonesia Stock Exchange (2021-2025), this study tests how Climate Change Disclosure (CCD) and Green Intellectual Capital (GIC) affect firm value, with institutional ownership as a moderator. CCD shows no significant effect, while GIC has a significant negative effect. Institutional ownership does not strengthen the CCD-firm value link but significantly amplifies the GIC effect, supporting agency theory and TCFD-based disclosure tightening.
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・有報での気候開示義務化が進む中、開示が企業価値に直結しないという新興国の実証結果は、開示の「質」や投資家エンゲージメントの重要性を日本企業に再認識させる。機関投資家保有の調整効果は、日本でのスチュワードシップ活動の設計にも示唆を与える。
In the global GX context
As ISSB/SSBJ-aligned disclosure becomes mandatory across major markets, this Indonesian evidence that climate disclosure alone does not lift firm value reinforces the global debate on disclosure quality versus quantity. The moderating role of institutional ownership speaks to stewardship and transition-finance debates in emerging and developed markets alike.
👥 読者別の含意
🔬研究者:新興国・素材セクターにおけるTCFD開示と企業価値の非有意な関係、およびGIC測定のキーワード手法を検証する実証材料を提供する。
🏢実務担当者:気候開示の形式対応だけでは企業価値向上に結びつかず、グリーン知的資本や機関投資家対話への投資が重要であることを示唆する。
🏛政策担当者:TCFD準拠開示の義務化を進める際、開示の質と投資家関与の仕組みを併せて設計する必要性を示す。
📄 Abstract（原文）
This study examines the effects of Climate Change Disclosure (CCD) and Green Intellectual Capital (GIC) on firm value, as well as the role of institutional ownership as a moderating variable, among companies in the basic materials sector listed on the Indonesia Stock Exchange during the 2021 to 2025 period. This study employs a quantitative approach based on secondary data and utilizes a purposive sampling technique for sample selection. A total of 105 observations were collected and analyzed using moderation regression analysis with EViews 14. The analysis results indicate that CCD does not have a significant effect on firm value, whereas GIC exhibits a significant negative effect. Furthermore, the role of institutional ownership does not strengthen the effect of CCD on firm value but significantly enhances the effect of GIC. The results of this study reinforce agency theory through the role of institutional ownership in optimizing the management of Green Intellectual Capital, and provide policy implications for regulators and management of companies in the basic materials sector to tighten TCFD-based climate disclosure standards in order to enhance corporate value sustainably. The novelty of this study lies in the use of keywords as a measure of Green Intellectual Capital and the role of institutional ownership as a moderating variable in companies in the basic materials sector.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://scientivapress.org/index.php/jumia/article/download/4589/3276first seen 2026-10-04 04:57:12 · last seen 2026-10-07 05:18:22
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