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This is a Multiple Regression Analysis study.

How the Market Values Sustainability Performance? Studies in Indonesia and Japan

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Analysis shows earnings management reduces value relevance in Indonesia and Japan, suggesting ESG scores may mitigate this impact.

Earnings management negatively affects value relevance in both Indonesia and Japan, reducing market trust.
A negative correlation exists between earnings management and value relevance, particularly in relation to profitability.
Multiple regression analysis reveals that sustainability performance, indicated by ESG scores, can lessen the adverse effects of earnings management.
Findings indicate that while ESG scores may enhance trust, they could also mask earnings management practices.

Duarmas et al. (2024) studied this question.

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