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All Journal Owner : Riset dan Jurnal Akuntansi
Al Putri Oktavia
Politeknik Negeri Sriwijaya PSDKU Siak
Economics, Econometrics & Finance

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When ESG Meets Politics: The Role of Political Connections in Enhancing Firm Value in Indonesia Al Putri Oktavia; Armadani Armadani; Liza Ulfiana; Arif Mahasin Sondani
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 2 (2026): Artikel Research April 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i2.3125

Abstract

The purpose of this study is to examine the effect of ESG performance on firm value. Furthermore, this study also empirically analyzes the moderating role of political connections on the relationship between ESG performance and firm value. This study analyzes non-financial companies listed on the Indonesia Stock Exchange from 2016 to 2023, totaling 1,644. The hypotheses are tested using panel data regression. We also conduct several other tests, such as robustness tests and additional analyses, to deepen the study. This study reveals that ESG performance increases firm value. Furthermore, political connections strengthen the positive effect of ESG performance on firm value. Additional tests align with the main findings. Interestingly, when separating large and small firms, only large firms significantly influence both the direct influence of ESG on firm value and the role of political connections in strengthening this relationship. This study fills an important gap by providing large-sample evidence from an emerging market and demonstrating that political connections are not merely direct value drivers, but institutional mechanisms that amplify the market relevance of ESG practices.
Co-Authors Arif Mahasin Sondani Armadani Armadani Liza Ulfiana