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All Journal IJEFSD International Journal of Economic Integration and Regional Competitiveness
Eny Maryanti
Muhammadiyah University of Sidoarjo, Indonesia
Economics, Econometrics & Finance

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THE IMPACT OF ESG DISCLOSURE, COMPETITIVE ADVANTAGE, AND CASH HOLDING ON FINANCIAL PERFORMANCE AND FIRM VALUATION Eny Maryanti; Ayu Faizatul Machmuda
International Journal on Economics, Finance and Sustainable Development Vol. 8 No. 3 (2026): International Journal on Economics, Finance and Sustainable Development (IJEFSD
Publisher : Research Parks Publishers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31149/ijefsd.v8i3.5766

Abstract

This study examines the influence of Environmental, Social, and Governance (ESG) Disclosure, Competitive Advantage, and Cash Holding on Financial Performance and Firm Value. Quantitative methods were used with secondary data from 50 companies listed on the Indonesia Stock Exchange for the 2020-2024 period. The analysis was conducted using multiple linear regression. The results show that Cash Holding have a significant positive effect on Financial Performance and Firm Value. ESG Disclosure has no significant effect on Financial Performance or Firm Value, indicating that ESG practices are not yet a primary consideration for investors. Competitive advantage has a significant positive effect on financial performance, but not on firm value, indicating that competitive advantage has a greater impact on a company's internal operational efficiency than on market perceptions of firm value. This finding confirms that sustainability initiatives have not yet had a direct financial impact, while a strong competitive position has a significant impact on firm performance. This study provides important insights for managers and investors in decision making.
ENVIROMENTAL, SOCIAL, AND GOVERNANCE (ESG), FINANCIAL REPORTING QUALITY, AUDIT QUALITY ON INVESTMENT EFFICIENCY AND FIRM VALUE Wahyu Ningsih; Eny Maryanti
International Journal of Economic Integration and Regional Competitiveness Vol. 2 No. 12 (2025): International Journal of Economic Integration and Regional Competitiveness
Publisher : Antis Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/ijeirc.v2i12.433

Abstract

Objective: This study aims to analyze the influence of Environmental, Social, and Governance (ESG), financial reporting quality, and audit quality on investment efficiency and firm value among publicly listed companies in Indonesia. Method: Using a quantitative research design, the study examines 86 non-financial and non-insurance firms listed on the Indonesia Stock Exchange over the 2017–2023 period, selected through purposive sampling. Multiple linear regression analysis was conducted using SPSS to evaluate the relationships among the variables. Results: The findings indicate that ESG does not significantly affect investment efficiency, whereas both financial reporting quality and audit quality have significant positive effects on investment efficiency. Additionally, ESG and financial reporting quality are shown to have no significant effect on firm value, while audit quality significantly enhances firm value. Novelty: This study contributes to the literature by simultaneously evaluating financial and non-financial determinants of investment efficiency and firm value within an emerging market context, providing empirical evidence that audit quality plays a more influential role than ESG performance or reporting quality in shaping firm value in Indonesia.
Co-Authors Ayu Faizatul Machmuda Wahyu Ningsih