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All Journal Al-Kharaj: Journal of Islamic Economic and Business
Yesila
Universitas Tanjungpura
Economics, Econometrics & Finance

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The Role of ESG Disclosure in Moderating the Effect of Profitability on Firm Value in the Energy Sector on the Indonesia Stock Exchange Yesila; Rahma Maulidia; Syarif M. Helmi
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i4.12347

Abstract

This research aims to investigate the influence of profitability on firm value while also assessing the moderating role of Environmental, Social, and Governance (ESG) disclosure in the association between profitability and firm value in energy sector companies listed on the Indonesia Stock Exchange throughout the 2021–2024 period. A quantitative research design was adopted by utilizing secondary data collected from financial statements, annual reports, and sustainability reports. The study involved 35 companies, resulting in 140 observational data points selected through a purposive sampling technique. Data analysis was carried out using panel data regression combined with Moderated Regression Analysis (MRA). The findings indicate that profitability exerts a positive and statistically significant influence on firm value. Conversely, ESG disclosure neither demonstrates a significant direct impact on firm value nor strengthens or weakens the relationship between profitability and firm value. This research enriches the existing body of knowledge by exploring the moderating function of ESG disclosure within the profitability–firm value relationship in Indonesian energy companies, a topic that has received relatively little empirical attention. Furthermore, the results offer practical insights for companies to improve the transparency and consistency of ESG reporting and may serve as a valuable reference in formulating sustainability strategies aimed at increasing firm value.
Co-Authors Rahma Maulidia Syarif M. Helmi