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agustin, isnaini nuzula
Universitas Internasional Batam
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Journal : Journal of Enterprise and Development (JED)

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Does Profitability Matter? The Dual Role of ROA and ROE in the ESG–Firm Value Relationship Suprapto, Yandi; Agustin, Isnaini Nuzula; Putri, Ayesha Antonia
Journal of Enterprise and Development (JED) Vol. 7 No. 2 (2025)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v7i2.13447

Abstract

Purpose: This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and firm value, with profitability—measured by Return on Assets (ROA) and Return on Equity (ROE)—serving as the moderating variable.Method: Data were collected from companies listed on the Indonesian Stock Exchange (IDX) over five years (2019-2023). Control variables include firm size, firm age, and leverage. This study employs a quantitative approach, utilizing panel data regression on 209 firm-year observations from IDX-listed companies. Tobin’s Q serves as a proxy for firm value, while the ESG score is the independent variable, moderated by profitability.Result: The findings indicate that ESG performance positively affects firm value in the base model. However, this effect turns negative when profitability is included as a moderator. Notably, the interaction term ESG*ROE has a significant positive effect, suggesting that higher profitability (as reflected by ROE) enhances the positive impact of ESG on firm value. In contrast, ROA does not exhibit a significant moderating effect.Practical Implications for Economic Growth and Development: This study underscores the importance of integrating sustainability efforts (ESG) with strong financial performance to create long-term value. This insight is crucial for policymakers and investors aiming to promote responsible business practices and sustainable economic development.Originality/Value: This study examines the moderating role of profitability—specifically ROA and ROE—in the relationship between ESG performance and firm value. By focusing on an emerging market context, this research offers insights on how different dimensions of profitability influence the ESG–firm value nexus.
Co-Authors Agustino Agustino Aisyah Fitriana Albert Lee Alex Alvin Alvin Amanda Az Zahra Amelia Putri Amelia Putrii Ana Anchao, Wang Andre Steven Andryanto Andryanto Arienda Gitty Ramadani Audrey Saudjhana Caesaria, Julia Ananda Candy, Candy Charles Tjan Danielson Daren Daren Devin Devin Dewi Sunarwati Dian Sabrina Syaharni Ellen Ellen Elvi Juriana Erick Erick Erika Gustian Fauzi Erlin Erlin Erni Erni Fahlevi, Renza Fariono Fariono.ong@gmail.com Febby Lionna Febryna Adinda Syafutri Fiona Lysion Giorgyna, Giorgyna Gita Aulia Hans Yonathan Hendri Wijaya Hendry Charles Hernando Hery Haryanto Hesniati, Hesniati Ilianto Tri Sagianto Ivander Luktio Jasmine, Florentina Jeffry Setiawan Hartono Jeffry Setiawan Hartono Jennifer Jennifer Jenny Jenny Jenny, Jenny Jesty, Jesty Johny Budiman Joy Happy Jones Justyanita, Justyanita Kelvin Kelvin Kenny Marcella Lily Purwianti Lim, Michelle Angel Limanda, Kelfi Yanti Lina Lina Liu, Michelle Selvia Lukito, Ivander lydia then Maggie, Maggie Mahendra, Rizky Adi Marheni, Dewi Khornida Ma’muriyah, Ni’matul Meliana Meliana Melodya, Deslyn Michell Phang Milke Selviah Muhamad Fajar Ronansyah Nathalia Kristiani Nevi Ariyu De Utami Nia Rusiana Nopry Nopry Novi Aprillia Novita Chris Ohanna, Nida Oskar, Franky Pebiana Pebiana Purwianty, Lily Putra Ramadhan Putri, Ayesha Antonia Putri, Inda Meyllya Rehman, Saeeda Rico Lim Gestu Robin Robin, Robin Ryan Harsana Jasa Safitri, Destiana Salsabilah Sirait Samuel, Yang Songsen Sembiring, Eginta Imanuel Septiyani, Estin Rose Sherina Yoren Shevia, Shevia Steven Steven Suhendri, Nindi Suprapto, Yandi Suryati Suryati Suryati Suryati Tan, Michelle Tasya Gebee Hasvia Then, Lydia Tiara Maharani Tina Sulistiawati Tri Suhartati Ur Rahman, Haseeb Vannesa Flesya Venny Angelin Vernando, Lovis Vincent Vincent, Vincent Vivian Vivian Wendy William kho Willyana Willyana Winda Lius Yodiputra, Jason Yulfiswandi, Yulfiswandi