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All Journal Journal of Economics, Business, & Accountancy Ventura Gadjah Mada International Journal of Business Journal of International Conference Proceedings COUNT: Journal of Accounting, Business and Management Equity Journal of Business and Information System ETIC (EDUCATION AND SOCIAL SCIENCE JOURNAL)
Kusharyanti Kusharyanti
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences

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SUSTAINABILITY FOUNDATION VS. MARKET VOLATILITY: THE ROLE OF ESG IN CREATING LONG-TERM FIRM VALUE AT PT ANTAM TBK Sri Suryaningsum; Tri Zulfian Ibrahim; Kusharyanti; Marita; Bambang Mahendra Andhika
Count : Journal of Accounting, Business and Management Vol. 3 No. 3 (2026): January: COUNT: Journal of Accounting, Business and Management
Publisher : CV. Fahr Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61677/count.v3i3.693

Abstract

This study aims to examine the role of Environmental, Social, and Governance (ESG) in enhancing firm value at PT Aneka Tambang Tbk (ANTAM) during the period 2019–2025. The research employs a descriptive quantitative approach using secondary data obtained from sustainability reports, annual reports, and official corporate publications, as well as international standards such as GRI, TCFD, and the OJK Sustainable Finance Roadmap. Firm value is analyzed using two indicators: stock price as a proxy for market value and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) as a proxy for operational performance and economic value. The analysis applies a descriptive-comparative method by linking empirical findings with signaling theory, legitimacy theory, and stakeholder theory. The results indicate that ANTAM’s ESG performance shows a relatively consistent improvement across environmental, social, and governance dimensions, reflected in carbon emission control, energy efficiency, human capital development, and strengthened corporate governance. Although stock prices fluctuate due to external factors and commodity market volatility, the stability and upward trend of EBITDA suggest stronger operational fundamentals. These findings highlight that ESG functions as a long-term value creation foundation, where its impact on market value is not always immediate but accumulates through sustained sustainability practices and improved external conditions.
Co-Authors Adi Soeprapto Amelia Husna, Zahra Arief Zuliyanto Susilo Bambang Mahendra Andhika Christine Novita Dewi Dian Indri Purnamasari Dielanova Wynni Yuanita Djaja, Sylvia Indah Marita Maryanti, Siti Nur Nilmawati Nilmawati Nirwana, Nirwana Noto Pamungkas, Noto Nurmalasari, Putri Prasetio, Januar Eko Rasyid, Syarifuddin Ridzal, Nining Asniar Simamora, Puput Melati Simon Pulung Nugroho, Simon Pulung Sri Astuti Sri Astuti Sri Hastuti Sri Suryaningsum Sri Suryaningsum Sriyono Sriyono Sujatmika, Sujatmika Sundari, Jualian Sutoyo Sutoyo Tri Zulfian Ibrahim Winata, Widya Wiyasto Dwi Handono Zahra Amelia Husna Zuhrotun, Zuhrotun