Claim Missing Document
Check
Articles

Found 1 Documents
Search
Journal : IJMA

RSPO CERTIFICATION AS A MODERATOR IN THE ESG–FIRM VALUE NEXUS: EVIDENCE FROM SOUTHEAST ASIAN PALM OIL INDUSTRY Rahman, Khalilul; Komalasari, Sanda Patrisia; Wafiq, Muhammad; Mustika, Yana
IJMA (Indonesian Journal of Management and Accounting) Vol. 6 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/ijma.2025.6(2).184-203

Abstract

This study is necessary to measure the effects of variables that can provide insights into firm value, particularly for palm oil companies in Southeast Asia. The impact of Environmental, Social, and Governance (ESG) performance on firm value in Southeast Asia’s palm oil industry, emphasizing the moderating role of Roundtable on Sustainable Palm Oil (RSPO) certification. Data from 26 publicly listed companies in Indonesia, Malaysia, and Singapore are analyzed using OLS regression with STATA 17. ESG data are sourced from SPOTT (2019–2023), and financial data from Thomson Reuters up to December 2023. Results reveal a significant negative effect of ESG performance on firm value, likely due to short-term cost perceptions. However, RSPO certification positively moderates this relationship by improving market perception and mitigating negative effects. This study contributes new insights into the ESG–firm value nexus, highlighting the strategic importance of sustainability certification. Firms are encouraged to adopt integrated sustainability strategies, while regulators should promote sustainable practices through incentive-based policies.
Co-Authors AA Sudharmawan, AA Abbas, Asmi Afifah, Naila Nurul Agustin, Harfiona Ainul Mardiah Al Hakim, Husnul Fikri Alamsyah, Adithya Albatati, Bader Albatati Alfiqri, Muhammad Rozaq Alfitman Alfitman Alfitman Alfitman Ammar Dzaky Amsal, Ares Albirru Ananda Isa Salsabila Yanuarmana Annisa Pratiwi Annisa Rana Tsabitah Aprilita, Vivi Asniati Bahari Asniati, Asniati Aulia, Najla Shabrina AULIA, SITI Azmi, Alfairah Berri Briliant Albar Berri Brilliant Albar Budi Rahmadya Creaktivina Faozi Zai Dewi, Tari Buana Dika Amelia Agustina Donard Games Dwivana Asri Chasvella Dzaky, Ammar ERI BESRA, ERI Fahmy, Rahmi Fajri, Aulia Fanessa, Fanessa Fitriyani, Widya Nurul Fitriyeni Oktaviani Ghina Luqyana Ref Hadelina, Rizka Hakimi, Nurul Hanifah Shabrina Hanum Yashthafi Anjani Harfiona Agustin Harits, Muhammad Dzakwan El Harzikra, Rafki Hia, Yulia Husnul Khatimah Isra, Luthfia Azizah Istivani , Fhirasa Jacinda, Bunga Kevry Ramdany Kiki Yulianto Kurnia Sari, Dessy Luthfia Azizah Isra Masri, Rahman Syarif Mazelfi, Ihsani Meuthia, Meuthia Muhammad Iqbal Abdi Lubis Muhammad Parikesit Wisnubroto Muhammad Parkesit Wisnubroto Muhammad Wafiq Mustika, Yana Najla Shabrina Aulia Naldi, Rizki Dafa Nurul Ulfah Primadini Nurul Ulfah Primadini Abdalliza Zikra Oktavia, Fitriyeni Primadini, Nurul Ulfa Puti Rahmayani Putri Ananda, Resky Putri Triani Ma’ruf Putri, Rahma Dini Putri, Zelvoni Yunitra Rahayu, Rita Rahman Syarif Masri Rahman, Khalilul Ramadhani, Zazqia Ratni Prima Lita Rayna Kartika, Rayna Ref, Ghina Luqyana Reza Fahlevi Rida Rahim Rita Rahayu Saldi, Wardah Awwalin Sari, Dellani Mutia Saskia Fadhilla Sefnita, Sefnita Setia, Andes Silmi Silmi Suziana, Suziana Syafira, Tama Aulia Syahril, Nurul Hafizah Tio Putra Wendari Tri, Diwah Ganda Triani, Laura Amelia Utami, Widi Mega Vera Pujani Verinita, Verinita Vika Ramadhani Vyonda, Regita Wafiq, Muhammad Wisti, Mutia Pramodya Wulandari Putri Shayen Yanti Yanti Yanuarmana, Ananda Isa Salsabila Yesi Elsandra Yola Yulianita Yuliana Firdasari Yulihasri Yurniwati Yurniwati Zazqia Ramadhani