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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Pendidikan Ekonomi & Bisnis Dedikasi: Jurnal Pengabdian Masyarakat Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Journal of Economics and Business UBS JELAJAH: Journal of Tourism and Hospitality Edunity: Kajian Ilmu Sosial dan Pendidikan Co-Creation : Jurnal Ilmiah Ekonomi Manajemen Akuntansi dan Bisnis Journal Research of Social Science, Economics, and Management Eduvest - Journal of Universal Studies IIJSE Jurnal Bakti Masyarakat Manajemen Journal of Innovative and Creativity Jurnal Penelitian Pendidikan Indonesia Jurnal Pengabdian Masyarakat Digital Innovation : International Journal Of Management Green Inflation: International Journal of Management And Strategic Business Leadership Asian Journal of Management, Entrepreneurship and Social Science International Journal of Management, Economic and Accounting Jurnal Ekonomi, Manajemen, Akuntansi Jurnal Konsisten Harmoni Economics: International Journal of Economics and Accounting
Harold Kevin Alfredo
Universitas Malahayati
Religion Aerospace Engineering Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Library & Information Science Mathematics Neuroscience Social Sciences Other

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Testing the Role ESG as Moderator: When Financial Ratios Meet Tobin's Q Harold Kevin Alfredo; Afit Afrizal; Muhammad Irfan Pratama; Hiro Sejati
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 3 (2026): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i3.10324

Abstract

This study seeks to evaluate the role of ESG as a moderating variable concerning the relationship between financial ratios and firm value, which is assessed using Tobin's Q. The analysis focuses on companies listed in the 2025 Morningstar Sustainalytics ranking. The independent variables include key financial ratios liquidity, profitability, and leverage extracted from firms’ 2024 financial statements. ESG risk ratings are employed as the moderating variable, while Tobin’s Q serves as the dependent variable. The findings indicate that profitability has a positive and significant impact on firm value, whereas liquidity and leverage exhibit no statistically meaningful effects. Furthermore, the results show that ESG risk does not moderate the relationships between liquidity or leverage and firm value. However, ESG risk is found to weaken the positive relationship between profitability and firm value, with significance at the 10% level. Overall, the results align with signaling theory, suggesting that the strength of financial signals can diminish when unfavourable non-financial signals, such as high ESG risk, are present.
Co-Authors Abid Akhmad Rasyid Adli Rikanda Saputra Afit Afrizal Afit Afrizal Agung Wibowo, Rizki Ahsanal Huda Amril Samosir Anita Anita Anita Anita Anita Anita Anita Anita Anita Anita Anita Audi Ocha Deamelinda Bella Aldama Hardi Rahayu Darajat, Ulfah Alfiyah Elly Karlina Erna Listyaningsih Euis Mufahamah Euis Mufahamah Euis Mufahamah Hiro Sejati Hiro Sejati Hiro Sejati Huda, Ahsanal Intan Abelia Nirwana Irfan Pratama, Muhammad Khavid Normasyhuri Lestari Wuryanti Lestari Wuryanti Mia Selvina Muhammad Irfan Pratama Muhammad Irfan Pratama Normasyhuri, Khavid Pratama, Bagas Putra Pratama, Mohammad Irfan Pratama, Reza Hardian Rahmawati, Hamida Nur Rahyono Rahyono Rizki Agung Wibowo Rizki Agung Wibowo Rubi Febriansyah Safira Azzahra Sejati, Hiro Wulan Sari Wuryanti, Lestari