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All Journal Martabe : Jurnal Pengabdian Kepada Masyarakat Jurnal Manajemen Strategi dan Aplikasi Bisnis Abdi Dosen : Jurnal Pengabdian Pada Masyarakat Keberlanjutan : Jurnal Manajemen dan Jurnal Akuntansi Jurnal STEI Ekonomi JURNAL PENGABDIAN PENDIDIKAN MASYARAKAT (JPPM) JRAP (Jurnal Riset Akuntansi dan Perpajakan) Journal Research of Social Science, Economics, and Management Capacitarea : Jurnal Pengabdian Kepada Masyarakat INQUISITIVE: International Journal of Eonomic Jurnal Pendidikan dan Kebudayaan Nusantara
Indriati, Petiana
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Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Library & Information Science Mathematics Public Health Social Sciences Other

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STRENGTHENING THE IMPACT OF ESG ON FIRM VALUE THROUGH CORPORATE GOVERNANCE: EMPIRICAL EVIDENCE FROM INDONESIA Utami, Khalida; Indriati, Petiana; Bahri, Syamsul; Santio, Cantika Putri Permatasari
INQUISITIVE : International Journal of Economic Vol. 6 No. 1 (2025): December
Publisher : Fakultas Ekonomi dan Bisnis Universitas Pancasila

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35814/2cpf1y18

Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with corporate governance (CG) serving as a moderating variable, using data from companies listed on the Indonesia Stock Exchange. The research is motivated by the increasing emphasis on sustainability and governance practices as key drivers of long-term corporate value. Data were obtained from annual and sustainability reports over the observation period and analyzed using panel regression with a fixed-effect model. ESG disclosure was measured based on the extent of reporting across environmental, social, and governance dimensions, while CG was assessed through a composite index comprising the proportion of independent commissioners, audit committee existence, institutional ownership, and board size. The findings reveal that ESG disclosure has a negative and significant effect on firm value, proxied by Tobin’s Q, suggesting that the Indonesian capital market has not yet fully recognized ESG practices as value-enhancing factors. However, the interaction term between ESG and corporate governance (ESG×CG) exhibits a positive and significant coefficient, indicating that effective governance strengthens the impact of ESG on firm value. Additional analysis using an alternative measure of firm value (Price to Book Value or PBV) and robustness checks confirms the consistency of these results. Overall, the findings emphasize that ESG practices generate economic value only when reinforced by credible and well-functioning corporate governance mechanisms.
Co-Authors Adi Nugroho Al Islami, Muhammad Izzah Andhira , Alya Andhyka, Bintang Andres, Shan Nemuel Azizah, Widyaningsih Chaerani Nisa, Chaerani Crenata, Rachel Marsilea Dasril, Yuki Dwi Darma Devi Saputri, Reza Djaddang, Syahril Ephraim, Nathanel Faiyah, Isti Fujianti, Lailah Hartati, Nani Herniansyah, Kurnia Indriani, Meika Khalida Utami Prakoso, Roy Pujiharta, Pujiharta Santio, Cantika Putri Permatasari Sri Widyastuti Subhan, M. Nuruddin Syamsul Bahri Wahyudi, Ade Widyaningsih, Murti Yatim, Muhammad Rubiul Yustisiana, Riska Zulkifli , Zulkifli