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All Journal Equator Journal of Management and Entrepreneurship Journal Of Management Science (JMAS) Bantenese Jurnal Pengabdian Masyarakat International Journal of Economics, Business and Accounting Research (IJEBAR) Community Development Journal: Jurnal Pengabdian Masyarakat Prima Abdika: Jurnal Pengabdian Masyarakat eCo-Fin Journal of Management and Digital Business Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Jurnal Multidisiplin West Science Madani: Multidisciplinary Scientific Journal Journal of Educational Management Research Jurnal Multidisiplin International Journal of Economics, Business Management and Accounting Primary Journal of Multidisciplinary Research
Mustika, Uray Ndaru
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ESG Disclosure, Financial Performance, and Firm Value: The Mediating Role of Competitive Advantage Khaulah, Haya Inayah; Azazi, Anwar; Fitriana, Ana; Ristyawan, Mochammad Ridwan; Mustika, Uray Ndaru
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2017

Abstract

Understanding how sustainability disclosure and financial performance shape firm value remains an important issue in corporate governance and capital market studies. The purpose of this research is to examine the influence of Environmental, Social, and Governance (ESG) disclosure and financial performance on firm value, with competitive advantage acting as a mediating variable. A quantitative approach was employed using panel data from 46 publicly listed companies over the 2021–2024 period. The analysis utilized panel regression combined with path analysis to evaluate both direct and indirect relationships among variables. The findings indicate that financial performance has a positive and significant effect on firm value, confirming its central role in determining market valuation. In contrast, ESG disclosure does not show a significant direct effect on firm value. Furthermore, ESG disclosure demonstrates a negative relationship with competitive advantage, while financial performance positively influences competitive advantage. Mediation analysis reveals that competitive advantage does not mediate the relationship between ESG disclosure and firm value but partially mediates the relationship between financial performance and firm value. These findings imply that companies should strengthen financial performance as a strategic foundation while integrating ESG practices more effectively to enhance long-term competitive positioning and firm value.
Co-Authors Adi Suripto, Adi Ahmad Shalahuddin, Ahmad Alif, Gattuso Putra Ana Fitriana Anwar Azazi Aulia, Syafitri Christina Christina Daud, Ilzar Dephary, Riatma Dita Perdana Sembiring Eka, Yuliana Yuspita Fahruna, Yulyanti Fajar Fajar Fatmi, Mutia Fransika, Widya Giriati, Giriati Hafizi, Mohamad Helma Malini Helma Malini, Helma Heriyadi, Heriyadi Ikram Yakin Juniwati Juniwati Kalista, Apriwina Yulita Karsim, Karsim Khaulah, Haya Inayah Maria Magdalena Muhammad Afif Mustaruddin Patricia, Cindy Perawati Perawati, Perawati Pramana Saputra Rafida, Siti Jihan Ramadania Ramadania, Ramadania Ramadhan, Rizani Rebeka, Kalista Ristyawan, Mochammad Ridwan Sapitri, Elsi Nanda Sartika, Lili Syahbandi Syahputri, Anggraini Titik Rosnani Triamanda, Deni Verawati Verawati Wahyuni, Adinda Wendy Wendy Yubileus, Fransisco Yulianti, Yessy Irena