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All Journal International Journal of Evaluation and Research in Education (IJERE) Niagawan JURNAL ILMU PERTANIAN Jurnal Pendidikan: Teori, Penelitian, dan Pengembangan Jurnal EMT KITA JASc (Journal of Agribusiness Sciences) Hasil Pengabdian Kepada Masyarakat Widya Balina :Jurnal Ilmu Pendidikan dan Ekonomi Jurnal Onoma: Pendidikan, Bahasa, dan Sastra Jurnal Matematika UNAND Ihsan: Jurnal Pengabdian Masyarakat International Journal of Applied Finance and Business Studies Journal of Education Research Journal of Agriculture (JoA) Journal Accounting International Mount Hope IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita Jurnal Agrisep
Ainul Mardhiyah, Ainul
Universitas Negeri Medan
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Journal : Jurnal EMT KITA

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When Profit Outweighs Sustainability: Empirical Evidence from ESG and Firm Value in Indonesia Energy Industry Sirait, Dita Eka Pertiwi; Mardhiyah, Ainul; Oktavia, Shintami
Jurnal EMT KITA Vol 10 No 2 (2026): APRIL 2026
Publisher : Lembaga Otonom Lembaga Informasi dan Riset Indonesia (KITA INFO dan RISET) - Lembaga KITA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/emt.v10i2.5798

Abstract

This study aims to examine the role of sustainability and profitability in influencing firm value within Indonesia’s energy sector listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Sustainability performance is measured using the Environmental, Social, and Governance (ESG) disclosure score, while profitability is represented by the Return on Assets (ROA). Firm value is proxied by Tobin’s Q ratio. The research sample consists of 32 energy companies selected using a purposive sampling method. Data analysis is conducted using panel data regression with the Fixed Effect Model (FEM) and the Generalized Least Squares (GLS) approach with cross-section weighting to address potential heteroskedasticity issues. The results reveal that ESG disclosure has no significant effect on firm value, whereas profitability exerts a positive and significant influence. Simultaneously, ESG and profitability jointly have a significant impact on firm value. These findings indicate that investors in Indonesia’s energy sector remain more focused on profitability as the primary determinant of firm value, while sustainability performance has yet to become a key consideration in investment decisions. This study contributes to the ongoing discussion on the integration of ESG factors into firm valuation, particularly within emerging market contexts such as Indonesia.
Co-Authors Andini Dwayani Putri Anggraini, Elya Siska Dedy Husrizal Syah, Dedy Husrizal Devianto, Dodi Elfrans Fernando Nainggolan Fitrawaty Fitrawaty, Fitrawaty Grecca Helena Sipayung Ilham Anggit Prayoga Iqbal Syahputra Khairunisa Rangkuti Khairunnisa Rangkuti Maiyastri, Maiyastri Maya Oktora Muammar Rinaldi Muhamad Sofian Hadi Muhammad Bukhori Dalimunthe Muhammad Syafii Muhammad Thamrin Mukti Hamjah Harahap, Mukti Hamjah Nana Trisna Mei Br Kabeakan Nasution, Armin Rahmansyah Nola Nari Nurni W. Wuryandari Reza Aditia Riza Indriani Rosmala Dewi Samsul Efendi Marpaung Sembiring, Rinawati Shintami Oktavia Sinaga, Hardiansyah Sirait, Dita Eka Pertiwi Siregar, Ina Namora Putri Susanto Saputra Waruwu Tifani, Puput Yosafat Rizal Simanjuntak