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Abady, Adylah
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Economics, Econometrics & Finance

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Journal : Riset Akuntansi dan Keuangan Indonesia

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The Effect of ESG Controversy on Firm Value in Southeast Asia with Analyst Coverage As A Moderating Variable Abady, Adylah; Raudhatul Hidayah
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 1 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i1.8227

Abstract

This study examines the impact of ESG (Environmental, Social, and Governance) controversies on firm value in Southeast Asia, with analyst coverage as a moderating variable. Using 1,255 observations from non-financial public companies listed on Southeast Asian stock exchanges during 2019–2023, the study employs quantitative methods with data from Refinitiv Eikon. Results show that ESG controversies negatively and significantly affect firm value, as measured by Tobin’s Q and Market Capitalization. Companies involved in ESG controversies experience reduced market value. Analyst coverage does not significantly moderate this relationship, although during the COVID-19 pandemic, it better mitigated the negative impact on Tobin’s Q, likely due to heightened investor demand for strategic information. Findings indicate that investor sensitivity to analyst coverage varies with firm value metrics. Investors are encouraged to critically assess companies' ESG reports and not solely depend on analyst recommendations, especially amid ESG controversies.
Co-Authors Raudhatul Hidayah