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All Journal Journal of Humanities and Social Studies Journal of Social Studies, Arts and Humanities (JSSAH)
Santoso, Iqbal Pangestu
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Religion Arts Humanities Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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The Effect Of Esg Disclosure And Financial Performance On Firm Value Santoso, Iqbal Pangestu
JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) Vol 9, No 2 (2025): Journal of Humanities and Social Studies
Publisher : UNIVERSITAS PAKUAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jhss.v9i2.11044

Abstract

This study aims to analyze the Effect of ESG Disclosure and Financial Performance on Firm Value (Companies in the Food and Beverage Sub-sector listed on the Indonesia Stock Exchange). This research covers a four-year period, specifically from 2020 to 2023. The research methodology employed is a quantitative method using panel data and secondary data obtained from the Indonesia Stock Exchange website and company websites. The sampling technique used is purposive sampling with data from 2020 to 2023. Data analysis is conducted through multiple linear regression by performing descriptive statistical tests, classical assumption tests (multicollinearity and heteroscedasticity tests), and hypothesis testing using t-statistics and f-statistics to assess the significance of effects collectively at a 5% significance level. The results of this study indicate that, partially, the variables ESG Disclosure and Return On Assets have a positive and significant effect on Firm Value, while the Return On Equity variable has a negative and significant effect on Firm Value. The Net Profit Margin and Leverage variables, however, show no significant effect on Firm Value. Meanwhile, simultaneously, the independent variables ESG Disclosure, Net Profit Margin, Return On Assets, Return On Equity, and Leverage have a significant effect on Firm Value. The coefficient of determination from this study is 96.1191%, indicating that variations in the independent variables ESG Disclosure, Net Profit Margin, Return On Assets, Return On Equity, and Leverage can explain 96.1191% of the changes in the Firm Value variable, while the remaining 3.8809% is influenced by other independent variables.
Exploring the Influence of ESG Transparency and Profitability Ratios on Firm Value in Emerging Markets Santoso, Iqbal Pangestu
Journal of Social Studies Arts and Humanities (JSSAH) Vol 5, No 2 (2025): Vol 5, No 2 (2025): Journal of Social Studies, Arts and Humanities
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jssah.v5i2.12843

Abstract

This study aims to examine the impact of Environmental, Social, and Governance (ESG) disclosure and financial performance on firm value among companies in Indonesia’s food and beverage industry listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. Using a quantitative research approach, the study employs panel data regression with purposive sampling across 24 companies, yielding a total of 96 observations. The independent variables consist of ESG disclosure and financial performance indicators, including Net Profit Margin (NPM), Return on Assets (ROA), Return on Equity (ROE), and Leverage, while firm value is measured using the Price to Book Value (PBV) ratio. Statistical analysis using the Fixed Effect Model (FEM) reveals that ESG disclosure and ROA have a positive and significant effect on firm value, whereas ROE exhibits a negative and significant relationship. Meanwhile, NPM and Leverage show no significant influence. The joint test results indicate that all independent variables simultaneously affect firm value with a coefficient of determination (R²) of 96.12%, suggesting that variations in firm value can be largely explained by ESG disclosure and financial performance metrics. These findings highlight the importance of sustainability reporting and efficient asset utilization in enhancing corporate valuation. The study contributes to the growing body of literature on sustainable finance by emphasizing the role of ESG transparency as a strategic factor influencing investor perception and firm competitiveness in emerging markets.
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