Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
P-Index
This Author published in this journals
All Journal PROFIT : Jurnal Administrasi Bisnis
Mudjilah, Rahayu
Unknown Affiliation
Economics, Econometrics & Finance

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Unlocking ESG Value in Crisis: A Corporate Life Cycle Perspective from Indonesia’s Pandemic Experience Poespawijaya, Natalia; Mudjilah, Rahayu; Krismiaji, Krismiaji
Profit: Jurnal Adminsitrasi Bisnis Vol. 20 No. 1 (2026): Profit: Jurnal Administrasi Bisnis
Publisher : FIA UB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.profit.2026.020.01.8

Abstract

This study examines how ESG disclosure, funding policy, and corporate life cycle influence firm value, and whether ESG plays a moderating role in these relationships. Using panel data from 149 non-financial firms listed on the Indonesia Stock Exchange from 2021 to 2024, the analysis employs a Fixed Effects Model to control for unobserved firm characteristics. The results show that ESG disclosure, funding policy, and life cycle stage do not have a significant direct impact on firm value. However, ESG significantly moderates the relationship between funding policy and firm value. In practice, this means that when firms adopt prudent leverage, strong ESG performance helps strengthen investor confidence by providing an additional signal of credibility and responsible financial management. In contrast, ESG does not moderate the corporate life cycle–firm value relationship, suggesting that sustainability practices in Indonesia are not yet differentiated across development stages. A robustness check further shows that ESG’s influence weakens during the pandemic years, when firms prioritize liquidity and operational survival, but begins to regain relevance in the post-pandemic period. Overall, the findings imply that ESG contributes to firm value not as a standalone factor, but through its interaction with financing decisions.
Co-Authors Krismiaji Krismiaji, Krismiaji Natalia Poespawijaya, Natalia