Firm Size, Ownership Structure, and Firm Value on Sustainability Expenditures in Indonesian Palm Oil Firms: A Moderated Mediation

Martinus Robert Hutauruk (Faculty of Economics and Business, Universitas Widya Gama Mahakam, Samarinda, Indonesia)
Firmansyah Firmansyah (Faculty of Economics and Business, Universitas Widya Gama Mahakam, Samarinda, Indonesia)
Meutia Layli (Faculty of Economics and Business, Universitas Alma Ata, Yogyakarta, Indonesia)
Astrid Faradisty (Faculty of Economics and Business, Universitas Riau, Pekanbaru, Indonesia)
Kusumaningdiah Retno Setiorini (Faculty of Economics and Business, Universitas Alma Ata, Yogyakarta, Indonesia)

Jurnal Dinamika Akuntansi dan Bisnis (JDAB)
Vol. 13 No. 1 (2026): March 2026

The palm oil sector is vital to Indonesia’s economy but faces increasing scrutiny over deforestation, greenhouse gas emissions, and social conflicts. Growing global ESG pressures have driven firms to expand sustainability expenditures, yet the roles of firm size and ownership structure in shaping these investments remain underexplored. This study develops a moderated mediation model integrating firm characteristics, governance, and sustainability spending. Using panel data from 276 firm-year observations (2019–2024) and Hayes’s PROCESS macro, the analysis examines direct, indirect, and moderating effects. Firm size increases sustainability spending; firm value weakens relationships