<![CDATA[This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure and leverage on company financial performance, with company size as a moderating variable, in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. This study uses a quantitative approach with panel data regression analysis using EViews software. The research sample was determined using a purposive sampling technique and obtained 25 companies with a total of 100 observation data. The research data were obtained from annual reports and corporate sustainability reports published on the company's official website and the Indonesia Stock Exchange. Financial performance was proxied using Return on Assets (ROA), leverage was measured using the Debt to Asset Ratio (DAR), while ESG disclosure was measured through content analysis based on Global Reporting Initiative (GRI) indicators. The results show that ESG disclosure has a positive and significant effect on company financial performance. This suggests that better ESG disclosure by a company increases investor confidence and the company's financial performance. Meanwhile, leverage has a negative and significant effect on company financial performance, which means that high debt usage can increase financial risk and reduce company profitability. Furthermore, company size did not moderate the effect of ESG on financial performance. However, company size did moderate the effect of leverage on financial performance. This finding indicates that increased ESG disclosure can boost investor confidence and company performance, while high levels of leverage can increase financial risk, leading to lower performance.]]>
Copyrights © 2026
