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Pengaruh ESG Disclosure terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi: Studi Kasus Perusahaan yang Terdaftar di BEI Tahun 2020-2023

*Amalia Sabila Khairina Akri  -  Departemen Manajemen, Fakultas Ekonomika dan Bisnis, Universitas Diponegoro, Indonesia
Irene Rini Demi Pangestuti  -  Fakultas Ekonomika dan Bisnis, Universitas Diponegoro, Indonesia

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Abstract

This study aims to analyze the influence of Environmental, Social, and Governance (ESG) Disclosure
on firm value, as measured by Tobin’s Q, and to examine the moderating role of firm size. The
research utilizes secondary data from companies listed on the Indonesia Stock Exchange (IDX)
during the period 2020–2023. The analytical methods employed are multiple linear regression and
Moderated Regression Analysis (MRA). The results reveal that Social Disclosure, Environmental
and Governance dimensions do not show significant effects. Moreover, firm size does not
significantly moderate the relationship between ESG dimensions and firm size. These findings
indicate that the effectiveness of ESG disclosure in enhancing firm value depends on the type of ESG
information disclosed and company characteristics. This study provides insights for companies and
stakeholders to improve ESG practices in a more strategic and impactful way.

Keywords: ESG disclosure; environmental; social; governance; firm value; firm size; moderated regression
Article Info
Section: Articles
Language : ID

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