The Influence of Environmental, Social, and Governance on Firm Value with Corporate Sustainability as a Moderating Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange

Bahiira Albasitha Permata Dinda; Bhayangkara Bhayangkara

doi:10.55927/jfbd.v4i2.198

Authors

Bahiira Albasitha Permata Dinda Universitas 17 Agustus 1945 Surabaya
Bhayangkara Bhayangkara Universitas 17 Agustus 1945 Surabaya

DOI:

https://doi.org/10.55927/jfbd.v4i2.198

Keywords:

Environmental, Social, Governance, Firm Value, Corporate Sustainability

Abstract

The study employs a quantitative descriptive approach using secondary data in the form of financial statements, annual reports, and sustainability reports from manufacturing companies. The sample selection was conducted using purposive sampling, resulting in 35 manufacturing companies as the sample for the study. Data was analyzed using the SmartPLS application. The results indicate that environmental, social, and governance aspects have a significant positive impact on company value. However, the moderation test results indicate that corporate sustainability is not able to significantly strengthen the relationship between environmental, social, and governance and company value. This suggests that the higher the quality of disclosure and implementation of ESG principles by companies, the higher the increase in company value.

References

Arofah, S. N., & Khomsiyah. (2023). Pengaruh Good Corporate Governance dan Environmental Social Governance terhadap Nilai Perusahaan dengan Kinerja Keuangan Sebagai Moderasi. Jurnal Informatika Ekonomi Bisnis, 5(1), 125–133. https://doi.org/10.37034/infeb.v5i1.208.

Awanda, D. W. P., & Bayangkara, I. B. K. (2025). Akuntansi Keberlanjutan dan Pengungkapan ESG pada PT Unilever Indonesia dan PT Pertamina sebagai Perusahaan Pemenang ASRRAT. Journal of Business, Finance, and Economics (JBFE), 6(1), 15–25. https://doi.org/10.32585/jbfe.v6i1.6554.

Bayu, E. K., & Novita, N. (2022). Analisis Pengungkapan Sustainable Finance dan Green Financing Perbankan di Indonesia. Jurnal Keuangan Dan Perbankan, 18(2). https://doi.org/https://doi.org/10.35384/jkp.v18i2.332.

Christy, E., & Sofie. (2023). Pengaruh Pengungkapan Environmental, Social, Dan Governance Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3899–3908. https://doi.org/10.25105/jet.v3i2.18233.

Constantinescu, D., Caraiani, C., Lungu, C. I., & Mititean, P. (2021). Environmental, Social and Governance Disclosure Associated With the Firm Value. Evidence from Energy Industry. Journal of Accounting and Management Information Systems, 21(1), 57–75. https://doi.org/10.24818/jamis.2021.01003.

Dumay, J. (2019). Sustainability accounting and integrated reporting. Social and Environmental Accountability Journal, 39(1), 70–71. https://doi.org/10.1080/0969160x.2018.1515160.

Fairus, J., & Murwaningsari, E. (2023). Pengaruh Kinerja Keberlanjutan Perusahaan Dan Ekoefisiensi Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3059–3072. https://doi.org/10.25105/jet.v3i2.17911.

Farhana, G. Z. (2023). Pengaruh Celebrity Endorser Terhadap Keputusan Pembelian Melalui Brand Image Produk Skincare Azarine di Jabodetabek [Universitas Pembangunan Jaya]. https://eprints.upj.ac.id/id/eprint/6059.

Febriyanti, N., Setyo Wati, A., Yovita, M., & Pandin, R. (2024). Pengaruh GRI STANDARD 2021 Terhadap Nilai Perusahaan Dengan Keberlanjutan Bisnis Sebagai Variabel Moderating Pada Perusahaan Terindeks LQ45 Yang Terdaftar Di Bursa Efek Indonesia Tahun 2022-2023. Jurnal Akuntansi Modern, 6(4), 79–91. https://journalpedia.com/1/index.php/jkm/index.

Gerged, A. M., Albitar, K., & Al-Haddad, L. (2021). Corporate Environmental Disclosure and Earnings Management—The Moderating Role of Corporate Governance Structures. International Journal of Finance and Economics, 28(3), 1–22. https://doi.org/10.1002/ijfe.2564.

Ghazali, A., & Zulmaita. (2020). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) Terhadap Tingkat Profitabilitas Perusahaan (Studi pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia). Prosiding SNAM PNJ.

GRI. (2024). Standar Terkonsolidasi.

Hariyanto, D. B., & Ghozali, I. (2024). Pengaruh Environment, Social, Governance (ESG) Disclosure Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang Terdaftar Dalam Indeks Kompas 100 Periode 2020-2022). Diponegoro Journal of Accounting, 13(3), 1–13. http://ejournal-s1.undip.ac.id/index.php/accounting.

Hidayah, K. N., Puspitawati, D., & Permatasari, W. D. (2024). Pengungkapan Environmental, Social, Governance Terhadap Future Firm Value Dan Future Firm Performance Pada Perusahaan Indonesia Yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2021. Jurnal Ilmiah Edunomika, 3, 1–18.

Kumala, A. S., & Hwihanus. (2025). Analisis Struktur Kepemilikan, Csrd, Struktur Modal Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Dan Manajemen Laba Sebagai Variabel Intervening Pada Perusahaan Sub Sektor Konstruksi Yang Terdaftar di Bursa Efek Indonesia. Jurnal Revenue Jurnal Akuntansi, 5(2), 2192–2209. https://doi.org/10.46306/rev.v5i2.

Mauliddin, J. A., & Subardjo, A. (2024). Pengaruh Leverage, Profitabilitas, Environmental Social Dan Goverment (ESG) Terhadap Nilai Perusahaan Yang Mengungkapkan ESG Pada Tahun 2022. Jurnal Ilmu Dan Riset Akuntansi, 13(5), 1–21.

Melinda, A., & Wardhani, R. (2020). The Effect Of Environmental, Social, Governance, And Controversies On Firms’ Value: Evidence From Asia. International Symposia in Economic Theory and Econometrics, 27, 147–173. https://doi.org/10.1108/S1571-038620200000027011.

Muqtadir, P. M., & Hersugondo. (2024). Pengaruh Laporan Keberlanjutan (Sustainability Report) Terhadap Nilai Perusahaan (Studi pada Perusahaan Terdaftar dalam Bursa Efek Indonesia (IHSG) periode Tahun 2018 – 2022). Diponegoro Journal of Management, 13, 1–14.

Nuhu, N. A., Baird, K., & Appuhami, R. (2019). The impact of management control systems on organisational change and performance in the public sector: The role of organisational dynamic capabilities. Journal of Accounting and Organizational Change, 15(3), 473–495. https://doi.org/10.1108/JAOC-08-2018-0084.

Oktapriana, C., Wisnu Bhuana, K., & Takrim, M. (2022). Pengungkapan Keberlanjutan Usaha dan Kinerja Tanggung Jawab Sosial: Dampaknya terhadap Nilai Perusahaan. Jurnal Online Insan Akuntansi, 7(1), 115–129.

Pandita, R. S. A. (2024). Pengaruh Environmental, Social, Governance Disclosure dan Kualitas Audit Terhadap Nilai Perusahaan [Skripsi]. Universitas Islam Negeri Syarif Hidayatullah Jakarta.

POJK. (2017). POJK 51 2017 KEUANGAN BERKELANJUTAN.

Putri, D. K., & Widoretno, A. A. (2024). The Effect of Sustainability Reporting Disclosure on Company Value Moderated by Investment Opportunity Set. Jambura Economic Education Journal, 6(2), 522–539.

Qurniasih, R., Pramurindra, R., Fakhruddin, I., & Inayati, N. I. (2025). Pengaruh Pengungkapan ESG Terhadap Nilai Perusahaan Dengan Praktik Good Corporate Governance Sebagai Variabel Moderasi. Jurnal Akuntansi, 35(2), 301–319. https://doi.org/10.24843/EJA.2025.v35.i02.p01.

Sepetis, A. (2020). A Holistic Sustainable Finance Model for the Sustainable Capital Market. Journal of Financial Risk Management, 09(02), 99–125. https://doi.org/10.4236/jfrm.2020.92006.

Situngkir, G. (2024). Pengaruh Mekanisme Good Corporate Governance terhadap Kinerja Pasar Melalui Kinerja Keuangan Sebagai Variabel Intervening Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2020-2022 [Undergraduate Thesis]. Universitas Negeri Medan.

Suryaman, A. H., & Hindriari, R. (2021). Pengaruh Earning Per Share (EPS) Dan Price Earning Ratio (PER) Terhadap Harga Saham Pada PT Bumi Serpong Damai Tbk Periode 2011-2020. Jurnal Neraca Peradaban, 1(3).

Syaharman. (2020). Peranan Sistem Informasi Akuntansi Dalam Mengambil Keputusan Manajemen Pada PT Walet Solusindo. Jurnal Bisnis Net, 3(2), 185–192.

Utomo, M. N., Rahayu, S., Kaujan, K., & Irwandi, S. A. (2020). Environmental performance, environmental disclosure, and firm value: empirical study of non-financial companies at Indonesia Stock Exchange. Green Finance, 2(1), 100–113. https://doi.org/10.3934/GF.2020006.

Wau, H. R. (2023). Pengaruh Environmental, Social Dan Governance Disclosure (ESG) Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Tahun 2017-2021. Universitas Medan Area.

Zhang, R., & Li, Q. (2025). Synergies between corporate social responsibility precedence and sustainable development goals: A pathway to corporate-led change. Journal of Industrial Ecology. https://doi.org/10.1111/jiec.70003.