Role of Environmental, Social, and Governance (ESG) on the Effect of Financial Performance on Firm Value: Understanding Types of Statistical Moderation
Keywords:
firm value, financial performance, environmental, social, governance
Abstract
This study examines how environmental, social, and governance issues shape the impact of financial success on firm value. To understand the link between the variables, the legitimacy theory and signal theory are employed. The population used includes non-financial enterprises from 2019–2023 that are listed on the Indonesia Stock Exchange (IDX) and are part of the Refinitiv database. Secondary data was gathered from the Indonesia Stock Exchange, official corporate websites, and the Refinitiv database in the form of sustainability reports, annual reports, and ESG scores. The sample size is 176 company data points over 5 years, selected using the purposive sampling method. Firm value is positively and significantly impacted by financial success, according to the research findings. ESG also improves the link between firm value and financial performance, according to the study. Lastly, the study's results also show that ESG increases business value, while not significantly. These findings suggest that the study's ESG variable is a pure moderator variable. Furthermore, the implications of the research both theoretically and practically have been discussed.
References
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Kusumawardhani, A., Thenardi, C. M., & Lutwal, A. (2023). ESG (Environmental, Social and Governance) Memoderasi Kinerja Keuangan terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Auditing, 10(3), 15–26. https://doi.org/10.55963/jraa.v10i3.589
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Sharma, S., Durand, R. M., & Gur-Arie, O. (1981). Identification and Analysis of Moderator Variables. Journal of Marketing Research, 18(3), 291–300.
Shima, A. B., Fadilah, M., Ramadhani, R. K., & Ani, W. (2024). Systematic Literature Review: Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Nilai Perusahaan yang Terdaftar di Bursa Efek Indonesia. Journal of Management and Innovation Entrepreneurship (JMIE), 1(3), 645–653. https://doi.org/10.59407/jmie.v1i3.707
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Astuti, A., & Lestari, T. (2024). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan pada Perusahaan Bidang Manufaktur. Owner, 8(3), 2484–2499. https://doi.org/10.33395/owner.v8i3.2303
Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The Impacts of Environmental, Social, and Governance Factors on Firm Performance: Panel Study of Malaysian Companies. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG Performance on Firm Value and Profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Azizah, D. G., & Widyawati, D. (2021). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Food and Beverages di BEI. Jurnal Ilmu Dan Riset Akuntansi, 10(1), 1–18.
Bahri, Y. M., Komariah, K., & Jhoansyah, D. (2023). Analysis of Return on Asset Return on Equity Debt to Asset Ratio Debt to Equity Ratio on Stock Return (Study PT. XL Axiata TBK which Listed on the Indonesia Stock Exchange for the 2014-2021 Period). Journal of Economic, Business and Accounting (COSTING), 7(1), 1735–1745. www.Yahoo.finance.com
Buallay, A. (2019). Management of Environmental Quality: An International Journal is Sustainability Reporting (ESG) Associated with Performance? Evidence from The European Banking Sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
Bukit Asam. (2024a). Bukit Asam (PTBA) Bawa Pulang Empat Penghargaan dari Global ESG Awards. Bukit Asam. https://www.ptba.co.id/tentang/penghargaan/bukit-asam-ptba-bawa-pulang-empat-penghargaan-dari-global-esg-awards-2049
Bukit Asam. (2024b). Didukung Kinerja Operasional, Bukit Asam (PTBA) Raih Laba Bersih Rp 6,1 Triliun di 2023. Bukit Asam. https://www.ptba.co.id/berita/didukung-kinerja-operasional-bukit-asam-ptba-raih-laba-bersih-rp-61-triliun-di-2023-1855
Cahya, K. D., & Riwoe, J. C. (2018). Pengaruh ROA dan ROE terhadap Nilai Perusahaan dengan Sustainability Reporting sebagai Variabel Intervening pada Perusahaan yang Terdaftar di LQ45. Journal of Accounting and Business Studies, 3(1), 46–70. https://doi.org/10.61769/jabs.v3i1.304
Daromes, F. E., Ng, S., & Legaspi, K. P. (2023). Joint Impact of Financial Performance and Corporate Social Responsibility on Firm Value: Does Legitimacy Matter?. Indonesian Journal of Sustainability Accounting and Management, 7(1), 68-76. https://doi.org/10.28992/ijsam.v7i1.651
Desfika, T. S. (2024). Saham Bukit Asam (PTBA) Mendadak Laris Manis. Investor.Id. https://investor.id/market/374280/saham-bukit-asam-ptba-mendadak-laris-manis
Dowling, J., & Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and Organizational Behavior. Source: The Pacific Sociological Review, 18(1), 122–136.
Fatihudin, D., Jusni, & Mochklas, M. (2018). How Measuring Financial Performance. International Journal of Civil Engineering and Technology, 9(6), 553–557.
Firmansyah, A., Setiawan, T. A., & Fathurahman, F. (2020). Nilai Perusahaan: Kebijakan Utang, Good Corporate Governance, Cash Holding. Jurnal Akuntansi Dan Bisnis, 20(2), 237–254. https://doi.org/10.20961/jab.v20i2.568
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The Ownership Structure, and The Environmental, Social, and Governance (ESG) Disclosure, Firm Value and Firm Performance: The Audit Committee as Moderating Variable. Economies, 10(12). https://doi.org/10.3390/economies10120314
Gharaibeh, A. M. O., & Qader, A. A. A. A. (2017). Factors Influencing Firm Value as Measured by the Tobin’s Q: Empirical Evidence from the Saudi Stock Exchange (TADAWUL). International Journal of Applied Business and Economic Research, 15(6), 333–358.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi 9 (9th ed.). Universitas Diponegoro.
Hayes, A. (2024). Q Ratio or Tobin’s Q: Definition, Formula, Uses, and Examples. https://www.investopedia.com/terms/q/qratio.asp
Hery. (2017). Kajian Riset Akuntansi: Mengulas Berbagai Hasil Penelitian Terkini dalam Bidang Akuntansi dan Keuangan. Gramedia Widiasarana Indonesia.
Indrarini, S. (2021). Nilai Perusahaan Melalui Kualitas Laba (Good Governance dan Kebijakan Perusahaan) (N. Azizah (ed.)). Scopindo Media Pustaka.
Kasmir. (2008). Analisa Laporan Keuangan (1st ed.). Rajawali Pers.
Khalil, M. A., Khalil, R., & Khalil, M. K. (2022). Environmental, Social and Governance (ESG) - Augmented Investments in Innovation and Firms’ Value: A Fixed-Effects Panel Regression of Asian Economies. China Finance Review International, 14(1), 76–102. https://doi.org/10.1108/CFRI-05-2022-0067
Krishnamoorthy, R. (2021). Environmental, Social, and Governance (ESG) Investing: Doing Good to Do Well. Open Journal of Social Sciences, 09(07), 189–197. https://doi.org/10.4236/jss.2021.97013
Kusuma, M., Assih, P., & Zuhroh, D. (2021). Pengukuran Kinerja Keuangan : Return on Equity ( ROE ) dengan Atribusi Ekuitas. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 17. https://doi.org/10.30596/jimb.v22i2.7935
Kusumawardhani, A., Thenardi, C. M., & Lutwal, A. (2023). ESG (Environmental, Social and Governance) Memoderasi Kinerja Keuangan terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Auditing, 10(3), 15–26. https://doi.org/10.55963/jraa.v10i3.589
Lutfi, A. A., & Panuntun, B. (2024). Analisis Pengaruh Rasio Profitabilitas ROA, ROE, dan NPM terhadap Nilai Perusahaan yang Tercatat dalam IDX-MES BUMN. 03(01), 81–91. https://dspace.uii.ac.id/handle/123456789/51271%0Ahttps://dspace.uii.ac.id/bitstream/handle/123456789/51271/17311278.pdf?sequence=1
Martalena & Dini. (2020). Perbandingan Kinerja Keuangan dengan Menggunakan Metode Analisis Rasio dan EVA pada Perusahaan yang Terdaftar pada LQ45 Periode 2013 – 2017. Manners, 3(1), 41–54.
Nisasmara, P. W., & Musdholifah, M. (2016). Cash Holding, Good Corporate Governance and Firm Value. Jurnal Dinamika Manajemen, 7(2), 117–128. https://doi.org/10.15294/jdm.v7i2.8196
Ompusunggu, C. K., & Wijaya, H. (2021). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Paradigma Akuntansi, 3(2), 687–695. https://doi.org/https://doi.org/10.24912/jpa.v3i2.11718
Prabawati, P. I., & Rahmawati, I. P. (2022). The Effects of Environmental, Social, and Governance (ESG) Scores on Firm Values in ASEAN Member Countries. Jurnal Akuntansi Dan Auditing Indonesia, 26(2), 119–129. https://doi.org/10.20885/jaai.vol26.iss2.art2
Pujarini, F. (2020). PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN. Journal of Accounting & Management Innovation, 4(1), 1–15. https://doi.org/10.55338/jeama.v2i1.57
Purnamasari, K. Y., & Nuryani, N. N. J. (2022). Kinerja Keuangan Dilihat Dari GPM, NPM, ROA Dan ROE Perusahaan Manufaktur Di BEI. Jurnal Jnana Satya Dharma, 1(3), 27–35. https://doi.org/10.55822/jnana.v10i2.252
Rachmawati, D. I., Yuniarti, D., & Nohe, D. A. (2015). Model Regresi Variabel dengan Metode Selisih Mutlak. Jurnal Eksponensial, 6(2), 187–192. https://fmipa.unmul.ac.id/files/docs/[23] JURNAL DESY IKA Edit.pdf
Rasyad, R. K., Afgani, K. F., & Ali, Q. (2024). Effects of ESG on Firm Performance and Firm Value: A Study of Indonesian and Malaysian Listed Companies. Journal Integration of Management Studies, 2(1), 1–17. https://doi.org/10.58229/jims.v1i2.118
Ridho, M. T., Adheansyah, T. F. A., Fazira, I., Citra, D. Y., & Safitri, A. (2024). Pengaruh Earning per Share (EPS), Ukuran Perusahaan, Profitabilitas, dan Leverage terhadap Nilai Perusahaan (Studi Kasus pada Perusahaan Saham Syariah Makanan & Minuman yang Terdaftar di Bursa Efek Indonesia pada Tahun 2019-2021). Jurnal Ilmiah Ekonomi Dan Manajemen, 2(1), 650–659.
Safriani, M. N., & Utomo, D. C. (2020). Pengaruh Environmental, Social dan Governance (ESG) Disclosure terhadap Kinerja Perusahaan. Diponegoro Journal of Accounting, 9(3), 1–11.
Sharma, S., Durand, R. M., & Gur-Arie, O. (1981). Identification and Analysis of Moderator Variables. Journal of Marketing Research, 18(3), 291–300.
Shima, A. B., Fadilah, M., Ramadhani, R. K., & Ani, W. (2024). Systematic Literature Review: Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Nilai Perusahaan yang Terdaftar di Bursa Efek Indonesia. Journal of Management and Innovation Entrepreneurship (JMIE), 1(3), 645–653. https://doi.org/10.59407/jmie.v1i3.707
Spence, M. (1973). Job Market Signalling. The Quarterly Journal of Economics, 87(3), 355–374. http://www.jstor.org/stable/1882010
Sujoko. (2018). Pengaruh Struktur Kepemilikan, Strategi Diversifikasi, terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta). Ekuitas, 11(55), 236–254. https://ejournal.stiesia.ac.id/ekuitas/article/view/317/298
Tarigan, R. Y., Ramadhani, D. D. S., Firmansyah, A., & Ikhsan, W. M. (2022). Hubungan Kinerja Keuangan Perusahaan dan Nilai Perusahaan. Studi Akuntansi Dan Keuangan Indonesia, 5(1), 38–60. www.idx.co.id,
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Published
2026-05-12
How to Cite
Daromes, F., Jao, R. and Synarso, B. (2026) “Role of Environmental, Social, and Governance (ESG) on the Effect of Financial Performance on Firm Value: Understanding Types of Statistical Moderation”, Dinamika Akuntansi Keuangan dan Perbankan, 15(1), pp. 1-23. doi: 10.35315/dakp.v15i1.10372.
Section
Articles
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