PENGUNGKAPAN ESG (ENVIRONMENTAL, SOCIAL, AND GOVERNANCE) TERHADAP NILAI PERUSAHAAN  SEKTOR ENERGI DI INDONESIA : PENGUNGKAPAN ESG (ENVIRONMENTAL, SOCIAL, AND GOVERNANCE) TERHADAP NILAI PERUSAHAAN  SEKTOR ENERGI DI INDONESIA

Miracle Patricia Ryvita; Harlina Meidiaswati

doi:10.26740/jim.v14n3.p742-759

Authors

Miracle Patricia Ryvita Universitas Negeri Surabaya
Harlina Meidiaswati

DOI:

https://doi.org/10.26740/jim.v14n3.p742-759

Keywords:

environmental disclosure, firm size, firm value, governance disclosure, social disclosure

Abstract

Firm value reflects investors’ assessment of a company’s performance and future prospects, as reflected in its stock price. This study aims to analyze the effect of environmental disclosure, social disclosure, governance disclosure, profitability, and firm size on the firm value of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This research employs a quantitative approach with purposive sampling, yielding a sample of 44 energy sector companies. Panel data regression analysis is conducted in EViews 12 to examine the relationship between the independent variables and firm value, measured by Price-to-Book Value (PBV). The study also conducts a t+1 robustness test to assess the consistency of the results by accounting for the delayed market response to corporate information. The findings indicate that environmental disclosure, social disclosure, and profitability have no significant effect on firm value. In contrast, governance disclosure has a positive effect on firm value, while firm size has a negative effect. These findings suggest that investors may pay greater attention to corporate governance practices and asset management efficiency when assessing energy sector companies. Therefore, energy companies are encouraged to strengthen governance transparency and improve asset utilization to support the enhancement of firm value.

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Pengungkapan ESG (environmental, social, and governance) terhadap nilai perusahaan sektor energi di Indonesia