PENGARUH PENGUNGKAPAN ENVIRONMENTAL SOCIAL AND GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR TAHUN 2019-2023)

Sayyidatus Salmah; Mayar Afriyenti

Authors

Sayyidatus Salmah Universitas Negeri Padang
Mayar Afriyenti Universitas Negeri Padang

Keywords:

environmental disclosure, esg, firm value, governance disclosure, social disclosure

Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on firm value among manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. The independent variables consist of environmental, social, and governance disclosures, while the dependent variable is firm value, measured by the Tobin’s Q ratio. The study adopts a quantitative approach with a causal research design and uses purposive sampling, resulting in 16 companies as the research sample over five years of observation (80 data points). Data analysis was conducted using panel data regression with EViews software. The results reveal that environmental disclosure has a significant positive effect on firm value, indicating that broader environmental transparency enhances investor confidence. Social disclosure also shows a positive and significant influence, implying that strong social responsibility improves corporate image and stakeholder trust. Meanwhile, governance disclosure exhibits a positive but insignificant effect on firm value. Overall, the three ESG components jointly have a significant impact on firm value. These findings highlight the importance of integrating sustainability principles through ESG disclosure as a strategic tool to enhance the value of manufacturing companies in Indonesia.

Downloads

Download data is not yet available.

References

Alareeni, B. A., & Hamdan, A. (2020). ESG Impact on Performance of US S&P 500-Listed Firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409–1428. https://doi.org/10.1108/CG-06-2020-0258

Alshammari, M. (2015). Corporate Social Responsibility and Firm Performance: The Moderating Role of Reputation and Institutional Investors. International Journal of Business and Management, 10(6). https://doi.org/10.5539/ijbm.v10n6p15

Altarawneh, M. S. (2023). The Impact of Environmental Disclosure on Value Relevance: Moderating Role of Environmental Performance. Environmental Economics, 14(2), 69–86. https://doi.org/10.21511/ee.14(2).2023.06

Aprullah, M. P., Diantimala, Y., Arfan, M., & Irsyadillah, I. (2025). The Role of ESG Committee on Indonesian Companies in Promoting Sustainable Practice to Creditors: Symbolic or Substantive? International Journal of Financial Studies, 13(4), 180. https://doi.org/10.3390/ijfs13040180

Awa, H. O., Etim, W., & Ogbonda, E. (2024). Stakeholders, Stakeholder Theory and Corporate Social Responsibility (CSR). International Journal of Corporate Social Responsibility, 9(1), 11. https://doi.org/10.1186/s40991-024-00094-y

Bagh, T., Fuwei, J., & Khan, M. A. (2024). Corporate ESG Investments and Firm’s Value Under the Real-Option Framework: Evidence from Two World-Leading Economies. Borsa Istanbul Review, 24(2), 324–340. https://doi.org/10.1016/j.bir.2024.01.002

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

Dogi, D. C. P., Lomousinea, I. E., & Widuri, R. (2024). The Effect of ESG on Firm Value and Performance During Covid-19. International Journal of Pertapsi, 2(2), 69–78. https://doi.org/10.9744/ijp.2.2.69-78

Febrianti, N. P. A., Suryanawa, I. K., Mimba, N. P. S. H., & Ratnadi, N. M. D. (2025). The Effect of Environmental, Social, and Governance (ESG) Performance on Firm Value: A Comparative Study Between State-Owned and Non-State-Owned Enterprises (An Empirical Study of Companies Listed on the Indonesia Stock Exchange for the 2020–2023 Period). International Journal of Economics, Management and Accounting, 2(3), 261–274.

Firmansyah, A., Husna, M. C., & Putri, M. A. (2021). Corporate Social Responsibility Disclosure, Corporate Governance Disclosures, and Firm Value In Indonesia Chemical, Plastic, and Packaging Sub-Sector Companies. Accounting Analysis Journal, 10(1), 9–17. https://doi.org/10.15294/aaj.v10i1.42102

Flammer, C., & Luo, J. (2014). Corporate Social Responsibility as an Employee Governance Tool: Evidence from a Quasi-Experiment. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2380336

Freeman, E. (1984). Strategic Management: A Stakeholder Approach. Boston. https://books.google.co.id/books?id=fIvfjgEACAAJ

Freihat, F. A. Y. (2024). The Effect of Corporate Governance Mechanisms on Audit Quality towards Earnings Quality of Jordanian Non-Financial Firms. Pakistan Journal of Life and Social Sciences (PJLSS), 22(2). https://doi.org/10.57239/PJLSS-2024-22.2.00918

Gutiérrez-Ponce, H., & Wibowo, S. A. (2023). Sustainability Reports and Disclosure of the Sustainable Development Goals (SDGs): Evidence from Indonesian Listed Companies. Sustainability, 15(24), 16919. https://doi.org/10.3390/su152416919

Husaini, W., & Basuki, B. (2020). ASEAN Corporate Governance Scorecard: Sustainability Reporting and Firm Value. The Journal of Asian Finance, Economics and Business, 7(11), 315–326. https://doi.org/10.13106/jafeb.2020.vol7.no11.315

Joham, J., & Toti, G. K. (2022). Pengungkapan Environmental, Social, & Governance (Esg) Terhadap Profitabilitas Serta Nilai Perusahaan Dalam Indeks Sri-Kehati 2015 – 2020. Media Riset Bisnis & Manajemen, 22(1), 35–48.

Kalra, P. (2024). Corporate Social Responsibility and Stakeholder Theory: An Integrated Review. Journal of Management & Entrepreneurship, 18(1).

Kaplale, Y. S., Murni, Y., & Ani, S. M. (2023). PENGARUH ENVIRONMENTAL DISCLOSURE, SOCIAL DISCLOSURE DAN MEKANISME GOVERNANCE TERHADAP NILAI PERUSAHAAN (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia tahun 2018-2020). JIAP, 3(2), 163–177.

Kartikasary, M., Paramastri Hayuning Adi, M., Marojahan Sitinjak, M., Hardiyansyah, & Yolanda Sari, D. (2023). Environmental, Social and Governance (ESG) Report Quality and Firm Value in Southeast Asia. E3S Web of Conferences, 426, 02087. https://doi.org/10.1051/e3sconf/202342602087

Lavin, J. F., & Montecinos-Pearce, A. A. (2021). ESG Disclosure in an Emerging Market: An Empirical Analysis of the Influence of Board Characteristics and Ownership Structure. Sustainability, 13(19), 10498. https://doi.org/10.3390/su131910498

Lee, M. T., & Raschke, R. L. (2023). Stakeholder Legitimacy in Firm Greening and Financial Performance: What about Greenwashing Temptations? Journal of Business Research, 155, 113393. https://doi.org/10.1016/j.jbusres.2022.113393

Li, S., Fetscherin, M., Alon, I., Latteman, C., & Yeh, K. (2010). Corporate Social Responsibility in Emerging Markets The Importance of the Governance Environment. Manajement International Review, 10(10).

Lunawat, R. M., Elmarzouky, M., & Shohaieb, D. (2025). Integrating Environmental, Social, and Governance (ESG) Factors into the Investment Returns of American Companies. Sustainability, 17(19), 8522. https://doi.org/10.3390/su17198522

Maiti, M. (2021). Is ESG the Succeeding Risk Factor? Journal of Sustainable Finance & Investment, 11(3), 199–213. https://doi.org/10.1080/20430795.2020.1723380

Melinda, A., & Wardhani, R. (2020). The Effect of Environmental, Social, Governance, and Controversies on Firms’ Value: Evidence from Asia (pp. 147–173). https://doi.org/10.1108/S1571-038620200000027011

Mesjasz-Lech, A. (2024). Trends of Industrial Waste Generation in Manufacturing Enterprises in the Context of Waste Prevention—Shift-Share Analysis for European Union Countries. Sustainability, 17(1), 34. https://doi.org/10.3390/su17010034

Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) Disclosure, Competitive Advantage and Performance of Firms in Malaysia. Cleaner Environmental Systems, 2, 100015. https://doi.org/10.1016/j.cesys.2021.100015

Nur Utomo, M., Rahayu, S., Kaujan, K., & Agus Irwandi, S. (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

Oktaviana, S., Sembel, R., & Manurung, A. H. (2025). Analisis Pengaruh Environment, Social, General Disclosure, dan Indikator Keuangan terhadap Nilai Perusahaan. Owner, 9(1), 464–478. https://doi.org/10.33395/owner.v9i1.2602

Ramadani, D., Dunakhir, S., & Hasyim, S. H. (2025). Pengaruh Environmental Social and Governance (ESG) Terhadap Kinerja Keuangan Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia. Register Log in Multiplier: Jurnal Magister Manajemen, 6(1).

Sampurna, D. S., & Romawati, E. (2020). Determinants of Firm Value: Evidence in Indonesia Stock Exchange. Proceedings of the 6th Annual International Conference on Management Research (AICMaR 2019). https://doi.org/10.2991/aebmr.k.200331.003

Sari, D. P., Fikri, M., Kartika, R., & Tanwattana, N. (2025). Corporate Governance, ESG Disclosure, and Firm Value: Evidence from Public Companies in Indonesia. Journal of Economics and Management, 3(2), 42–51. https://doi.org/10.70716/ecoma.v3i2.235

Suhartini, D., Tjahjadi, B., & Fayanni, Y. (2024). Impact of Sustainability Reporting and Governance on Firm Value: Insights from the Indonesian Manufacturing Sector. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2381087

Sun, L., & Saat, N. A. M. (2023). How Does Intelligent Manufacturing Affect the ESG Performance of Manufacturing Firms? Evidence from China. Sustainability, 15(4), 2898. https://doi.org/10.3390/su15042898

Suretno, F., Adrianto, F., & Alfarisi, M. F. (2022). Effect of Environment, Social and Governance Disclosure on Firm Value. JBTI: Jurnal Bisnis: Teori Dan Implementasi, 13(2), 121–128. https://doi.org/10.18196/jbti.v13i2.14458

Yildiz, F., Dayi, F., Yucel, M., & Cilesiz, A. (2024). The Impact of ESG Criteria on Firm Value: A Strategic Analysis of the Airline Industry. Sustainability, 16(19), 8300. https://doi.org/10.3390/su16198300

Ying, M., Shan, H., & Tikuye, G. A. (2021). How Do Stakeholder Pressures Affect Corporate Social Responsibility Adoption? Evidence from Chinese Manufacturing Enterprises in Ethiopia. Sustainability, 14(1), 443. https://doi.org/10.3390/su14010443

Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10(10), 3635. https://doi.org/10.3390/su10103635