Pengaruh Environmental, Social dan Governance terhadap Nilai Perusahaan dengan External Assurance sebagai Moderasi
DOI:
https://doi.org/10.37481/jmeb.v6i3.2141Keywords:
Environmental, Social, Governance, Firm Value, External assuranceAbstract
This study addresses the inconsistent evidence regarding the relationship between Environmental, Social, and Governance (ESG) disclosure and firm value, particularly when the credibility of sustainability information is strengthened through external assurance. The research aims to examine the individual effects of environmental, social, and governance disclosures on firm value and to investigate whether external assurance moderates these relationships. The study focuses on basic materials companies listed on the Indonesia Stock Exchange during the 2022-2024 period. A purposive sampling technique resulted in 60 firm-year observations. Data were analyzed using panel data regression with the Fixed Effect Model and Moderated Regression Analysis (MRA) in EViews 13. The findings indicate that environmental, social, and governance disclosures do not individually have a significant effect on firm value. In addition, external assurance does not strengthen the relationship between ESG disclosure and firm value. These results suggest that investors have not yet considered ESG disclosure and external assurance as important determinants of firm value in the Indonesian basic materials sector. This study contributes to the ESG literature by providing empirical evidence that the credibility of sustainability reporting through external assurance has not yet generated a stronger market response in an emerging market context.
References
Agni, M. T., & Anis, I. (2024). Pengaruh praktik environmental, social, and governance terhadap nilai perusahaan dengan pengungkapan emisi karbon sebagai variabel mediasi. Jurnal Penelitian Ilmu-Ilmu Sosial, 1(7), 2020-2025.
Ary, E., Naibaho, B., & Raudhotuzanah, D. (2025). The role of ESG and external assurance in firm performance: External assurance as a moderator. Journal of Accounting and Strategic Finance, 8(1), 110-132.
Atan, R., Razali, M. W., Said, J., & Ershad, A. (2022). ESG disclosure and firm value: Evidence from emerging markets. International Journal of Financial Research, 13(2), 120-134.
Baltagi, B. H. (2021). Econometric analysis of panel data (6th ed.). Springer.
Bani, S., Graça, K., & Jonas, A. (2025). Environmental, social, and governance (ESG) factors and firm value: A systematic literature review of theories and empirical evidence. AMS Review, 15(2), 228-260.
Buallay, A. (2019). Is sustainability reporting associated with firm performance? Evidence from the European banking sector. Management of Environmental Quality, 30(1), 98-115.
Cahyonowati, N., & Adhi, E. R. (2023). Pengaruh environmental, social, and governance disclosure terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi. Diponegoro Journal of Accounting, 12(3), 1-12.
Christy, E., & Sofie. (2023). Pengaruh pengungkapan environmental, social, dan governance terhadap nilai perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3899-3908.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2023). Signaling theory: A review and assessment. Journal of Management, 49(1), 6-44.
Elijido-Ten, E. O. (2022). Looking beyond environmental, social and governance disclosures: A stakeholder framework. Human Behavior, Development and Society, 23(3), 7-19.
Farooq, M. B., & de Villiers, C. (2023). Sustainability assurance: A systematic literature review and future research agenda. Accounting & Finance, 63(1), 1325-1362.
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. International Journal of Business Studies, 10(1), 9-17.
Freeman, R. E., Dmytriyev, S., & Phillips, R. A. (2020). Stakeholder theory and the resource-based view of the firm. Journal of Management, 46(7), 1153-1177.
Fuhrmann, S., Ott, C., Looks, E., & Guenther, T. W. (2022). The value relevance of assurance on sustainability reports: A review of the literature. Journal of Business Economics, 92(6), 969-1007.
Global Reporting Initiative. (2021). GRI Universal Standards 2021. Global Reporting Initiative.
Gujarati, D. N., Porter, D. C., & Gunasekar, S. (2022). Basic econometrics (6th ed.). McGraw-Hill Education.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2022). Multivariate data analysis (9th ed.). Cengage Learning.
Harymawan, I., Nasih, M., Salsabilla, A., & Putra, F. K. G. (2020). External assurance on sustainability report disclosure and firm value: Evidence from Indonesia and Malaysia. Entrepreneurship and Sustainability Issues, 7(3), 1500-1512.
Hill, R. C., Griffiths, W. E., & Lim, G. C. (2023). Principles of econometrics (6th ed.). John Wiley & Sons.
International Auditing and Assurance Standards Board. (2021). Extended external reporting assurance. International Federation of Accountants.
Jamal, D. K., Arifuddin, A., & Madein, A. (2025). The influence of social and environmental disclosure on firm value moderated by external assurance. Advances in Economics, Business and Management Research, 2024, 155-167.
KPMG. (2024). The KPMG Survey of Sustainability Reporting 2024. KPMG International.
Melinda, A. 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.
Organisation for Economic Co-operation and Development. (2023). OECD corporate governance factbook 2023. OECD Publishing.
Rahelliamelinda, L., & Handoko, J. (2024). Profitabilitas sebagai moderating pengaruh ESG, green innovation, dan eco-efficiency terhadap nilai perusahaan. Jurnal Informasi, Perpajakan, Akuntansi, dan Keuangan Publik, 19(1), 145-170.
Sumarno, D. C., Andayani, W., & Prihatiningtyas, Y. W. (2023). The effect of environmental, social and governance assessment on firm value with profitability as a mediating variable. Asia Pacific Management and Business Application, 12(1), 55-64.
Thompson, E. K., Ashimwe, O., Buertey, S., & Kim, S. (2022). The value relevance of sustainability reporting: Does assurance and the type of assurer matter? Sustainability Accounting, Management and Policy Journal, 13(6), 1268-1293.
Velte, P. (2022). Corporate social responsibility performance and firm value: A literature review. Management Research Review, 45(2), 240-261.
Wai-Khuen, W., Boon-Heng, T., & Siow-Hooi, T. (2023). The influence of external stakeholders on environmental, social, and governance (ESG) reporting: Toward a conceptual framework for ESG disclosure. Foresight and STI Governance, 17(2), 9-20.
Wooldridge, J. M. (2020). Introductory econometrics: A modern approach (7th ed.). Cengage Learning.
Xaviera, A., & Rahman, A. (2023). Pengaruh kinerja ESG terhadap nilai perusahaan dengan siklus hidup perusahaan sebagai moderasi: Bukti dari Indonesia. Jurnal Akuntansi Bisnis, 16(2), 226-244.
