The Impact of Environmental, Social, and Governance Disclosure on Firm Value in the Energy Sector on the Indonesian Stock Exchange from 2021 to 2023

Aulia Khairani () and Vina Kholisa Dinuka ()
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Aulia Khairani: Batam State Polytechnic
Vina Kholisa Dinuka: Batam State Polytechnic

A chapter in Proceedings of the 7th International Conference on Applied Economics and Social Science (ICAESS 2025), 2026, pp 432-448 from Springer

Abstract: Abstract This research examines the effect of environmental, social, and gov-ernance (ESG) disclosure on firm value in the energy sector listed on the Indone-sia Stock Exchange during 2021–2023. Using a quantitative method, the study employs panel data regression with a fixed effect model. Data are collected from annual and sustainability reports and assessed using the GRI Standards 2021 guidelines. Firm value is measured through Tobin’s Q and processed using E-Views. The findings reveal that ESG disclosure does not significantly influence firm value when the dimensions are tested separately. Yet, when the three ESG dimensions are combined, they produce a significant effect. The study’s novelty lies in its focus on the energy sector, in contrast to previous research that largely centered on the public sector in Asia. Furthermore, the study purposely omits control variables and ESG controversy scores, emphasizing the direct influence of ESG components on firm value.

Keywords: Environmental Social Governance; ESG; Firm Value; Energy Sector (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-990-2_28

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DOI: 10.2991/978-94-6463-990-2_28

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