The Effect Of Esg Disclosure, Csr Disclosure, And Green Investment On Firm Value With Firm Size As A Moderating Variable In Energy Sector Companies Listed On The Indonesia Stock Exchange

Divia Adiesabilla; Dedi Hariyanto; Heni Safitri

doi:10.55681/economina.v5i9.3997

Authors

Divia Adiesabilla Universitas Muhammadiyah Pontianak,Pontianak, Indonesia
Dedi Hariyanto Universitas Muhammadiyah Pontianak,Pontianak, Indonesia
Heni Safitri Universitas Muhammadiyah Pontianak,Pontianak, Indonesia

DOI:

https://doi.org/10.55681/economina.v5i9.3997

Keywords:

ESG Disclosure, CSR Disclosure, Green Investment, Firm Value, Firm Size.

Abstract

This study aims to analyze the effects of ESG Disclosure, CSR Disclosure, and Green Investment on Firm Value with Firm Size as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during 2023–2025. The study uses a quantitative approach with purposive sampling and Moderated Regression Analysis (MRA) using SPSS. The first model produces the equation Y = 2,597 + 0,077X1 − 0,834X2 − 2,170X3 + e, while the moderation model produces Y = 1,990 + 0,578X1 − 1,279X2 + 0,759X3 + 0,027Z − 0,017X1Z + 0,010X2Z − 0,112X3Z + e. The results show that ESG, CSR, and Green Investment simultaneously have a significant effect on Firm Value. Partially, ESG does not have a significant effect, while CSR and Green Investment have negative and significant effects on Firm Value. Firm Size has a positive and significant effect on Firm Value but is unable to moderate the effects of ESG, CSR, or Green Investment. The moderation model produces a coefficient of determination of 0,937, indicating that 93,7% of the variation in Firm Value can be explained by the variables in the model. The results indicate that Firm Size plays a greater role as a variable that directly affects Firm Value than as a moderating variable in the relationships between ESG Disclosure, CSR Disclosure, Green Investment, and Firm Value.

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