ESG Disclosure, Green Investment, Sustainability Reporting Quality, and Firm Value: The Moderating Role of Firm Size in Indonesian Energy Companies
DOI:
10.47353/ecbis.v4i6.491Published:
2026-08-30Downloads
Abstract
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure, green investment, and sustainability reporting quality on firm value, with firm size as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange in 2024. The study employed a quantitative associative approach using secondary data obtained from annual reports, sustainability reports, and financial statements. Purposive sampling produced 65 observations that met the research criteria. Data were analyzed using Moderated Regression Analysis (MRA), supported by classical assumption tests and hypothesis testing. The findings indicate that ESG disclosure does not significantly affect firm value. In contrast, green investment and sustainability reporting quality have positive and significant effects on firm value. Firm size also has a positive and significant direct effect on firm value. However, firm size does not moderate the relationship between ESG disclosure, green investment, or sustainability reporting quality and firm value. Simultaneously, ESG disclosure, green investment, and sustainability reporting quality significantly affect firm value. The first regression model explains 36.0% of the variation in firm value, while the moderation model explains 74.4%. These findings imply that energy sector companies should prioritize concrete green investment initiatives and improve the quality, completeness, and credibility of sustainability reporting to strengthen market value and stakeholder confidence.
Keywords:
ESG disclosure Green Investment Sustainability Reporting Quality Firm Size Firm ValueReferences
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