PENGARUH ESG TERHADAP NILAI PERUSAHAAN NON-KEUANGAN DI ASEAN 5 TAHUN 2019-2023: EFEK MODERASI UKURAN PERUSAHAAN

RAMADHANIA, SHAFIRA SALSABILA and Muthia, Fida (2025) PENGARUH ESG TERHADAP NILAI PERUSAHAAN NON-KEUANGAN DI ASEAN 5 TAHUN 2019-2023: EFEK MODERASI UKURAN PERUSAHAAN. Undergraduate thesis, Sriwijaya University.

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Abstract

This study aims to empirically examine the effect of Environmental, Social, and Governance (ESG) disclosure on the firm value of non-financial companies in ASEAN-5 (Indonesia, Malaysia, Singapore, Thailand, and the Philippines) during the period 2019–2023, as well as the moderating role of firm size. Firm value is proxied by Tobin’s Q as the dependent variable. ESG disclosure serves as the independent variable, firm size as the moderating variable, and country dummy variable are included to capture differences in country characteristics. The data were obtained from Refinitiv Workspace, comprising a total of 1,290 observations, and analyzed using panel data regression with STATA 17. The results show that ESG disclosure has a negative and significant effect on firm value at the aggregated ASEAN-5 level, as well as individually in Indonesia, Malaysia, Singapore, and Thailand. However, the effect is not significant in the Philippines. Firm size positively and significantly moderates the relationship between ESG and firm value at the regional level, and in Indonesia, Malaysia, and Thailand, but is not significant in Singapore and the Philippines. These findings indicate that the impact of ESG disclosure on firm value varies across ASEAN-5 countries.

Item Type:	Thesis (Undergraduate)
Uncontrolled Keywords:	ESG Disclosure, Nilai Perusahaan, Tobin's Q, Ukuran Perusahaan, Moderasi, ASEAN 5
Subjects:	H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. Corporation finance
Divisions:	01-Faculty of Economics > 61201-Management (S1)
Depositing User:	Shafira Salsabila Ramadhania
Date Deposited:	14 Jul 2025 07:25
Last Modified:	14 Jul 2025 07:25
URI:	http://repository.unsri.ac.id/id/eprint/178351

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