Preprint has been submitted for publication in journal
Preprint / Version 1

The Effect of Environmental, Social, and Governance (ESG) Disclosure on Firm Value with Leverage as a Mediating Variable and Financial Reporting Quality as a Moderating Variable

Pengaruh Environmental, Social, and Governance (ESG) Disclosure terhadap Nilai Perusahaan dengan Leverage sebagai Variabel Mediasi dan Kualitas Pelaporan Keuangan sebagai Variabel Moderasi

##article.authors##

DOI:

https://doi.org/10.21070/ups.11304

Keywords:

ESG Disclosure, Firm Value, Leverage, Financial Reporting Quality

Abstract

This study examines the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with leverage as a mediating variable and financial reporting quality as a moderating variable. The research is motivated by the importance of sustainability information in investment decisions and inconsistent findings regarding ESG, leverage, and firm value. A quantitative approach was applied using data from non-financial companies listed on the Indonesia Stock Exchange during 2016–2024. Overall, 644 observations were analyzed using regression analysis and Hayes PROCESS Model 7. Results show that ESG disclosure has a positive and significant effect on firm value but a negative and insignificant effect on leverage. Leverage positively and significantly affects firm value but does not mediate the relationship between ESG disclosure and firm value. Financial reporting quality does not significantly moderate the ESG–leverage relationship. These findings confirm ESG disclosure directly enhances firm value, while its influence through capital structure remains limited.

Downloads

Download data is not yet available.

References

R. D. Putra and R. Gatino, “Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan,” Esensi: Jurnal Bisnis dan Manajemen, vol. 11, no. 1, 2021. doi: 10.15408/ess.v11i1.20338

W. Widya and E. Mulyani, “Pengaruh ESG Risk Terhadap Nilai Perusahaan dengan Karakteristik CEO sebagai Variabel Moderasi,” JURNAL EKSPLORASI AKUNTANSI, vol. 7, no. 3, pp. 1191–1203, Aug. 2025, doi: 10.24036/jea.v7i3.2909.

J. Jeanice and S. S. Kim, “Pengaruh Penerapan ESG Terhadap Nilai Perusahaan di Indonesia,” Owner, vol. 7, no. 2, pp. 1646–1653, Apr. 2023, doi: 10.33395/owner.v7i2.1338.

A. T. Firmansyah and S. L. Hexana, “Pengaruh Sustainability Report Disclosure, Profitabilitas, Dan Penghindaran Pajak Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Pemoderasi,” Jurnal Ekonomi Trisakti, vol. 4, no. 1, pp. 331–340, Jan. 2024, doi: 10.25105/jet.v4i1.19036.

A. Dinarjito, “The Influence of ESG Performance on Firm Value with Cash Holding as a Moderating Variable,” Jurnal Ilmiah Akuntansi Kesatuan, vol. 13, no. 3, pp. 497–510, Jun. 2025, doi: 10.37641/jiakes.v13i3.3227.

V. M. Putri and D. N. Taurusianingsih, “Pengaruh Struktur Kepemilikan Perusahaan Terhadap Nilai Perusahaan Yang Dimediasi Oleh Pengungkapan Environmental, Social, and Governance (ESG) Pada Perusahaan IDX80 Periode 2019-2023,” Jurnal Ecogen, vol. 8, no. 2, p. 367, Jun. 2025, doi: 10.24036/jmpe.v8i2.17283.

D. Situmorang and I. D. Bimo, “PENGARUH SUSTAINABILITY REPORTING TERHADAP NILAI PERUSAHAAN DENGAN KUALITAS AUDIT SEBAGAI VARIABEL MODERASI,” Jurnal Manajemen, vol. 20, no. 1, Oct. 2023, doi: 10.25170/jm.v20i1.3281.

M. Aydoğmuş, G. Gülay, and K. Ergun, “Impact of ESG performance on firm value and profitability,” Dec. 01, 2022, Borsa Istanbul Anonim Sirketi. doi: 10.1016/j.bir.2022.11.006.

A. Mahmood, A. Mehmood, S. Terzani, F. De Luca, and H. G. Djajadikerta, “The effect of ESG disclosure on firm value in the European context,” Management Decision, 2025, doi: 10.1108/MD-10-2024-2480.

H. An, C. Ran, and Y. Gao, “Does ESG information disclosure increase firm value? The mediation role of financing constraints in China,” Res. Int. Bus. Finance, vol. 73, no. Part A, p. 102584, Jan. 2025, doi: 10.1016/j.ribaf.2024.102584.

N. G. P. Negara, G. Ishak, and R. E. A. Priambodo, “Impact of ESG Disclosure Score on Firm Value: Empirical Evidence From ESG Listed Company in Indonesia Stock Exchange,” European Journal of Business and Management Research, vol. 9, no. 2, pp. 114–118, Apr. 2024, doi: 10.24018/ejbmr.2024.9.2.2064.

H. Rohendi, I. Ghozali, and D. Ratmono, “Environmental, social, and governance (ESG) disclosure and firm value: the role of competitive advantage as a mediator,” Cogent Business and Management, vol. 11, no. 1, 2024, doi: 10.1080/23311975.2023.2297446.

T. N. Bui, X. H. Nguyen, and K. T. Pham, “The Effect of Capital Structure on Firm Value: A Study of Companies Listed on the Vietnamese Stock Market,” International Journal of Financial Studies, vol. 11, no. 3, Sep. 2023, doi: 10.3390/ijfs11030100.

A. Lestari, N. K. Ichsanti, and S. Ningsih, “Capital Structure and Its Effects on Firm Performance and Value: Evidence from Non-Financial Firms in Southeast Asia,” JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi), vol. 9, no. 3, pp. 503–511, Dec. 2025, doi: 10.36555/jasa.v9i3.2921.

A. Y. H. Saif-Alyousfi, A. Alsadan, and H. Alalmaee, “Profitability and Capital Intensity: Moderating Role of Debt Financing,” Economies, vol. 13, no. 11, Nov. 2025, doi: 10.3390/economies13110324.

D. L. Tran and Q. K. Nguyen, “The moderating effect of monetary policy and ESG practices on the relationship between leverage and firm value in ASEAN-5 emerging countries,” Appl. Econ., 2025, doi: 10.1080/00036846.2025.2467289.

M. Misrah and A. Arifin, “Relationship Of Financial Leverage On Investment Decisions And Firms’ Value: Evidence From Indonesia Manufacturing Companies,” JAS (Jurnal Akuntansi Syariah), vol. 8, no. 2, pp. 184–202, Dec. 2024, doi: 10.46367/jas.v8i2.1897.

F. Nadhilah, H. S. Widjaja, and R. F. Kaban, “Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan,” Gorontalo Accounting Journal, vol. 5, no. 2, p. 174, Oct. 2022, doi: 10.32662/gaj.v5i2.2165.

A. P. Purba, S. D. Sidauruk, and M. Munawarah, “Pengaruh Leverage, Ukuran Perusahaan, Kinerja Keuangan, Keputusan Investasi terhadap Nilai Perusahaan Manufaktur di BEI,” Owner: Riset dan Jurnal Akuntansi, vol. 4, no. 2, 2020. doi: 10.33395/owner.v4i2.297

T. T. Tawfiq, H. Tawaha, A. Tahtamouni, and N. A. Almasria, “The Influence of Environmental, Social, and Governance Disclosure on Capital Structure: An Investigation of Leverage and WACC,” Journal of Risk and Financial Management, vol. 17, no. 12, Dec. 2024, doi: 10.3390/jrfm17120570.

S. F. de Sousa Silva, F. M. Peixoto, and M. Fodra, “Are ESG performance and leverage connected? Analysis of companies listed on the B3 stock exchange,” Revista de Administracao Mackenzie, vol. 26, no. 4, 2025, doi: 10.1590/1678-6971/eRAMF250016.

N. Malik and S. Kashiramka, “ESG disclosure and its impact on firm leverage: Moderating role of quality of financial reporting and financial constraints,” Global Finance Journal, vol. 65, 2025, doi: 10.1016/j.gfj.2025.101099.

A. Hamrouni, A. Uyar, and R. Boussaada, “Are corporate social responsibility disclosures relevant for lenders? Empirical evidence from France,” Management Decision, vol. 58, no. 2, pp. 267–279, Dec. 2019, doi: 10.1108/MD-06-2019-0757.

D. Z. X. Huang, “Environmental, social and governance factors and assessing firm value: valuation, signalling and stakeholder perspectives,” Accounting and Finance, vol. 62, no. S1, pp. 1983–2010, Apr. 2022, doi: 10.1111/acfi.12849.

N. Malik and S. Kashiramka, “‘Impact of ESG disclosure on firm performance and cost of debt: Empirical evidence from India,’” J. Clean. Prod., vol. 448, Apr. 2024, doi: 10.1016/j.jclepro.2024.141582.

A. Oktrivina, N. Nelyumna, H. Harnovinsah, S. Atikah, and A. P. Sujana, “Pengaruh ESG score terhadap kinerja keuangan,” Jurnal Akuntansi dan Manajemen, vol. 22, no. 2, pp. 117–134, Jun. 2025, doi: 10.36406/jam.v22i2.186.

W. Mahendra and S. A. Sahibuddin, “Determinan Nilai Perusahaan pada Sektor Perusahaan Properti dan Real Estate di Indeks Saham Syariah Indonesia,” Nominal Barometer Riset Akuntansi dan Manajemen, vol. 11, no. 2, pp. 220–232, Nov. 2022, doi: 10.21831/nominal.v11i2.49191.

A. Sholekha and C. D. Astuti, “The Effect Of Esg Disclosure On Firm Value (Study Of Industrial Sector Companies Listed On The Indonesia Stock Exchange In 2021-2024),” Eduvest - Journal of Universal Studies, vol. 4, no. 9, pp. 7611–7627, Sep. 2024, doi: 10.59188/eduvest.v4i9.1625.

F. K. Putra and M. A. Budastra, “THE MEDIATING ROLE OF FINANCIAL PERFORMANCE IN ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) AND FIRM VALUE,” Jurnal Akuntansi Bisnis, vol. 17, no. 1, p. 1, Feb. 2024, doi: 10.30813/jab.v17i1.4931.

D. C. Sumarno, W. Andayani, and Y. W. Prihatiningtyas, “The Effect of Environmental, Social and Governance (ESG) Assessment on Firm Value with Profitability as a Mediating Variable,” Asia Pacific Management and Business Application, vol. 12, no. 1, pp. 55–64, Aug. 2023, doi: 10.21776/ub.apmba.2023.012.01.4.

F. Zhang, X. Qin, and L. Liu, “The interaction effect between ESG and green innovation and its impact on firm value from the perspective of information disclosure,” Sustainability (Switzerland), vol. 12, no. 6, Mar. 2020, doi: 10.3390/su12051866.

A. M. Minggu, J. Aboladaka, and G. F. Neonufa, “Environmental, Social dan Governance (ESG) dan Kinerja Keuangan Perusahaan Publik di Indonesia,” Owner, vol. 7, no. 2, pp. 1186–1195, Apr. 2023, doi: 10.33395/owner.v7i2.1371.

S. Wu, X. Li, X. Du, and Z. Li, “The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure,” Sustainability (Switzerland), vol. 14, no. 21, Nov. 2022, doi: 10.3390/su142114507.

X. Yu and K. Xiao, “Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises,” Sustainability (Switzerland), vol. 14, no. 24, Dec. 2022, doi: 10.3390/su142416940.

S. Rastogi, K. Singh, and J. Kanoujiya, “Firm’s value and ESG: the moderating role of ownership concentration and corporate disclosures,” Asian Review of Accounting, vol. 32, no. 1, pp. 70–90, Jul. 2023, doi: 10.1108/ARA-10-2022-0266.

H. Chen, “ESG and Leverage Adjustment: Based on Stakeholder Theory and Signaling Theory,” Advances in Economics, Management and Political Sciences, vol. 72, no. 1, pp. 82–91, May 2024, doi: 10.54254/2754-1169/72/20240689.

W. Li, P. Padmanabhan, and C.-H. Huang, “ESG and debt structure: Is the nature of this relationship nonlinear?,” International Review of Financial Analysis, vol. 91, p. 103027, 2024, doi: https://doi.org/10.1016/j.irfa.2023.103027.

B. Qu and X. Mo, “ESG Performance and Corporate Leverage Manipulation,” Accounting and Corporate Management, vol. 6, no. 5, 2024, doi: 10.23977/acccm.2024.060515.

M. Shan and J. Zhu, “Do ESG ratings inhibit corporate leverage manipulation? The moderating effects of internal and external supervision,” Sustainability Accounting, Management and Policy Journal, vol. 16, no. 5, pp. 1269–1302, Apr. 2024, doi: 10.1108/SAMPJ-08-2023-0542.

A. R. Utami, S. SW, and D. R. Indriastuti, “Pengaruh Financial Leverage dan Operating Leverage Terhadap Profitabilitas pada Perusahaan Sektor Transportasi yang Terdaftar di Bursa Efek Indonesia Periode 2020-2022,” PENG: Jurnal Ekonomi dan Manajemen, vol. 2, no. 1, pp. 437–447, 2024, doi: doi.org/10.62710/28gr6634.

H. Hasriani, S. Sugianto, N. Nursyamsuriana, S. Sutriana, R. Mauna, and J. Jumriani, “The Effect of Financial Leverage on Earnings Per Share and Return on Equity,” Journal La Bisecoman, vol. 6, no. 4, pp. 772–784, Oct. 2025, doi: 10.37899/journallabisecoman.v6i4.2654.

D. F. Aliani and R. Kuswanto, “Analisis Pengaruh Leverage, Profitabiltas, Likuiditas dan Ukuran Perusahaan Terhadap Financial Distress,” Atestasi : Jurnal Ilmiah Akuntansi, vol. 8, no. 2, pp. 319–335, Jul. 2025, doi: 10.57178/atestasi.v8i2.1619.

A. M. B. Aritonang, E. Safrida, and J. L. Sibarani, “Pengaruh Leverage dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi: Studi pada Perusahaan Sektor Industri di Bursa Efek Indonesia Periode 2020–2023,” Owner, vol. 9, no. 4, pp. 3299–3311, Oct. 2025, doi: 10.33395/owner.v9i4.2806.

F. Prasetya Margono and R. Gantino, “INFLUENCE OF FIRM SIZE, LEVERAGE, PROFITABILITY, AND DIVIDEND POLICY ON FIRM VALUE OF COMPANIES IN INDONESIA STOCK EXCHANGE,” Copernican Journal of Finance & Accounting, vol. 10, no. 2, pp. 45–61, Sep. 2021, doi: 10.12775/cjfa.2021.007.

R. A. Kusumaningrum and K. Nahda, “Pengaruh Koneksi Politik, Profitabilitas, dan Leverage terhadap Perataan Laba dengan Kepemilikan Institusional sebagai Variabel Moderasi pada Perusahaan Sektor Pertambangan yang Tercatat di BEI,” Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, vol. 1, no. 4, pp. 168–182, 2022, [Online]. Available: https://journal.uii.ac.id/selma/index

R. Dewi and B. Soedaryono, “PENGARUH PROFITABILITAS, LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2017-2021,” Jurnal Ekonomi Trisakti, vol. 3, no. 1, pp. 1831–1840, Feb. 2023, doi: 10.25105/jet.v3i1.16209.

T. Timotius and I. R. Setyawan, “Pengaruh Pertumbuhan, Leverage, Profitabilitas, dan Kebijakan Dividen terhadap Nilai Perusahaan,” Jurnal Manajerial Dan Kewirausahaan, vol. 5, no. 1, pp. 56–65, Jan. 2023, doi: 10.24912/jmk.v5i1.22513.

A. A. Wardhana and H. Hersugondo, “Economic and Business Horizon Environmental, Social, and Governance Disclosure Effects on Firm Value, Profitability, and Capital Structure in Indonesia,” Economic and Business Horizon, vol. 4, no. 2, 2025.

H. R. Dewi and M. Muhyarsyah, “ESG disclosure, capital structure, and profitability in explaining firm value of Indonesia’s IDX ESG Leaders: Some notes from Islamic finance perspectives‎,” Journal of Islamic Economics Lariba, vol. 12, no. 1, pp. 1–30, Sep. 2025, doi: 10.20885/jielariba.vol12.iss1.art1.

L. N. Ilma and N. I. Wahyuni, “PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN AGROINDUSTRI DI INDONESIA,” E-JURNAL AKUNTANSI TSM, vol. 5, no. 2, 2025, [Online]. Available: http://jurnaltsm.id/index.php/EJATSM

Q. L. Huynh, M. E. Hoque, P. Susanto, W. A. Watto, and M. Ashraf, “Does Financial Leverage Mediates Corporate Governance and Firm Performance?,” Sustainability, vol. 14, no. 20, p. 13545, Oct. 2022, doi: 10.3390/su142013545.

R. B. Amanamah, “Corporate Governance, Financial Leverage, External Audit Quality, and Financial Reporting Quality in Ghanaian Companies,” Financial Markets, Institutions and Risks, vol. 8, 2024, doi: 10.61093/fmir.8(1).43-62.2023.

I. H. Shakri, J. Yong, and E. Xiang, “Does capital structure mediate the relationship between corporate governance compliance and firm performance? Empirical evidence from Pakistan,” Journal of Asia Business Studies, vol. 19, no. 2, pp. 408–428, Feb. 2025, doi: 10.1108/JABS-08-2023-0315.

G. Birindelli, A. Quas, M. Rancan, and D. Vandone, “How important are ESG ratings for financial institutions? Evidence from corporate leverage ratios across Europe,” International Review of Economics and Finance, vol. 102, Sep. 2025, doi: 10.1016/j.iref.2025.104398.

X. Yang, T. Yang, J. Lv, and S. Luo, “The Impact of ESG on Excessive Corporate Debt,” Sustainability (Switzerland), vol. 16, no. 16, Aug. 2024, doi: 10.3390/su16166920.

N. Malik, S. Kashiramka, and P. Sharma, “ESG disclosures and capital structure: An analysis of debt and equity dynamics in India,” International Review of Economics & Finance, vol. 105, p. 104890, Jan. 2026, doi: 10.1016/j.iref.2026.104890.

V. H. Nguyen, “Corporate social responsibility disclosure and firm value: a signaling theory perspective,” Journal of Economics and Development, vol. 27, no. 2, pp. 114–128, May 2025, doi: 10.1108/JED-02-2024-0067.

F. A. Aryonanto and T. Dewayanto, “Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) dan Kualitas Laporan Keuangan pada Efisiensi Investasi,” DIPONEGORO JOURNAL OF ACCOUNTING, vol. 11, no. 3, pp. 1–9, 2022, [Online]. Retrieved from https://ejournal3.undip.ac.id/index.php/accounting/article/view/36382

A. Yuniar, A. Puteri, and S. Rahmadini, “Profitabilitas, Leverage, dan ESG Disclosure: Faktor Kunci dalam Meningkatkan Nilai Perusahaan di Sektor Energi dan Barang Baku pada Indeks ESGL,” Indonesian Journal of Auditing and Accounting (IJAA) 2025, vol. 2, no. 2, pp. 3032–6273, 2025, doi: https://doi.org/10.71188/ijaa.v2i2.148.

M. A. Khan, N. Safdar, and W. Manzoor, “Financial Reporting Quality and Investment Efficiency: A Transnational Evidence,” Pakistan Journal of Commerce and Social Sciences, vol. 2024, no. 2, pp. 285–305, 2024. doi: 10.64534/Commer.2024.041

J. P. Takona, “Research design: qualitative, quantitative, and mixed methods approaches / sixth edition,” Qual. Quant., vol. 58, no. 1, pp. 1011–1013, 2024, doi: 10.1007/s11135-023-01798-2.

A. Hamdouni, “Value Creation Through Environmental, Social, and Governance (ESG) Disclosures,” Journal of Risk and Financial Management, vol. 18, no. 8, Aug. 2025, doi: 10.3390/jrfm18080415.

V. Nuriza, S. Biduri, E. Maryanti, and W. Hariyanto, “Women on Boards as Moderator of ESG Disclosure, Profitability Toward Company Performance,” Jurnal Ekonomi, vol. 30, no. 2, pp. 314–334, Aug. 2025, doi: 10.24912/je.v30i2.3121.

A. Sari and E. Maryanti, “The Nexus between Intellectual Capital, CSR, and GCG: The Role of Profitability in Increasing Company Value,” Journal of Accounting and Business Education, vol. 9, no. 1, 2024, doi: 10.17977/jabe.v9i1.53449.

A. Nur Aulia, R. Indah Mustikawati, and S. Hariyanto, “PROFITABILITAS, UKURAN PERUSAHAAN DAN INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN,” Jurnal Riset Mahasiswa Manajemen, vol. 6, no. 1, p. 1, Jun. 2020, doi: 10.21067/jrmm.v6i1.4463.

Y. Yuniasara and Khomsiyah, “Financial reporting quality, ownership structure and investment efficiency,” Jurnal Akademi Akuntansi, vol. 8, no. 2, May 2025, doi: 10.22219/jaa.v8i2.39296.

E. Maryanti and N. Zulfah, “Carbon Emission Disclosure, Intellectual Capital, Capital Structure on Financial Performance and Firm Value,” Jurnal Reviu Akuntansi dan Keuangan, vol. 15, no. 2, pp. 415–439, Jul. 2025, doi: 10.22219/jrak.v15i2.33698.

A. F. Hayes and N. J. Rockwood, “Conditional Process Analysis: Concepts, Computation, and Advances in the Modeling of the Contingencies of Mechanisms,” American Behavioral Scientist, vol. 64, no. 1, pp. 19–54, Jan. 2020, doi: 10.1177/0002764219859633.

D. R. Hutabarat and H. Hersugondo, “The impact of ESG disclosure on firm value: The moderating influence of board size within the Singaporean context,” AFRE (Accounting and Financial Review), vol. 9, no. 1, pp. 29–47, Apr. 2026, doi: 10.26905/afr.v9i1.16824.

Y. Zheng, S. Pu, X. Sun, and J. Gu, “Research on the Impact of ESG Performance on Firm Value,” Pol. J. Environ. Stud., Jun. 2026, doi: 10.15244/pjoes/205507.

E. Prayogo, R. Handayani, and T. Meitiawati, “ESG Disclosure dan Retention Ratio terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Pemoderasi,” Reviu Akuntansi dan Bisnis Indonesia, vol. 7, no. 2, pp. 368–379, Sep. 2023, doi: 10.18196/rabin.v7i2.18212.

A. B. M. Metwally, G. S. S. Abdalla, S. A. S. Aly, and M. A. S. Ali, “ESG Disclosure and Firm Value: Do Audit Committee Characteristics and Sustainability Committee Matter?,” International Journal of Financial Studies, vol. 13, no. 4, Dec. 2025, doi: 10.3390/ijfs13040188.

R. Xiao, M. Hou, and D. Kong, “When Does ESG Matter? Industry Heterogeneity of the ESG–Firm Value Relationship in Chinese Market,” Sustainable Operations and Computers, Oct. 2025, doi: 10.1016/j.susoc.2025.09.001.

F. Yildiz, F. Dayi, M. Yucel, and A. Cilesiz, “The Impact of ESG Criteria on Firm Value: A Strategic Analysis of the Airline Industry,” Sustainability (Switzerland), vol. 16, no. 19, Oct. 2024, doi: 10.3390/su16198300.

R. Jafar, Basuki, Windijarto, R. Setiawan, and A. Prabaswara, “Does Environmental, Social, and Governance (ESG) Disclosure Matter for Creditor? Empirical Evidence from Indonesia,” International Journal of Sustainable Development and Planning, vol. 19, no. 11, pp. 4377–4387, Nov. 2024, doi: 10.18280/ijsdp.191125.

Y. Zhao, K. B. bin A. Manaf, and H. bt Ayoup, “ESG, Climate Risk, and Debt Management—Evidence from Chinese Listed Companies,” International Journal of Financial Studies, vol. 13, no. 3, Sep. 2025, doi: 10.3390/ijfs13030118.

R. Amanda and H. T. Setijaningsih, “The Effect ESG, Profitability, and Company Size On Capital Structure and its Impact on Company Value,” Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), vol. 8, no. 3, 2025. doi: 10.31538/iijse.v8i3.7472

O. Okalesa, E. Rahma, and M. Irman, “The Influence of Environmental, Social And Governance (Esg) Disclosures on Company Performance and Company Capital Structure In Bank Sub-Sectors Listed on The Indonesia Stock Exchange For The Period 2017-2021,” LUCRUM : Jurnal Bisnis Terapan, vol. 4, no. 1, 2024, [Online]. Available: http://www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/lucrum/index

D. Oktaviani, A. Satriansyah, and E. Widianingrum, “The Effect of Profitability, Company Size and Leverage on Company Value,” Jurnal Ilmiah Akuntansi Kesatuan, vol. 12, no. 2, pp. 207–218, Apr. 2024, doi: 10.37641/jiakes.v12i2.2504.

H. T. Rejeki and S. Haryono, “PENGARUH LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DI INDONESIA,” INVOICE : JURNAL ILMU AKUNTANSI, vol. 3, no. 1, pp. 1–9, Mar. 2021, doi: 10.26618/inv.v3i1.4969.

N. D. Kusumawati, “Balancing Profit and Planet: How ESG Criteria Are Reshaping Capital Structure in Indonesia,” Jurnal Mebis (Manajemen dan Bisnis), vol. 9, no. 2, pp. 208–213, Dec. 2024, doi: 10.33005/mebis.v4i2.612.

J. Restuningsih and G. Gusni, “ESG, Audit Quality, and Political Connections on Firm Value: The Mediating Role of Leverage and Profitability,” Jurnal Akuntansi & Auditing Indonesia, vol. 29, no. 2, pp. 342–362, Dec. 2025, doi: 10.20885/jaai.vol29.iss2.art13.

A. R. Salsabila, I. Nasihin, and D. I. Fatihah, “The Effect of ESG Disclosure and Financial Reporting Timeliness on Firm Value Through Capital Structure (Primary Consumer Goods Sector on The Indonesia Stock Exchange, 2022-2024),” Sanskara Akuntansi dan Keuangan, vol. 4, no. 03, pp. 200–213, 2026, doi: 10.58812/sak.v4.i03.

F. Chen, O. K. Hope, Q. Li, and X. Wang, “Financial reporting quality and investment efficiency of private firms in emerging markets,” Accounting Review, vol. 86, no. 4, pp. 1255–1288, Jul. 2011, doi: 10.2308/accr-10040.

G. C. Biddle, G. Hilary, and R. S. Verdi, “How does financial reporting quality relate to investment efficiency?,” Journal of Accounting and Economics, vol. 48, no. 2–3, pp. 112–131, 2009, doi: 10.1016/j.jacceco.2009.09.001.

M. Zhong and L. Gao, “Does corporate social responsibility disclosure improve firm investment efficiency? Evidence from China,” Review of Accounting and Finance, vol. 16, no. 3, pp. 348–365, 2017, doi: 10.1108/RAF-06-2016-0095.

M. H. Zadeh, “The effect of corporate social responsibility transparency on corporate payout policies,” International Journal of Managerial Finance, vol. 17, no. 5, pp. 708–732, Oct. 2021, doi: 10.1108/IJMF-07-2020-0386.

Downloads

Additional Files

Posted

2026-07-16

Categories

License

Copyright (c) 2026 UMSIDA Preprints Server

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.