Peran Ukuran Perusahaan sebagai Moderator dalam Pengaruh ESG Disclosure pada Nilai Perusahaan

Andrea, Felisita Viona Putri (2026) Peran Ukuran Perusahaan sebagai Moderator dalam Pengaruh ESG Disclosure pada Nilai Perusahaan. Undergraduate thesis, Universitas Katolik Musi Charitas.

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Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on firm value with firm size as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange for the period 2021–2024. Company value is proxied by Tobin's Q, while ESG disclosure is measured using the ESG disclosure index. This study uses a quantitative approach with secondary data obtained from companies' annual reports and sustainability reports. The data analysis technique used is Moderated Regression Analysis (MRA) with the help of SPSS software. The results show that company size cannot moderate the effect of ESG disclosure on company value. This finding indicates that company size is not a determining factor in strengthening the relationship between ESG disclosure and company value in the manufacturing sector. Thus, the effectiveness of ESG disclosure in increasing company value is determined more by the quality and substance of the disclosure than by the scale of the company. The main conclusion of this study confirms that ESG disclosure is not yet fully perceived as an economically valuable signal by the market in the context of manufacturing companies in Indonesia.

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