The Role of ESG Disclosure in Moderation of the Influence of Capital Structure, Profitability, and Liquidity on the Value of Companies Listed in the ESGL Index in 2020-2024

Dicky Yulvarizal

doi:10.38142/jogta.v5i1.1994

Authors

Dicky Yulvarizal University of Riau

DOI:

https://doi.org/10.38142/jogta.v5i1.1994

Keywords:

ESG Disclosure, Debt to Equity Ratio, Return on Assets, Current Ratio, Price to Book Value, Firm Value

Abstract

This study aims to analyze the effect of capital structure, profitability, and liquidity on firm value, as well as to examine the role of ESG Disclosure as a moderating variable in companies listed in the ESG Leaders Index (IDXESGL) during the 2020–2024 period. The study employs an explanatory research approach with a quantitative method to obtain information that can be used to address the research problems. The population of this study consists of all companies listed in the IDX ESG Leaders Index (IDXESGL) issued by the Indonesia Stock Exchange (IDX). From the total population, 33 companies met the predetermined sampling criteria and characteristics. This study employed Statistical Product and Service Solutions (SPSS) as the analytical tool to examine the relationships among the research variables. The results indicate that the Debt to Equity Ratio (DER) has a significant effect on Price to Book Value (PBV). These findings suggest that optimally managed debt utilization is capable of increasing firm value through enhanced financing capacity, operational activities, and business growth opportunities. Therefore, a higher DER within an optimal threshold tends to increase firm value. This study also reveals that ESG Disclosure is able to moderate the effect of Debt to Equity Ratio (DER) on Price to Book Value (PBV) by weakening the relationship. This finding indicates that investors not only consider the company’s level of debt utilization but also pay attention to sustainability factors and corporate risks through ESG disclosure practices.

References

Ali, N. B. M., Ali Hussin, H. A. A., Mohammed, H. M. F., Mohmmed, K. A. A. H., Almutiri, A. A. S., & Ali, M. A. (2025). The Effect of Environmental, Social, and Governance (ESG) Disclosure on the Profitability of Saudi-Listed Firms: Insights from Saudi Vision 2030. Sustainability (Switzerland), 17(7), 1–25. https://doi.org/10.3390/su17072977

Atiningsih, S., & Wahyuni, A. N. (2017). Pengaruh Firm Size, Sales Growth, Struktur Aset, Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012 – 2017). Journal Akuntansi, 2(3), 47–68.

Bita, F. Y., Hermuningsih, S. & Maulida, A. (2023). Pengaruh Profitabilitas Likuiditas dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Journal Syntax Transformation, 2(3), 298–306.

Bursa Efek Indonesia. (2020). Annual Report Perbankan. https://www.idx.co.id/id/hasil-pencarian?q=Financial%20and%20Annual%20Report&p=1.

Ferdila, Mustika, I., & Martina, S. (2023). Pengaruh Firm Size, Likuiditas, Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sub Sektor Barang Konsumsi Yang Terdaftar di Bursa Efek Indonesia. Owner: Riset & Jurnal Akuntansi, 7, 3274–3284.

Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 Edisi 10. In Badan Penerbit Universitas Diponegoro (10th ed., Vol. 7, Issue 1). Badan Penerbit Universitas Diponegoro.

Hariyanto, D. B., & Ghozali, I. (2024). Pengaruh Environmental, Social, Governance (ESG) Disclosure Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting, 13, 1–13.

Hidayat, I., & Khotimah, K. (2022). Pengaruh Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan sub sektor kimia. Jurnal Ilmiah Akuntansi Kesatuan, 10(1), 1–8. https://doi.org/10.37641/jiakes.v10i1.1175

Irawan, D., & Kusuma, N. (2019). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Journal Aktual STIE Trisna Negara, 17(1), 66–81.

Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423

Kurniawan, Bangun, N., & Wijaya, H. (2019). Pengaruh Ukuran Perusahaan, Struktur Modal, Dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan. STATERA: Jurnal Akuntansi Dan Keuangan, 1(1), 1–15. https://doi.org/10.33510/statera.2019.1.1.1-15

Kusuma, A. G., & Sari, D. (2025). The Influence of Profitability, Leverage, Liquidity, and ESG Scores on the Firm Value of LQ45 Low Carbon Leaders Index Listed Companies for the Period 2021 – 2024. Journal Research Social, Science, Economic and Management, 5(01), 2090–2107.

Lukman Suryadi, A. T. (2020). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Terhadap Nilai Perusahaan. Jurnal Paradigma Akuntansi, 2(1), 108. https://doi.org/10.24912/jpa.v2i1.7138

Nathanael, R. F., & Panggabean, R. R. (2021). pengaruh struktur modal, profitabilitas, leverage dan growth opportunity terhadap nilai perusahaan. balance: Jurnal Akuntansi, Auditing Dan Keuangan, 17(2), 175–200. https://doi.org/10.25170/balance.v17i2.2262

Sari, Permata, D., Putri, W. A., Neldi, M., & Candra, Y. (2021). Pengaruh Intellectual Capital, Struktur Modal dan Ukuran Perusahaan Terhadap Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2018. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 23(2), 235–244.

Sari, R., Rifan, D. F., & Selvina, M. (2025). Pengaruh Pengungkapan Sustainability Report, Kinerja Lingkungan, Dan Struktur Modal Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Jurnal Keuangan Dan Manajemen Terapan, 6(1).

Sholekah, F. W., & Lintang, L. (2021). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Leverage, Firm Size Dan Corporate Social Responsibility Terhadap Nilai Perusahaan Pada Perusahaan High Profile Yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2008-2012. Jurnal Ilmu Manajemen, 2.

Willyanto, V. F., & Setyawan, I. R. (2022). pengaruh liquidity, profitability, dan dividend policy terhadap firm value. Jurnal Manajerial Dan Kewirausahaan, 04(03), 597–606.