ESG and Firm Value: The Moderating Role of Stock Returns and EPS

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Analysis reveals ESG negatively affects firm value in public companies, highlighting stock returns as a significant moderator.

ESG has a negative impact on firm value, suggesting its implementation does not guarantee increased value.
Panel regression analysis shows the interaction between ESG and stock returns significantly amplifies this negative effect.
Earnings per share does not act as a significant moderator in the relationship between ESG and firm value.
Findings indicate that effective management strategies are necessary to improve firm value alongside ESG initiatives.

Mandasari et al. (2025) studied this question.

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