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August 22, 2025International Journal of Research and ReviewOpen Access

Firm Size as Moderator of ESG, Dividend Policy, And Efficiency Impact on Firm Value: Evidence from Indonesia's Energy Sector

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Authors

SLSevi ListianahMercu Buana UniversityAKAugustina KurniasihMercu Buana University

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Implication

Quantitative analysis finds firm size moderates the effects of ESG disclosure and efficiency on firm value in the energy sector, indicating varied market perceptions.

Key Points

  • ESG disclosure negatively impacts firm value, yet larger firms can turn this effect positive with strong financial health.
  • Total Asset Turnover shows a positive influence on firm value, but this reverses for larger firms with complex operations.
  • Dividend policy positively affects firm value and remains consistent regardless of firm size, reflecting confidence in future cash flow.
  • The analysis of nine energy companies listed on the Indonesia Stock Exchange highlights varied implications based on firm size.

Cite This Study

Listianah et al. (2025) studied this question.

synapsesocial.com/papers/68af76bf7567bf4f94feff2fhttps://doi.org/10.52403/ijrr.20250842
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1ESG Disclosure, Intellectual Capital, and Firm Value in the Energy Sector in Indonesia: The Moderating Role of Firm Size2025
  2. 2Corporate Governance, ESG Disclosure, and Firm Value: Evidence from Public Companies in Indonesia2025 · 5 citations
  3. 3THE ROLE OF ENVIRONMENTAL, SOCIAL, GOVERNANCE AND FIRM SIZE IN ENHANCING FIRM VALUE2025
  4. 4The Impact of Environmental, Social, Governance (ESG) and Profitability on Firm Value Moderated by Firm Size2025
  5. 5ESG Disclosure and Financial Performance: The Moderating Role of Firm Size in Indonesian Banking Sector2025 · 4 citations