Panel data regression analysis reveals ESG and profitability do not affect firm value in energy sector firms, suggesting size lacks moderating influence.
Key Points
Firm size does not moderate the relationship between ESG and firm value, indicating no significant interaction.
Panel data regression results showed that both ESG and profitability fail to impact firm value in the energy sector.
This research spans energy sector companies listed on the Indonesia Stock Exchange from 2020 to 2024, using detailed panel data.
The findings suggest that despite previous assumptions, ESG practices and profitability have negligible effects on firm value.