ESG Disclosure, Intellectual Capital, and Firm Value in the Energy Sector in Indonesia: The Moderating Role of Firm Size

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Analysis shows ESG disclosure positively affects firm value while firm size moderates this relationship in the energy sector companies in Indonesia.

ESG disclosure significantly improves firm value, with larger firms facing challenges in translating this into high value.
The analysis highlighted that intellectual capital was not positively valued by the market in the energy sector, even leading to negative effects.
Utilizing a panel data regression method across 31 companies from the Indonesia Stock Exchange reveals complex relationships in firm value.
Firm size has a significant moderating impact, showing negative effects on firm value and suggesting issues faced by larger companies.

Maysari et al. (2025) studied this question.

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Analysis shows ESG disclosure positively affects firm value while firm size moderates this relationship in the energy sector companies in Indonesia.