Analysis of the Impact of Environmental, Social, and Governance Disclosure and Return on Assets on Firm Value (Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange, 2022–2025 Period)
DOI:
https://doi.org/10.61166/demagogi.v4i6.217Keywords:
Environmental, Social, Governance Disclosure, Return on Assets, Firm Value, Price to Book ValueAbstract
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) Disclosure and Return on Assets (ROA) on Firm Value, proxied by Price to Book Value (PBV), in Food and Beverage subsector companies listed on the Indonesia Stock Exchange during the 2022–2025 period. This research employed a quantitative approach using secondary data obtained from annual reports, sustainability reports, and financial statements. The sample was selected using a purposive sampling technique, resulting in 18 companies with 72 observations over four years. Data were analyzed using multiple linear regression with IBM SPSS Statistics 25, following classical assumption testing. The results indicate that Environmental, Social, and Governance (ESG) Disclosure has a positive and significant effect on firm value, with a t-value of 5.468 and a significance level of 0.001. Return on Assets (ROA) also has a positive and significant effect on firm value, with a t-value of 4.401 and a significance level of 0.000. Simultaneously, ESG Disclosure and ROA have a positive and significant effect on firm value, as indicated by an F-value of 20.196 and a significance level of 0.000. The coefficient of determination (R Square) is 0.456, indicating that ESG Disclosure and ROA explain 45.6% of the variation in firm value, while the remaining 54.4% is influenced by other factors outside the scope of this study. The findings suggest that improving the quality of ESG disclosure and enhancing profitability through efficient asset utilization can increase firm value and strengthen investors' confidence. Therefore, companies are encouraged to improve sustainability practices and financial performance to maximize firm value.
Downloads
References
Andini, L. (2026). Reformulating agency theory within the framework of sharia-based accounting: A philosophical and ethical integration. Sym, 1(1). https://doi.org/10.12026/sym.v1i1.096
Antonetta, C. D. (2026). Pengaruh pengungkapan lingkungan, sosial, dan tata kelola (ESG) dan green accounting terhadap nilai perusahaan. Owner, 10(1). https://doi.org/10.33395/owner.v10i1.2955
Anwar. (2021). Dasar-dasar manajemen keuangan perusahaan (Winasari, Ed.). Kencana.
Arifin, Z. (2020). Manajemen keuangan. Zahir Publishing.
Aziza, M. (2026). Pengaruh skor environmental, social, dan governance terhadap nilai perusahaan: Studi empiris pada perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Kompetif, 9(2). https://doi.org/10.35446/akuntansikompetif.v9i2.2787
Azizah, A. N. (2026). Pengaruh profitabilitas, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan subsektor makanan dan minuman di BEI periode 2020–2024. ECo-Buss, 8(3), 2673–2685. https://doi.org/10.32877/eb.v8i3.3628
Creswell, J. W. (2022). Research design: Qualitative, quantitative, and mixed methods approaches. SAGE Publications.
Damayanti, S. (2025). The effect of capital structure, agency costs, and liquidity on financial performance (manufacturing companies listed on the Indonesia Stock Exchange). Journal of Economics Research, 8(1). https://doi.org/10.57178/jer.v8i1.1328
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (Edisi 10). Universitas Diponegoro.
Hadi, A. (2024). Environmental, social, governance (ESG) and company value: A food and beverage case study. Jurnal, 1(1).
Holly, A. (2026). Environmental, social, governance (ESG) disclosure and firm value: Role of firm size. Atma Jaya Accounting Research, 9(1), 103–123. https://doi.org/10.35129/s8bfrc02
Hutabarat, F. (2020). Analisis kinerja keuangan perusahaan. Desanta Muliavisitama.
Kasmir. (2019). Pengantar manajemen keuangan (Cetakan ke-2). Prenadamedia Group.
Kornelis, S. (2025). Pengaruh profitabilitas, leverage, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Literasi Akuntansi, 2(1), 12–26. https://doi.org/10.55587/jla.v5i1.140
Krisnayanti, D. (2024). Pengaruh profitabilitas, CSR dan ukuran perusahaan terhadap nilai perusahaan (subsektor makanan dan minuman BEI 2022–2024). OJS Universitas Ngurah Rai, 12(1). https://doi.org/10.47329/jurnalmbe.v12i1.1720
Mardiana, S. (2024). Pengaruh profitabilitas, likuiditas dan sustainability report terhadap nilai perusahaan (ISSI sektor food and beverage BEI 2021–2023). JIM Unisma, 4(2).
Mulatsih. (2025). Pengaruh ESG disclosure terhadap nilai perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2022–2024. Manajemen, 2(1).
Nasihin, I. (2025). Faktor penentu nilai perusahaan: Peran ukuran perusahaan dan profitabilitas di Indonesia. Gorontalo Accounting Journal, 8(1), 152–164. https://doi.org/10.32662/gaj.v8i1.4007
Nugraha, D. (2025). Metodologi penelitian: Teori dan praktik (N. Mayasari, Ed.). Widina Media Utama.
Pungky Dwi Asrianingtyas, S. (2025). Pengaruh environmental, social, dan governance disclosure terhadap nilai perusahaan pada perusahaan food product di ASEAN periode 2022–2023. Jurnal, 2(1).
Putri, C. H., Lestari, T., & Ritawaty, N. (2022). Pengaruh return on assets, equity dan earning per share terhadap harga saham sektor perbankan di Bursa Efek Indonesia. Owner, 6(2), 2230–2240. https://doi.org/10.33395/owner.v6i2.862
Putu, C. P. I. A. (2024). Pengaruh environmental social governance (ESG) score dan struktur modal terhadap nilai perusahaan. Jurnal Ilmiah Mahasiswa Akuntansi, 15(1). https://doi.org/10.23887/jimat.v15i01.76346
Sugeng, B. (2020). Manajemen keuangan fundamental. Deepublish.
Sugiyono. (2021). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Steven, C. M. (2026). ESG disclosure, firm size, leverage, and firm value: Evidence from Indonesia’s food and beverage sub-sector. International Journal of Economics and Management Research, 5(1), 289–300. https://doi.org/10.55606/ijemr.v5i1.641
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Yuliana Yuliana, Fauzi Isnaen, Ika Kurniawati
This work is licensed under a Creative Commons Attribution 4.0 International License.
