THE EFFECT OF ESG AND CAPITAL STRUCTURE ON FIRM VALUE IN ASEAN-5
Trefwoorden:
ESG, Capital Structure, Firm Value, ASEAN-5Samenvatting
The research is driven by the increasing demand for sustainable finance and the inconsistency of previous findings in emerging markets. This quantitative study addresses heteroskedasticity and cross-sectional correlation using panel data regression with Driscoll-Kraay Standard errors. A total of 1,070 observations for 2015-2024 are generated by the sample, which includes 107 non-financial companies in five ASEAN-5 countries. The t-test results indicate that the influence depends on the firm value proxy used. ESG and DER were not statistically significant in Model 1 (Tobin's Q). Nevertheless, PBV was significantly and positively impacted by both primary variables in Model 2 (PBV). The regression model (F-test) was statistically significant overall. These results suggest that the ASEAN-5 capital market is highly responsive to ESG and optimal debt usage (DER) when value is measured by PBV, which is consistent with both the Trade-off Theory and the Stakeholder Theory. The implication is that management is encouraged to prioritize ESG investments strategically, as these have been shown to improve market valuation (PBV) substantially.
Referenties
Arvidsson, S., & Dumay, J. (2022). Corporate Esg Reporting Quantity, Quality And Performance: Where To Now For Environmental Policy And Practice? Business Strategy And The Environment, 31(3), 1091–1110. Https://Doi.Org/10.1002/Bse.2937
Ary, E., Naibaho, B., & Raudhotuzanah, D. (2025). The Role Of Esg And External Assurance In Firm Performance: External Assurance As A Moderator. Jasf: Journal Of Accounting And Strategic Finance, 8(1), 110–132. Https://Doi.Org/10.33005/Jasf.V8i1.572
Ayem, S., & Nugroho, R. (2016). Pengaruh Profitabilitas, Struktur Modal, Kebijakan Deviden, Dan Keputusan Investasi Terhadap Nilai Perusahaan (Vol. 4, Number 1).
Brigham, E. F. ., & Houston, J. F. . (2019). Fundamentals Of Financial Management. Thomson/South-Western.
Chen, F., Liu, Y. Hu, & Chen, X. Zhao. (2024). Esg Performance And Business Risk—Empirical Evidence From China’s Listed Companies. Innovation And Green Development, 3(3). Https://Doi.Org/10.1016/J.Igd.2024.100142
Davis, & Jamie. (2024). Environmental, Social And Governance Scores From Lseg Environmental, Social And Governance Scores From Lseg 2.
Desipradani, G., & Sa’diyah, H. (2024). Pengaruh Keputusan Investasi, Profitabilitas, Dan Struktur Modal Terhadap Nilai Perusahaan.
Dewi Kusuma Wardani, O., & Maria Eka Putri Djando, S. (2022). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2020). In Jpdsh Jurnal Pendidikan Dasar Dan Sosial Humaniora (Vol. 1, Number 8). Https://Bajangjournal.Com/Index.Php/Jpdsh
Dewi Sartika, U., & Siddik, Adah. (2019). Pengaruh Inflasi, Suku Bunga, Nilai Tukar, Dan Produk Domestik Bruto Terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen, 9(2). Https://Doi.Org/10.32502/Jimn.Vxix.Xxxx
Husnaint, W., & Basuki, B. (2020). Asean Corporate Governance Scorecard: Sustainability Reporting And Firm Value. Journal Of Asian Finance, Economics And Business, 7(11), 315–326. Https://Doi.Org/10.13106/Jafeb.2020.Vol7.No11.315
Jeanice, J., & Kim, S. S. (2023). Pengaruh Penerapan Esg Terhadap Nilai Perusahaan Di Indonesia. Owner, 7(2), 1646–1653. Https://Doi.Org/10.33395/Owner.V7i2.1338
Kuckertz, A., Brändle, L., Gaudig, A., Hinderer, S., Morales Reyes, C. A., Prochotta, A., Steinbrink, K. M., & Berger, E. S. C. (2020). Startups In Times Of Crisis – A Rapid Response To The Covid-19 Pandemic. Journal Of Business Venturing Insights, 13. Https://Doi.Org/10.1016/J.Jbvi.2020.E00169
Naibaho, E. A. B., & Hardiata, F. (2025). The Influence Of Organizational Slack On Firm Performance Moderated By Managerial Ability. Jurnal Akuntansi Dan Keuangan, 27(1), 1–22. Https://Doi.Org/10.9744/Jak.27.1.1-22
Nursetya, R. P., & Nur Hidayati, L. (2021). How Does Firm Size And Capital Structure Affect Firm Value? Journal Of Management And Entrepreneurship Research, 1(2). Https://Doi.Org/10.34001/Jmer.2020.12.01.2-7
Oktaviani, M., Rosmaniar, A., Hadi, S., Ekonomi, F., Universitas, B., & Surabaya, M. (2019). Pengaruh Ukuran Perusahaan (Size) Dan Struktur Modal Terhadap Nilai Perusahaan. In Jurnal Balance: Xvi (Number 1).
Olivia, T., Riswandari, E., Iona Nelson, C., Ilmu Sosial Dan Humaniora, F., & Bunda Mulia Koresponden, U. (2025). Nilai Perusahaan Yang Dipengaruhi Oleh Esg Score, Retention Ratio Dan Ukuran Perusahaan. Manajemen Dan Akuntansi, 28(1). Https://Doi.Org/10.35591/Wahana.V
Pereira, P., Céu Cortez, M., & Silva, F. (2018). Socially Responsible Investing And The Performance Of European Bond Portfolios.
Prabawati, P. I., & Rahmawati, I. P. (2022). The Effects Of Environmental, Social, And Governance (Esg) Scores On Firm Values In Asean Member Countries. Jurnal Akuntansi Dan Auditing Indonesia, 26(2), 2022. Https://Doi.Org/10.20885/Jaai.Vol26.I
Putu, I. A., Paramitha, C., Devi, S., Ekonomi, J., & Akuntansi, D. (2024). Pengaruh Enviromental Social Governance (Esg) Score Dan Struktur Modal Terhadap Nilai Perusahaan. In Jurnal Ilmiah Mahasiswa Akuntansi ) Universitas Pendidikan Ganesha (Vol. 15). Www.Ksei.Co.Id,
Sany, S., Novica, C., & Valentina, C. (2024). Do Board Multiple Directorships And Esg Score Drive Firm Value? Study Of Non-Financial Companies In Thailand. Jurnal Akuntansi Dan Keuangan, 26(1), 67–76. Https://Doi.Org/10.9744/Jak.26.1.67-76
Sofiani, L., & Siregar, E. M. (2022). Analisis Pengaruh Roa, Cr Dan Dar Terhadap Nilai Perusahaan Sektor Makanan Dan Minuman. Jurnal Ilmiah Akuntansi Kesatuan, 10(1), 9–16. Https://Doi.Org/10.37641/Jiakes.V10i1.1183
Suryatna, I. K. D. (2023). The Effect Of Institutional Ownership, Sales Growth, Firm Size On Tax Avoidance With Corporate Social Responsibility As A Moderating Variable. International Journal Of Social Science And Business, 7(3), 618–629. Https://Doi.Org/10.23887/Ijssb.V7i3.55757
Tarmuji, I., Maelah, R., & Tarmuji, N. H. (2016). The Impact Of Environmental, Social And Governance Practices (Esg) On Economic Performance: Evidence From Esg Score. International Journal Of Trade, Economics And Finance, 7(3), 67–74. Https://Doi.Org/10.18178/Ijtef.2016.7.3.501
Xaviera, A., Rahman, A., Program, ), Akuntansi, S., Ekonomi, F., Bisnis, D., & Artikel, P. (2023). Pengaruh Kinerja Esg Terhadap Nilai Perusahaan Dengan Siklus Hidup Perusahaan Sebagai Moderasi : Bukti Dari Indonesia. Jurnal Akuntansi Bisnis, 16(2), 226–247. Https://Doi.Org/10.30813/Jab.V16
Zhong, S., Hou, J., Li, J., & Gao, W. (2022). Exploring The Relationship Of Esg Score And Firm Value Using Fsqca Method: Cases Of The Chinese Manufacturing Enterprises. Frontiers In Psychology, 13. Https://Doi.Org/10.3389/Fpsyg.2022.1019469
