The study employs a quantitative descriptive approach using secondary data in the form of financial statements, annual reports, and sustainability reports from manufacturing companies. The sample selection was conducted using purposive sampling, resulting in 35 manufacturing companies as the sample for the study. Data was analyzed using the SmartPLS application. The results indicate that environmental, social, and governance aspects have a significant positive impact on company value. However, the moderation test results indicate that corporate sustainability is not able to significantly strengthen the relationship between environmental, social, and governance and company value. This suggests that the higher the quality of disclosure and implementation of ESG principles by companies, the higher the increase in company value.
Dinda et al. (Sat,) studied this question.