This study aims to obtain empirical evidence of the effect of ESG disclosure and board gender diversity on firm value, with financial performance as a mediator, in companies listed in the SRI-KEHATI stock index on the Indonesia Stock Exchange from 2019 to 2023. The sample was determined using a purposive sampling method, resulting in 50 firm-year observations. The collected data were analyzed using path analysis with SPSS software and the Sobel test. The results reveal that ESG disclosure has no effect on financial performance and firm value. Board gender diversity, however, has a positive effect on both financial performance and firm value. Additionally, financial performance has a positive effect on firm value. Furthermore, financial performance is able to mediate the effect of board gender diversity on firm value. Conversely, financial performance is not able to mediate the effect of ESG disclosure on firm value. These findings provide insights for companies listed in the SRI-KEHATI stock index on the Indonesia Stock Exchange in making business decisions by implementing gender-diverse boards and managing their assets effectively to attract investors to make investment decisions.
Hermawaty et al. (Mon,) studied this question.
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