This research investigates the impact of ESG disclosure, capital structure, profitability, and firm size on company value among issuers listed in the IDX ESG Leaders (IDXESGL) index during the 2021–2023 period. Company value is assessed using the Tobin's Q ratio. The independent variables in this study are ESG disclosure, capital structure (measured by the Debt to Equity Ratio), profitability (measured by Return on Assets), and firm size (measured by the natural logarithm of total assets). Employing a quantitative method with multiple linear regression analysis and SPSS for data processing, the study uses purposive sampling to select 18 companies, resulting in 54 total observations. The findings indicate that both ESG disclosure and profitability significantly and positively influence company value, while capital structure has a significant negative effect. Firm size, however, does not show a significant influence. These results align with stakeholder and signaling theories, suggesting that enhanced ESG transparency and financial efficiency contribute to long-term value creation.
Anisa et al. (Sun,) studied this question.