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August 18, 2025AJAROpen Access

The Impact of Environmental, Social, and Governance Disclosure on Firm Value with Profitability as a Moderating Variable

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ESG disclosure positively influences firm value, showing a significant relationship.
Profitability acts as a quasi-moderator, enhancing the positive effects of ESG on firm value.
Moderated regression analysis was utilized to assess the interaction between ESG disclosure and profitability.
The study focused on 92 non-financial companies listed on the Indonesia Stock Exchange from 2021 to 2023.

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Research demonstrates ESG disclosure positively affects firm value in non-financial firms, suggesting profitability may enhance this relationship.

Tansil et al. (2025) studied this question.

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Research demonstrates ESG disclosure positively affects firm value in non-financial firms, suggesting profitability may enhance this relationship.