This study examines the effect of Capital Structure, Environmental Social Governance (ESG), and Liquidity on Firm Value with Firm Size as a Moderating Variable, using data from the Indonesia Stock Exchange (IDX) in 2020- 2022 with the SPSS analysis method. The results showed that capital structure and ESG had no significant effect on firm value, while liquidity had a significant positive effect. In addition, firm size moderates the relationship between capital structure and liquidity on firm value, with a stronger relationship in larger firms. However, firm size does not moderate the relationship between ESG and firm value. These findings provide important insights for practitioners and policymakers on the factors that influence firm value and the importance of considering firm size in capital and liquidity management
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Afifah et al. (2024) studied this question.
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