This study aims to analyze the effect of Environmental, Social, and Governance (ESG) performance on company value, with financial performance as an intervening variable. The population in this study were commercial banks listed on the Indonesia Stock Exchange (IDX) during the period of 2019–2023, with a sample of 10 companies selected using purposive sampling. The variables used in this study are Environmental Performance, Social Performance, Governance Performance, Financial Performance proxied by ROA, and Company Value proxied by PBV. The data were analyzed using Panel Data Regression Analysis processed using Eviews9 software. The results indicate that Environmental Performance has a significant negative effect on Company Value but a significant positive effect on Financial Performance. Social Performance has a significant positive effect on Firm Value but a negative effect on Financial Performance. Meanwhile, Governance Performance does not have a significant effect on either Firm Value or Financial Performance. Financial Performance has a significant positive impact on Firm Value and is able to mediate the influence of Environmental Performance and Social Performance on Firm Value, but it is unable to mediate the influence of Governance Performance on Firm Value.
Sakina et al. (2025) studied this question.