Analysis of the Effects of Environmental, Social, and Governance (ESG) Disclosure, Liquidity, and Profitability on Firm Value, with Stock Price Volatility as a Moderating Variable: A Case Study of IDX ESG Leaders
Keywords:
ESG Disclosure, Liquidity, Profitability, Firm Value, Stock Price Volatility, Moderated Regression Analysis
Abstract
This study aims to analyze the effects of Environmental, Social, and Governance (ESG) disclosure, liquidity, and profitability on firm value, as well as to test stock price volatility as a moderating variable for companies listed on the Indonesia Stock Exchange during the 2024–2025 period. Corporate value is measured using Tobin’s Q; liquidity is assessed using the Current Ratio (CR), Quick Ratio (QR), and Cash Ratio; and profitability is measured using ROE and ROA. The study employs a quantitative approach using secondary data from annual reports and financial statements, involving 30 companies or 60 observations. The analysis was conducted using panel data regression with the Fixed Effects Model (FEM) and Moderated Regression Analysis (MRA). The results indicate that ESG Disclosure, the Current Ratio, ROE, and ROA do not have a significant effect on firm value. Meanwhile, the Quick Ratio has a negative and significant effect, while the Cash Ratio has a positive and significant effect on firm value. Stock price volatility does not moderate the effects of ESG Disclosure, Current Ratio, ROE, and ROA, but it strengthens the effect of the Quick Ratio and weakens the effect of the Cash Ratio on firm value. These findings suggest that the role of stock price volatility as a moderating variable depends on the type of fundamental information investors use to evaluate firms.
References
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Murata, R., & Hamori, S. (2021). ESG Disclosures and Stock Price Crash Risk. Journal of Risk and Financial Management, 14(2). https://doi.org/10.3390/jrfm14020070
Novelia, H., Sumiati, A., & Fauzi, A. (2020). Pengaruh Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2018. Jurnal Bisnis, Manajemen, Dan Keuangan, 1(2).
Nugroho, D. P. D., Hsu, Y., Hartauer, C., & Hartauer, A. (2024). Investigating the Interconnection between Environmental, Social, and Governance (ESG), and Corporate Social Responsibility (CSR) Strategies: An Examination of the Influence on Consumer Behavior. Sustainability (Switzerland), 16(2). https://doi.org/10.3390/su16020614
Nuur, A. A., & Komara, E. F. (2024). The Effect Of Current Ratio, Debt To Assets Ratio, Total Assets Turnover, And Company Size On Company Value (Tobin’s Q) In Coal Sub Sector Companies Listed On The Indonesia Stock Exchange Period 2018-2022. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 12(3). https://doi.org/10.37676/ekombis.v12i3.6006
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Petronila, T. A., & Aprilianti, A. (2024). The Effect of Liquidity, Profitability, and Dividend on Firm Value: Role of Capital Structure. AJAR, 7(02). https://doi.org/10.35129/ajar.v7i02.517
Prasetiyo, R., & Annisa, D. (2025). Pengaruh Esg Disclosure, Green Accounting Dan Intellectual Capital Terhadap Firm Value. CURRENT: Jurnal Kajian Akuntansi Dan Bisnis Terkini, 6(3). https://doi.org/10.31258/current.6.3.526-537
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Putra, R. W., Nurdianti, S. F., Nuralam, N., Habbe, A. H., & Bandang, A. (2025). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) terhadap Reaksi Pasar: Peran Moderasi Volatilitas Harga Saham pada Perusahaan Transportasi dan Logistik Indonesia. Atestasi : Jurnal Ilmiah Akuntansi, 9(1). https://doi.org/10.57178/atestasi.v9i1.2021
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Sari, A. R., & Hariyani, D. S. (2024). ESG Disclosure To Financial Performance With Stock Price Volatility As A Moderation Variable. Assets: Jurnal Akuntansi Dan Pendidikan, 13(1). https://doi.org/10.25273/jap.v13i1.16971
Sari, E. N., & Napitupulu, J. G. P. (2026). Digital Transformation as a Strategy to Achieve Competitive Advantage: A Literature Review from a Strategic Management Perspective. Synergy: Journal of Business, Finance and Management, 2(1), 10–19.
Sidharta, K., & Kim, S. S. (2024). The Influence Of ESG Performance On Stock Price Volatility In Indonesia. Enrichment: Journal of Management, 14(3).
Steven, C. M., & Yanti, Y. (2026). ESG Disclosure, Firm Size, Leverage, and Firm Value: Evidence from Indonesia’s Food and Beverage Sub-Sector. International Journal of Economics and Management Research, 5(1). https://doi.org/10.55606/ijemr.v5i1.641
Suryani, N. R., & Djawoto. (2021). Pengaruh Likuiditas, Profitabilitas, Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan (Studi Pada Perusahaan Property and Real Estate yang Terdaftar di BEI). Jurnal Ilmu Dan Riset Manajemen, 10(1).
Syahida, St. D. M., Qhalbi, N., Agung, M. F., & Majid, J. (2025). Pengaruh Environmental , Social , and Governance (ESG) Disclosure Terhadap Kinerja Keuangan Perusahaan Pada Enam Bank Terbesar Di Indonesia. SIGARUDA JOURNAL: JURNAL ILMIAH BIDANG SOSIAL, EKONOMI, BUDAYA, TEKNOLOGI DAN PENDIDIKAN, 1(2).
Taha, R., Al-Omush, A., & Al-Nimer, M. (2023). Corporate sustainability performance and profitability: The moderating role of liquidity and stock price volatility - evidence from Jordan. Cogent Business and Management, 10(1). https://doi.org/10.1080/23311975.2022.2162685
Tumanggor, Y. A., & Isnaen, F. (2025). Pengaruh Return On Equity (Roe) dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2023. JIMU: Jurnal Ilmiah Multidisipliner, 04(01).
Ventury, R. I., & Oktaviani, Y. (2022). Pengaruh Current Ratio, Quick Ratio, Dan Cash Ratio Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Pada Periode 2016-2020. Jurnal Riset Akuntansi Dan Manajemen, 11(1).
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Zhang, X., Shan, Y. G., Zhang, Y., & Xing, C. (2025). Does ESG rating divergence affect the cost of corporate debt? Accounting and Finance, 65(3). https://doi.org/10.1111/acfi.13400
Zhao, J., Wang, M., Hong, S., & Tan, S. (2025). ESG rating divergence and financing constraints: Evidence from China. Journal of Environmental Management, 389. https://doi.org/10.1016/j.jenvman.2025.126188
Christy, E., & Sofie. (2023). Pengaruh Pengungkapan Environmental, Social, Dan Governance Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3899–3908. https://doi.org/10.25105/jet.v3i2.18233
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. In Journal of Management (Vol. 37, Number 1). https://doi.org/10.1177/0149206310388419
Connelly, B. L., Certo, S. T., Reutzel, C. R., DesJardine, M. R., & Zhou, Y. S. (2025). Signaling Theory: State of the Theory and Its Future. In Journal of Management (Vol. 51, Number 1). https://doi.org/10.1177/01492063241268459
Cristy, A., Alika, P. J., & Selvia, B. (2025). Pengaruh Debt to Equity Ratio, Return on Equity, dan Current Ratioterhadap Tobin’s Q pada Perusahaan Pharmaceutical and HealthcareResources yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan West Science, 4(03). https://doi.org/10.58812/jakws.v4i03.2629
Dsouza, S., Momin, M., Habibniya, H., & Tripathy, N. (2024). Optimizing performance through sustainability: the mediating influence of firm liquidity on ESG efficacy in African enterprises. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2423273
Ge, Y., Zhang, R., & Zhu, H. (2025). Green investors and ESG ratings divergence. Scientific Reports, 15(1). https://doi.org/10.1038/s41598-025-05329-x
Harahap, D. R. N., & Akbar, T. (2025). Apakah Tata Kelola Perusahaan yang Baik Menguatkan Hubungan Antara Pelaporan ESG dan Kinerja Keuangan? Sebuah Studi tentang Indeks IDX ESG Leaders. Jurnal Akuntansi Dan Ekonomika, 15(2).
Husada, E. V., & Handayani, S. (2021). Pengaruh Pengungkapan Esg Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Sektor Keuangan Yang Terdaftar Di Bei Periode 2017-2019). Jurnal Bina Akuntansi, 8(2). https://doi.org/10.52859/jba.v8i2.173
Insani, K. A., & Amalina, N. (2023). Analisis Rasio Likuiditas Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmu Ekonomi, Manajemen Dan Bisnis, 1(1). https://doi.org/10.30787/jiembi.v1i1.1178
Khamisu, M. S., & Paluri, R. A. (2024). Emerging trends of environmental social and governance (ESG) disclosure research. In Cleaner Production Letters (Vol. 7). https://doi.org/10.1016/j.clpl.2024.100079
Kurniawan, M., & Husodo, Z. A. (2023). The effect of ESG performance on stock price volatility: A study of emerging markets in Asia. BISMA (Bisnis Dan Manajemen). https://doi.org/10.26740/bisma.v16n1.p28-46
Li, Q., Liu, C., & Lin, Y. E. (2026). ESG and Firm Value: The Moderating Effects of Corporate Transparency and Institutional Environment. International Journal of Finance and Economics, 31(2). https://doi.org/10.1002/ijfe.70005
Lunawat, R. M., Elmarzouky, M., & Shohaieb, D. (2025). Integrating Environmental, Social, and Governance (ESG) Factors into the Investment Returns of American Companies. Sustainability (Switzerland), 17(19). https://doi.org/10.3390/su17198522
Luo, D. (2022). ESG, liquidity, and stock returns. Journal of International Financial Markets, Institutions and Money, 78. https://doi.org/10.1016/j.intfin.2022.101526
Malik, P. A., Mahmudi, B., & Mulyani, A. S. (2026). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Corporate Social Responsibility sebagai Variabel Moderating. Journal Social Society, 6(1). https://doi.org/10.54065/jss.6.1.2026.1050
Melinda, A., & Wardhani, R. (2020). The Effect Of Environmental, Social, Governance, And Controversies On Firms’ Value: Evidence From Asia. In International Symposia in Economic Theory and Econometrics (Vol. 27). https://doi.org/10.1108/S1571-038620200000027011
Murata, R., & Hamori, S. (2021). ESG Disclosures and Stock Price Crash Risk. Journal of Risk and Financial Management, 14(2). https://doi.org/10.3390/jrfm14020070
Novelia, H., Sumiati, A., & Fauzi, A. (2020). Pengaruh Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2018. Jurnal Bisnis, Manajemen, Dan Keuangan, 1(2).
Nugroho, D. P. D., Hsu, Y., Hartauer, C., & Hartauer, A. (2024). Investigating the Interconnection between Environmental, Social, and Governance (ESG), and Corporate Social Responsibility (CSR) Strategies: An Examination of the Influence on Consumer Behavior. Sustainability (Switzerland), 16(2). https://doi.org/10.3390/su16020614
Nuur, A. A., & Komara, E. F. (2024). The Effect Of Current Ratio, Debt To Assets Ratio, Total Assets Turnover, And Company Size On Company Value (Tobin’s Q) In Coal Sub Sector Companies Listed On The Indonesia Stock Exchange Period 2018-2022. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 12(3). https://doi.org/10.37676/ekombis.v12i3.6006
Nyakurukwa, K., & Seetharam, Y. (2023). Alternatives to the efficient market hypothesis: an overview. In Journal of Capital Markets Studies (Vol. 7, Number 2). https://doi.org/10.1108/JCMS-04-2023-0014
Petronila, T. A., & Aprilianti, A. (2024). The Effect of Liquidity, Profitability, and Dividend on Firm Value: Role of Capital Structure. AJAR, 7(02). https://doi.org/10.35129/ajar.v7i02.517
Prasetiyo, R., & Annisa, D. (2025). Pengaruh Esg Disclosure, Green Accounting Dan Intellectual Capital Terhadap Firm Value. CURRENT: Jurnal Kajian Akuntansi Dan Bisnis Terkini, 6(3). https://doi.org/10.31258/current.6.3.526-537
Prayogo, E., Sudarma, M., Purwanti, L., & Adib, N. (2026). Environmental, Social, And Governance (Esg) Disclosure And Firm Value In Indonesia: A Meta-Analysis. International Journal of Business and Society, 27(1). https://doi.org/10.33736/ijbs.12828.2026
Putra, R. W., Nurdianti, S. F., Nuralam, N., Habbe, A. H., & Bandang, A. (2025). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) terhadap Reaksi Pasar: Peran Moderasi Volatilitas Harga Saham pada Perusahaan Transportasi dan Logistik Indonesia. Atestasi : Jurnal Ilmiah Akuntansi, 9(1). https://doi.org/10.57178/atestasi.v9i1.2021
Putri, R., Honesty, F. F., & Honesty, H. N. (2024). Pengaruh environmental, social, governance (esg) disclosure, dan kinerja keuangan terhadap return saham. ECo-Buss.
Repi, S., Murni, S., & Adare, D. (2016). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Subsektor Perbankan Pada Bei Dalam Menghadapi MEA. Jurnal EMBA, 181(1).
Sakina, D. E. N., & Darmawan, A. (2024). Pengaruh Pengungkapan Environmental, Social, Governance (Esg) Terhadap Kinerja Keuangan Perusahaan Sub-Sektor Pertambangan Batu Bara Periode 2019 "“ 2022. JOURNAL OF APPLIED MANAGERIAL ACCOUNTING, 8(2). https://doi.org/10.30871/jama.v8i2.8034
Santoso, & Sasongko. (2022). Pengaruh Likuiditas, Profitabilitas, Dan Solvabilitas Terhadap Nilai Perusahaan Farmasi Terdaftar Di Bei. Jurnal Ilmu Dan Riset Manajemen, 11(10).
Saputri, S. R., Wiyono, G., & Kusumawardhani, R. (2022). Profitabilitas, Solvabilitas dan Likuiditas terhadap Nilai Perusahaan: Perusahaan Makanan dan Minuman di BEI Periode 2015-2020. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(4).
Sari, A. R., & Hariyani, D. S. (2024). ESG Disclosure To Financial Performance With Stock Price Volatility As A Moderation Variable. Assets: Jurnal Akuntansi Dan Pendidikan, 13(1). https://doi.org/10.25273/jap.v13i1.16971
Sari, E. N., & Napitupulu, J. G. P. (2026). Digital Transformation as a Strategy to Achieve Competitive Advantage: A Literature Review from a Strategic Management Perspective. Synergy: Journal of Business, Finance and Management, 2(1), 10–19.
Sidharta, K., & Kim, S. S. (2024). The Influence Of ESG Performance On Stock Price Volatility In Indonesia. Enrichment: Journal of Management, 14(3).
Steven, C. M., & Yanti, Y. (2026). ESG Disclosure, Firm Size, Leverage, and Firm Value: Evidence from Indonesia’s Food and Beverage Sub-Sector. International Journal of Economics and Management Research, 5(1). https://doi.org/10.55606/ijemr.v5i1.641
Suryani, N. R., & Djawoto. (2021). Pengaruh Likuiditas, Profitabilitas, Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan (Studi Pada Perusahaan Property and Real Estate yang Terdaftar di BEI). Jurnal Ilmu Dan Riset Manajemen, 10(1).
Syahida, St. D. M., Qhalbi, N., Agung, M. F., & Majid, J. (2025). Pengaruh Environmental , Social , and Governance (ESG) Disclosure Terhadap Kinerja Keuangan Perusahaan Pada Enam Bank Terbesar Di Indonesia. SIGARUDA JOURNAL: JURNAL ILMIAH BIDANG SOSIAL, EKONOMI, BUDAYA, TEKNOLOGI DAN PENDIDIKAN, 1(2).
Taha, R., Al-Omush, A., & Al-Nimer, M. (2023). Corporate sustainability performance and profitability: The moderating role of liquidity and stock price volatility - evidence from Jordan. Cogent Business and Management, 10(1). https://doi.org/10.1080/23311975.2022.2162685
Tumanggor, Y. A., & Isnaen, F. (2025). Pengaruh Return On Equity (Roe) dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2023. JIMU: Jurnal Ilmiah Multidisipliner, 04(01).
Ventury, R. I., & Oktaviani, Y. (2022). Pengaruh Current Ratio, Quick Ratio, Dan Cash Ratio Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Pada Periode 2016-2020. Jurnal Riset Akuntansi Dan Manajemen, 11(1).
Wardana, M. R. C., Rafidah, R., & Muthmainnah, M. (2024). Pengaruh ROA, ROE, DAR dan DER Terhadap Harga Saham Pada Perusahaan Manufaktur Di JII. Jurnal Administrasi Dan Manajemen, 14(2). https://doi.org/10.52643/jam.v14i2.3564
Waruwu, J. S., & Hendrajaya, H. (2025). Pengaruh Kinerja Keuangan dan Kebijakan Dividen terhadap Nilai Perusahaan pada Perusahaan Sektor Pertambangan di Bursa Efek Indonesia. Journal of Education, Humaniora and Social Sciences (JEHSS), 7(4). https://doi.org/10.34007/jehss.v7i4.2622
Ying, Q., Yousaf, T., Ain, Q. ul, Akhtar, Y., & Rasheed, M. S. (2019). Stock Investment and Excess Returns: A Critical Review in the Light of the Efficient Market Hypothesis. In Journal of Risk and Financial Management (Vol. 12, Number 2). https://doi.org/10.3390/jrfm12020097
Zhang, X., Shan, Y. G., Zhang, Y., & Xing, C. (2025). Does ESG rating divergence affect the cost of corporate debt? Accounting and Finance, 65(3). https://doi.org/10.1111/acfi.13400
Zhao, J., Wang, M., Hong, S., & Tan, S. (2025). ESG rating divergence and financing constraints: Evidence from China. Journal of Environmental Management, 389. https://doi.org/10.1016/j.jenvman.2025.126188
Published
2026-09-18
How to Cite
Putra, R. H., Djanegara, M. S., & Hasibuan, D. H. (2026). Analysis of the Effects of Environmental, Social, and Governance (ESG) Disclosure, Liquidity, and Profitability on Firm Value, with Stock Price Volatility as a Moderating Variable: A Case Study of IDX ESG Leaders. International Journal of Economics, Business and Innovation Research, 5(05), 4695-4714. https://doi.org/10.63922/ijebir.v5i05.6585
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