THE MODERATING ROLE The Moderating Role of Firm Values in ESG Disclosure: An Integrated Signaling and Legitimacy Theory
AN INTEGRATED SIGNALING AND LEGITIMACY THEORY
Keywords:
ESG Disclosure; Firm Value; Stock Liquidity
Abstract
Environmental, Social, and Governance (ESG) disclosure is crucial for enhancing investor confidence through sustainable business practices. However, not all high-value performance firms in Indonesia apply or complete ESG disclosure. This study analyzes the moderating role of Firm Value in the effect of ESG disclosure on Stock Liquidity. It also examines the direct effect of Firm Value on Stock Liquidity. The study uses data from LQ 45 companies on the Indonesia Stock Exchange (2020-2024) and a moderated regression model. The results show that Firm Value strengthens the positive effect of ESG disclosure on Stock Liquidity. ESG disclosure and Firm Value also directly affect Stock Liquidity. This finding implies that high-value companies receive a more favorable market response to ESG disclosure. Strong Firm Values can increase investor attractiveness and company Stock Liquidity by extending Signaling theory integrated with Legitimacy theory.
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References
Adiasih, P., & Lianawati, V. (2018). Asymmetry and Governance of Corporate Social Responsible Disclosure in Indonesia. Doctoral dissertation, Petra Christian University.
Al Amosh, H., & Khatib, S. F. (2022). Ownership structure and environmental, social, and governance performance disclosure: the moderating role of the board independence. Journal of Business and Socio-Economic Development, 2(1), 49-66. https://www.emerald.com/insight/2635-1374.htm
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87–103. http://www.unpri.org/signatories/signatories/.
Ardianto, F., & Sukardi, A. S. (2024). Environmental, Social, and Governance Disclosure on Sharia Stock Price Volatility Moderated by Liquidity. Scientific Journal of Islamic Economics, 10(3), 3171-3180. http://dx.doi.org/10.29040/jiei.v10i3.15431
Bhimavarapu, V. M., Rastogi, S., Gupte, R., Pinto, G., & Shingade, S. (2022). Does the Impact of Transparency and Disclosure on the Firm’s Valuation Depend on the ESG?. Journal of Risk and Financial Management, 15(9), 410. https://doi.org/10.3390/jrfm15090410
Brooks, C., & Oikonomou, I. (2018). The effects of environmental, social, and governance disclosures and performance on firm value: A Review of the Literature in Accounting and Finance, 50(1), 1–15. https://doi.org/10.1016/j.bar.2017.11.005
Cao, X., Mei, T., & Li, S. (2024). Research on the relationship between ESG disclosure quality and stock liquidity of Chinese listed companies. Green Finance, 6(1), 24. DOI: 10.3934/GF.20240
Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. D. (2013). The relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy, 32(5), 410–431. http://dx.doi.org/10.1016/j.jaccpubpol.2013.06.008
Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226%0A%0A
Ersoy, E., Swiecka, B., Grima, S., Özen, E., & Romanova, I. (2022). The impact of ESG scores on bank market value? Evidence from the US banking industry. Sustainability, 14(15), 9527. https://doi.org/10.3390/su14159527
Faransahad, G. F., & Wulandari, I. (2024). The Effect of Sustainability Report Disclosure and Intangible Asset Value on Company Financial Performance (Case Study on Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2018-2021 Period).EKONOMIKA45 Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 12(1), 1075–1089. https://doi.org/10.56709/mrj.v3i2.226
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, the environmental, social, and governance (ESG) disclosure, firm value, and firm performance: the audit committee as moderating variable. Economies, 10(12), 314. https://doi.org/10.3390/economies10120314
Ghozali, I. (2013). Multivariate Analysis Application with SPSS Program(T edition).
Ha, N. T. T., Nguyen, T. C., & Ho, N. T. B. (2024). The impact of environmental, social, and governance disclosure on stock prices. Empirical Research in Vietnam. Heliyon, 10(19), 1–10. https://doi.org/10.1016/j.heliyon.2024.e38757
Haddad, R. H., Haddad, A. E., Haddad, A., & Sawalha, N. (2024). Corporate Social Responsibility Disclosure and Stock Market Liquidity. The Case of Jordan. Sustainability, 16(1), 88. https://doi.org/10.3390/su16010088
Hayes, A. F. (2022). Introduction to Mediation, Moderation, and Conditional Process Analysis: A Regression-Based Approach. New York: Guilford.
Ho, L., Nguyen, V. H., & Dang, T. L. (2024). ). ESG and firm performance: do stakeholder engagement, financial constraints, and religiosity matter?. Journal of Asian Business and Economic Studies, 31(4), 263–276. https://doi.org/. https://www.emerald.com/insight/2515-964X.htm
Kusumo. (2024). Daftar Saham Ramah Lingkungan dengan Skor Tertinggi di Indeks ESG Leaders 2024. Bisnis.Com., https://hijau.bisnis.com/read/20240630/653/1778157/daftar-saham-ramah-lingkungan- (di upload tgl 1 juni 2025)
Lestari, N. D., Wahyuni, N., & Meldona, M. (2024). The Impact of ESG Performance on Firm Value with Moderation of Corporate Sustainable Growth Rate (Study on JII Indexed Companies for the 2021-2023 Period). Scientific Journal of Islamic Economics, 10(3), 3109–3118. https://dx.doi.org/10.29040/jiei.v10i3.15069
Li, L., Saat, M. M., & Jiayi, W. (2024). The Effect of ESG Disclosure on Firm Value: An Empirical Evidence from Chinese Listed Companies. International Journal of Academic Research in Business and Social Sciences, 14(1), 1091–1101. DOI:10.6007/IJARBSS/v14-i1/20524.
Liang, Y., Xue, C., & Zhang, J. (2023). The impact of ESG ratings on stock liquidity risk: Evidence from the Chinese market. Review of Integrative Business and Economics Research, 12(4), 1–16.
Liu, L., Nemoto, N., & Lu, C. (2023). The Effect of ESG performance on the stock market during the COVID-19 Pandemic—Evidence from Japan. Economic Analysis and Policy, 79, 702–712. https://doi.org/10.1016/j.eap.2023.06.038
Luthfiani, D. (2025). IDX Says 97 Percent of Issuers Make ESG Principle SR Reports. Stock Exchange News, 1. https://kabarbursa.com/market-hari-ini/113512
Mahendra, D. A., & Purwanto, A. (2024). The Effect of Profitability, Leverage, Liquidity, and Activity on Sustainability Report Disclosure and Company Value (Case Study on Non-Financial Companies Listed on the ESG Quality Index 45 KEHATI Indonesia Stock Exchange for the Period 2021-2023).Diponegoro Journal of Accounting, 13(4), 1–15.
Meng-tao, C., Da-peng, Y., Wei-qi, Z., & Qi-jun, W. (2023). How does ESG disclosure improve stock liquidity for enterprises—empirical evidence from China. Environmental. Environmental Impact Assessment Review, 98, 106926. https://doi.org/10.1016/j.eiar.2022.106926
Nguyen, H. T., & Nguyen, H. T. N. (2024). Stock price crash risk, liquidity, and institutional blockholders: evidence from Vietnam. Journal of Economics and Development, 26(3), 174–188. https://doi.org/10.1108/JED-09-2023-0177
Noviani, A. (2025). "BEI : 97% Emiten Patuh Sampaikan Laporan Keberlanjutan. Bisnis.Com. https://market.bisnis.com/read/20250110/192/1830697/bei-97-emiten-patuh-sampaikan-laporan-keberlanjutan?utm_source=chatgpt.com. (Upload, 27 Juni 2025)
Nipper, M., Ostermaier, A., & Theis, J. (2025). Mandatory disclosure of standardized sustainability metrics: The case of the EU Taxonomy Regulation. Corporate Social Responsibility and Environmental Management, 32(2), 2171–2190. https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.3046
Prasadhita, C., & Nawawi, M. (2024). The Financial Performance of ESG (Environmental, Social, and Governance) Star Listed Companies in Indonesia. Journal of Applied Business, Taxation and Economics Research, 3(5), 573–580. https://doi.org/https://doi.org/10.54408/jabter.v4i5
Permatasari, P., & Gunawan, J. (2023). Sustainability policies for small and medium enterprises: WHO are the actors?. Cleaner and Responsible Consumption, 9, 100–122. https://doi.org/10.1016/j.clrc.2023.100122.
Propheta, M., Irmadariyani, R., & Kustono, A. S. (2025). The Effect of ESG Disclosure and Financial Performance on Company Value with Company Size as a Control Variable on Companies Listed on the ESG Leaders Index. Asian Journal of Economics, Business and Accounting, 25(2), 49-63. https://doi.org/10.9734/ajeba%2F2025%2Fv25i21663
Pop, O. & Toni, L. (2023). the-state-of-esg-risk-across-industries--three-key-takeaways-from-our-annual-industry-reports. Sustainalytics.com, 1. https://www.sustainalytics.com/esg-research/resource/investors-esg-blog/the-state-of-esg-risk-across-industries--three-key-takeaways-from-our-annual-industry-reports. (Upload tgl 1 Juni 2025)
Qurniasih, R., Pramurindra, R., Fakhruddin, I., & Isna Inayati, N. (2024). The Effect of ESG Disclosure on Company Value with Good Corporate Governance Practices as a Moderating Variable.Accounting E-Journal, 35(2), 301–319 https://doi.org/10.24843/EJA.2025.v35.i02.p01.
Rahman, H. U., Zahid, M., & Al-Faryan, M. A. S. 2023 (2023). ESG and firm performance: The rarely explored moderation of sustainability strategy and top management commitment. Journal of Cleaner Production, 404, 136859. https://doi.org/https://doi.org/10.1016/j.jclepro.2023.136859
Rafi, M., & Hadiprajitno, P. T. B. (2024). Analysis of the Influence of Environmental, Social, and Governance (ESG) on Company Value (Empirical Study on the Textile Industry in Indonesia at the IDX for the Period 2020-2023).Diponegoro Journal of Accounting, 13(4), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting
Reny, A. R., Saleh, M. Y., & Sapiri, M. (2019). The effect of return on assets and Tobin's Q on stock trading volume in banking companies listed on the Indonesia Stock Exchange for the period 2013-2017.Indonesian Journal of Business and Management, 1(2), 9–16. https://journal.unibos.ac.id/jbm/article/view/294/54
Sahu, A. K., Debata, B., & Gherghina, Ş. C. (2025). Does Corporate Policy Risk Affect Stock Liquidity? Panel Data Evidence from Listed Companies in a Major Emerging Market. Economies, 13(2), 1–27. https://doi.org/10.3390/economies13020030
Shaikh, I. (2022). Environmental, social, and governance (ESG) practice and firm performance: an international evidence. Journal of Business Economics and Management, 23(1), 218-237. https://doi.org/10.3846/jbem.2022.16202
Shamsi, N. I., Quader, S. M., & Abdullah, M. N. (2022). Investigating the relationship between stock liquidity and firm value. Business Perspective Review, 4(2), 16-31. https://doi.org/10.38157/bpr.v4i2.450
Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Subagio, I. S. (2025). Peran Pengungkapan Esg Dalam Meningkatkan Nilai Perusahaan Melalui Kinerja Keuangan: Studi Pada Sektor Energi Dan Barang Baku 2019-2023. Jurnal TAMBORA, 9(1), 109–114. https://doi.org/10.36761/tambora.v9i1.5476
Tamasiga, P., Onyeaka, H., Bakwena, M., & Ouassou, E. H. (2024). Beyond compliance: evaluating the role of environmental, social, and governance disclosures in enhancing firm value and performance. SN Business & Economics, 4(10), 118. https://doi.org/10.1007/s43546-024-00714-6
Tang, H., Xiong, L., & Peng, R. (2024). The mediating role of investor confidence on ESG performance and firm value: Evidence from Chinese listed firms. Finance Research Letters, 61, 104988. https://doi.org/10.1016/j.frl.2024.104988
Tran, T. T., Ngo, X. T., & Nguyen, L. N. (2018). Relationship between Corporate Capital Structure and Stock Liquidity: Empirical Evidence in Vietnam. Asian Journal of Finance & Accounting, 10(2), 151166–151166. http://dx.doi.org/10.5296/ajfa.v10i2.13719
Wardani, I. A., Juanda, A., & Wicaksono, A. P. N. (2025). Structural ownership and ESG disclosure: Unveiling their impact on corporate financial performance. Journal of Accounting and Investment, 26(1), 314–334. http://dx.doi.org/10.18196/jai.v26i1.24193
Wang, K., Li, T., San, Z., & Gao, H. (2023). How does corporate ESG performance affect stock liquidity? Evidence from China. Pacific-Basin Finance Journal, 80, 102087. https://doi.org/10.1016/j.pacfin.2023.102087
Wong, J. B., & Zhang, Q. (2022). Stock market reactions to adverse ESG disclosure via media channels. The British Accounting Review, 54(1), 1–44. https://doi.org/10.1016/j.bar.2021.101045
Zhang, D., & Liu, L. (2022). Does ESG performance enhance financial flexibility? Evidence from China. Sustainability, 14(18), 11324. https://doi.org/https://doi.org/10.3390/su141811324
, Yahoo Finance. Stock Market News. https://finance.yahoo.com/(uploaded May 2, 2025)
----. (2023). IDX ESG leaders: Index Saham Yang Berkontribusi Dalam Keberlanjutan. BIONS.COM. https://www.bions.id/edukasi/saham/indeks-saham-idx-esg-leaders?utm_source=chatgpt.com (Upload tgl 1 Juni 2025)
Al Amosh, H., & Khatib, S. F. (2022). Ownership structure and environmental, social, and governance performance disclosure: the moderating role of the board independence. Journal of Business and Socio-Economic Development, 2(1), 49-66. https://www.emerald.com/insight/2635-1374.htm
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87–103. http://www.unpri.org/signatories/signatories/.
Ardianto, F., & Sukardi, A. S. (2024). Environmental, Social, and Governance Disclosure on Sharia Stock Price Volatility Moderated by Liquidity. Scientific Journal of Islamic Economics, 10(3), 3171-3180. http://dx.doi.org/10.29040/jiei.v10i3.15431
Bhimavarapu, V. M., Rastogi, S., Gupte, R., Pinto, G., & Shingade, S. (2022). Does the Impact of Transparency and Disclosure on the Firm’s Valuation Depend on the ESG?. Journal of Risk and Financial Management, 15(9), 410. https://doi.org/10.3390/jrfm15090410
Brooks, C., & Oikonomou, I. (2018). The effects of environmental, social, and governance disclosures and performance on firm value: A Review of the Literature in Accounting and Finance, 50(1), 1–15. https://doi.org/10.1016/j.bar.2017.11.005
Cao, X., Mei, T., & Li, S. (2024). Research on the relationship between ESG disclosure quality and stock liquidity of Chinese listed companies. Green Finance, 6(1), 24. DOI: 10.3934/GF.20240
Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. D. (2013). The relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy, 32(5), 410–431. http://dx.doi.org/10.1016/j.jaccpubpol.2013.06.008
Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226%0A%0A
Ersoy, E., Swiecka, B., Grima, S., Özen, E., & Romanova, I. (2022). The impact of ESG scores on bank market value? Evidence from the US banking industry. Sustainability, 14(15), 9527. https://doi.org/10.3390/su14159527
Faransahad, G. F., & Wulandari, I. (2024). The Effect of Sustainability Report Disclosure and Intangible Asset Value on Company Financial Performance (Case Study on Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2018-2021 Period).EKONOMIKA45 Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 12(1), 1075–1089. https://doi.org/10.56709/mrj.v3i2.226
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, the environmental, social, and governance (ESG) disclosure, firm value, and firm performance: the audit committee as moderating variable. Economies, 10(12), 314. https://doi.org/10.3390/economies10120314
Ghozali, I. (2013). Multivariate Analysis Application with SPSS Program(T edition).
Ha, N. T. T., Nguyen, T. C., & Ho, N. T. B. (2024). The impact of environmental, social, and governance disclosure on stock prices. Empirical Research in Vietnam. Heliyon, 10(19), 1–10. https://doi.org/10.1016/j.heliyon.2024.e38757
Haddad, R. H., Haddad, A. E., Haddad, A., & Sawalha, N. (2024). Corporate Social Responsibility Disclosure and Stock Market Liquidity. The Case of Jordan. Sustainability, 16(1), 88. https://doi.org/10.3390/su16010088
Hayes, A. F. (2022). Introduction to Mediation, Moderation, and Conditional Process Analysis: A Regression-Based Approach. New York: Guilford.
Ho, L., Nguyen, V. H., & Dang, T. L. (2024). ). ESG and firm performance: do stakeholder engagement, financial constraints, and religiosity matter?. Journal of Asian Business and Economic Studies, 31(4), 263–276. https://doi.org/. https://www.emerald.com/insight/2515-964X.htm
Kusumo. (2024). Daftar Saham Ramah Lingkungan dengan Skor Tertinggi di Indeks ESG Leaders 2024. Bisnis.Com., https://hijau.bisnis.com/read/20240630/653/1778157/daftar-saham-ramah-lingkungan- (di upload tgl 1 juni 2025)
Lestari, N. D., Wahyuni, N., & Meldona, M. (2024). The Impact of ESG Performance on Firm Value with Moderation of Corporate Sustainable Growth Rate (Study on JII Indexed Companies for the 2021-2023 Period). Scientific Journal of Islamic Economics, 10(3), 3109–3118. https://dx.doi.org/10.29040/jiei.v10i3.15069
Li, L., Saat, M. M., & Jiayi, W. (2024). The Effect of ESG Disclosure on Firm Value: An Empirical Evidence from Chinese Listed Companies. International Journal of Academic Research in Business and Social Sciences, 14(1), 1091–1101. DOI:10.6007/IJARBSS/v14-i1/20524.
Liang, Y., Xue, C., & Zhang, J. (2023). The impact of ESG ratings on stock liquidity risk: Evidence from the Chinese market. Review of Integrative Business and Economics Research, 12(4), 1–16.
Liu, L., Nemoto, N., & Lu, C. (2023). The Effect of ESG performance on the stock market during the COVID-19 Pandemic—Evidence from Japan. Economic Analysis and Policy, 79, 702–712. https://doi.org/10.1016/j.eap.2023.06.038
Luthfiani, D. (2025). IDX Says 97 Percent of Issuers Make ESG Principle SR Reports. Stock Exchange News, 1. https://kabarbursa.com/market-hari-ini/113512
Mahendra, D. A., & Purwanto, A. (2024). The Effect of Profitability, Leverage, Liquidity, and Activity on Sustainability Report Disclosure and Company Value (Case Study on Non-Financial Companies Listed on the ESG Quality Index 45 KEHATI Indonesia Stock Exchange for the Period 2021-2023).Diponegoro Journal of Accounting, 13(4), 1–15.
Meng-tao, C., Da-peng, Y., Wei-qi, Z., & Qi-jun, W. (2023). How does ESG disclosure improve stock liquidity for enterprises—empirical evidence from China. Environmental. Environmental Impact Assessment Review, 98, 106926. https://doi.org/10.1016/j.eiar.2022.106926
Nguyen, H. T., & Nguyen, H. T. N. (2024). Stock price crash risk, liquidity, and institutional blockholders: evidence from Vietnam. Journal of Economics and Development, 26(3), 174–188. https://doi.org/10.1108/JED-09-2023-0177
Noviani, A. (2025). "BEI : 97% Emiten Patuh Sampaikan Laporan Keberlanjutan. Bisnis.Com. https://market.bisnis.com/read/20250110/192/1830697/bei-97-emiten-patuh-sampaikan-laporan-keberlanjutan?utm_source=chatgpt.com. (Upload, 27 Juni 2025)
Nipper, M., Ostermaier, A., & Theis, J. (2025). Mandatory disclosure of standardized sustainability metrics: The case of the EU Taxonomy Regulation. Corporate Social Responsibility and Environmental Management, 32(2), 2171–2190. https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.3046
Prasadhita, C., & Nawawi, M. (2024). The Financial Performance of ESG (Environmental, Social, and Governance) Star Listed Companies in Indonesia. Journal of Applied Business, Taxation and Economics Research, 3(5), 573–580. https://doi.org/https://doi.org/10.54408/jabter.v4i5
Permatasari, P., & Gunawan, J. (2023). Sustainability policies for small and medium enterprises: WHO are the actors?. Cleaner and Responsible Consumption, 9, 100–122. https://doi.org/10.1016/j.clrc.2023.100122.
Propheta, M., Irmadariyani, R., & Kustono, A. S. (2025). The Effect of ESG Disclosure and Financial Performance on Company Value with Company Size as a Control Variable on Companies Listed on the ESG Leaders Index. Asian Journal of Economics, Business and Accounting, 25(2), 49-63. https://doi.org/10.9734/ajeba%2F2025%2Fv25i21663
Pop, O. & Toni, L. (2023). the-state-of-esg-risk-across-industries--three-key-takeaways-from-our-annual-industry-reports. Sustainalytics.com, 1. https://www.sustainalytics.com/esg-research/resource/investors-esg-blog/the-state-of-esg-risk-across-industries--three-key-takeaways-from-our-annual-industry-reports. (Upload tgl 1 Juni 2025)
Qurniasih, R., Pramurindra, R., Fakhruddin, I., & Isna Inayati, N. (2024). The Effect of ESG Disclosure on Company Value with Good Corporate Governance Practices as a Moderating Variable.Accounting E-Journal, 35(2), 301–319 https://doi.org/10.24843/EJA.2025.v35.i02.p01.
Rahman, H. U., Zahid, M., & Al-Faryan, M. A. S. 2023 (2023). ESG and firm performance: The rarely explored moderation of sustainability strategy and top management commitment. Journal of Cleaner Production, 404, 136859. https://doi.org/https://doi.org/10.1016/j.jclepro.2023.136859
Rafi, M., & Hadiprajitno, P. T. B. (2024). Analysis of the Influence of Environmental, Social, and Governance (ESG) on Company Value (Empirical Study on the Textile Industry in Indonesia at the IDX for the Period 2020-2023).Diponegoro Journal of Accounting, 13(4), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting
Reny, A. R., Saleh, M. Y., & Sapiri, M. (2019). The effect of return on assets and Tobin's Q on stock trading volume in banking companies listed on the Indonesia Stock Exchange for the period 2013-2017.Indonesian Journal of Business and Management, 1(2), 9–16. https://journal.unibos.ac.id/jbm/article/view/294/54
Sahu, A. K., Debata, B., & Gherghina, Ş. C. (2025). Does Corporate Policy Risk Affect Stock Liquidity? Panel Data Evidence from Listed Companies in a Major Emerging Market. Economies, 13(2), 1–27. https://doi.org/10.3390/economies13020030
Shaikh, I. (2022). Environmental, social, and governance (ESG) practice and firm performance: an international evidence. Journal of Business Economics and Management, 23(1), 218-237. https://doi.org/10.3846/jbem.2022.16202
Shamsi, N. I., Quader, S. M., & Abdullah, M. N. (2022). Investigating the relationship between stock liquidity and firm value. Business Perspective Review, 4(2), 16-31. https://doi.org/10.38157/bpr.v4i2.450
Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Subagio, I. S. (2025). Peran Pengungkapan Esg Dalam Meningkatkan Nilai Perusahaan Melalui Kinerja Keuangan: Studi Pada Sektor Energi Dan Barang Baku 2019-2023. Jurnal TAMBORA, 9(1), 109–114. https://doi.org/10.36761/tambora.v9i1.5476
Tamasiga, P., Onyeaka, H., Bakwena, M., & Ouassou, E. H. (2024). Beyond compliance: evaluating the role of environmental, social, and governance disclosures in enhancing firm value and performance. SN Business & Economics, 4(10), 118. https://doi.org/10.1007/s43546-024-00714-6
Tang, H., Xiong, L., & Peng, R. (2024). The mediating role of investor confidence on ESG performance and firm value: Evidence from Chinese listed firms. Finance Research Letters, 61, 104988. https://doi.org/10.1016/j.frl.2024.104988
Tran, T. T., Ngo, X. T., & Nguyen, L. N. (2018). Relationship between Corporate Capital Structure and Stock Liquidity: Empirical Evidence in Vietnam. Asian Journal of Finance & Accounting, 10(2), 151166–151166. http://dx.doi.org/10.5296/ajfa.v10i2.13719
Wardani, I. A., Juanda, A., & Wicaksono, A. P. N. (2025). Structural ownership and ESG disclosure: Unveiling their impact on corporate financial performance. Journal of Accounting and Investment, 26(1), 314–334. http://dx.doi.org/10.18196/jai.v26i1.24193
Wang, K., Li, T., San, Z., & Gao, H. (2023). How does corporate ESG performance affect stock liquidity? Evidence from China. Pacific-Basin Finance Journal, 80, 102087. https://doi.org/10.1016/j.pacfin.2023.102087
Wong, J. B., & Zhang, Q. (2022). Stock market reactions to adverse ESG disclosure via media channels. The British Accounting Review, 54(1), 1–44. https://doi.org/10.1016/j.bar.2021.101045
Zhang, D., & Liu, L. (2022). Does ESG performance enhance financial flexibility? Evidence from China. Sustainability, 14(18), 11324. https://doi.org/https://doi.org/10.3390/su141811324
, Yahoo Finance. Stock Market News. https://finance.yahoo.com/(uploaded May 2, 2025)
----. (2023). IDX ESG leaders: Index Saham Yang Berkontribusi Dalam Keberlanjutan. BIONS.COM. https://www.bions.id/edukasi/saham/indeks-saham-idx-esg-leaders?utm_source=chatgpt.com (Upload tgl 1 Juni 2025)
Published
2026-04-21
How to Cite
AYU, M. (2026). THE MODERATING ROLE The Moderating Role of Firm Values in ESG Disclosure: An Integrated Signaling and Legitimacy Theory . International Journal of Economics, Business, and Entrepreneurship, 9(1), 15-31. https://doi.org/10.23960/ijebe.v9i1.398
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Articles
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