THE EFFECT OF ESG, ICD, AND PROFITABILITY ON FIRM VALUE WITH CORPORATE GOVERNANCE INDEX MODERATION
Abstract
Transformation paradigm business from orientation profit going to sustainability put Environmental Social Governance (ESG), Intellectual Capital Disclosure (ICD), and profitability as indicator important in evaluate firm value. This study aims For analyze the influence of ESG, ICD, and profitability to firm value, as well as role Corporate Governance Index (CGI) as variables moderation in companies sector energy listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. This study uses approach quantitative with method Partial Least Squares–Structural Equation Modeling (PLS-SEM). Research result show that ESG and profitability influential positive and significant to firm value, while ICD does not influential to firm value. CGI is also proven can strengthen connection between profitability to firm value whereas for ESG and ICD variables that are influenced by CGI not influential to firm vs. firm vs. firm. These findings underscore the importance of non-financial disclosure and corporate governance in shaping investor perceptions and improving market performance. The practical implications of this research are that companies need to strategically integrate ESG and ICD into their sustainability reports, while investors and regulators can utilize these indicators for more informed, sustainability-based decision-making.
References
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Pujiningsih, V. D. (2020). Pengaruh Sustainability Report Terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Pemoderasi. Jurnal Riset Akuntansi Dan Keuangan, 8(3), 579–594. https://doi.org/10.17509/jrak.v8i3.22841
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Saraswati, D., & Nugroho, R. (2023). Pengaruh Intellectual Capital Disclosure terhadap Nilai Perusahaan pada Sektor Energi dan Manufaktur. Jurnal Akuntansi Dan Keuangan Indonesia.
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Yulinda, F., & Widyatama, U. (2025). THE INFLUENCE OF ESG , PROFITABILITY , AND LEVERAGE ON. 5(3), 314–324.
Yusra, H., & Dewi, K. (2022). ESG dan Persepsi Investor: Peran Kualitas Tata Kelola di Pasar Berkembang. Jurnal Manajemen Dan Bisnis.
Zhou, M., Wang, Y., & Lee, C. (2022). Intellectual capital disclosure and firm value: Evidence from East Asian markets. Asian Review of Accounting, 30(3), 390–409. https://doi.org/10.1108/ARA-08-2021-0185
Zulkarnaen, H. (2024). Sustainability Accounting as The Key to Success for Startup Companies : Literature Review. ICOEMA, 337–346.
Alfraih, M. M. (2020). The value relevance of intellectual capital disclosure: Evidence from an emerging market. International Journal of Disclosure and Governance, 17(2), 145–157. https://doi.org/10.1057/s41310-019-00072-2
An Hoang, T. T., Aly, D., Abdelqader, M., J Melhem, M., K Darwish, T., & Al Tweijer, A. (2024). An evaluation of intellectual capital disclosure: evidence from Vietnamese firms. Journal of Financial Reporting and Accounting, ahead-of-p(ahead-of-print). https://doi.org/10.1108/JFRA-05-2024-0246
Capizzi, V., Gioia, E., Giudici, G., & Tenca, F. (2021). the Divergence of Esg Ratings: an Analysis of Italian Listed Companies. Journal of Financial Management, Markets and Institutions, 9(2), 1–21. https://doi.org/10.1142/S2282717X21500067
Clarissa, A., & Murhadi, W. R. (2025). Audit Quality as a Moderator of ESG Impact on Firm Value: Evidence from Indonesia. Jurnal Keuangan Dan Perbankan.
Connelly, Brian L, Certo, S. Trevis, Reutzel, Christopher R, DesJardine, Mark R, & Zhou, Yi Shi. (2024). Signaling Theory: State of the Theory and Its Future. Journal of Management, 51(1), 24–61. https://doi.org/10.1177/01492063241268459
Darmayanti, N., Welly, Y., Yehezkiel Sianipar, M., Simanjuntak, A., & Alamsyahbana, M. I. (2023). Role of Green Intellectual Capital and Green Innovation to Corporate Economic Sustainability. Jurnal Akuntansi Manado (JAIM), August, 329–342. https://doi.org/10.53682/jaim.vi.7260
Del Gesso, C., & Lodhi, R. N. (2024). Theories underlying environmental, social and governance (ESG) disclosure: a systematic review of accounting studies. Journal of Accounting Literature, 47(2), 433–461. https://doi.org/10.1108/jal-08-2023-0143
Faoziyanti, A., & Renny, R. (2024). The Influence of Good Corporate Governance and Profitability on Firm Value of Banking Sub Sector Companies. Journal of Applied Business, Taxation and Economics Research, 3(6), 625–641. https://doi.org/10.54408/jabter.v3i6.295
Farhan, D., Muawanah, U., & Suwartono. (2022). The Effect of Good Corporate Governance on Firm Value With Profitability as Moderating. PRIVE: Jurnal Riset Akuntansi Dan Keuangan, 5(2), 192–200. http://ejurnal.unim.ac.id/index.php/prive
Farhan, M., Sari, D. P., & Nugroho, A. (2022). Corporate Governance Index dan Profitabilitas terhadap Nilai Perusahaan: Studi pada Sektor Industri Dasar. Jurnal Ilmu Manajemen.
Gutterman, A. (2023). Stakeholder Theory.
Handajani, C. D. E., & Murhadi, W. R. (2025). THE ROLE OF ESG (ENVIRONMENTAL, SOCIAL, GOVERNANCE) ON DIVIDENDS AND FIRM VALUE: THE MODERATION EFFECT OF AUDIT QUALITY. Journal GEEJ, 7(2), 148–164.
Huang, J., Hu, P., Wang, D. D., & Wang, Y. (2025). The Double Signal of ESG Reports: Readability, Growth, and Institutional Influence on Firm Value. Sustainability (Switzerland), 17(6). https://doi.org/10.3390/su17062514
Indarto, V. Y. (2023). PERUSAHAAN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI ( Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2019 – 2021 ). DIPONEGORO JOURNAL OF ACCOUNTING, 12, 1–15.
Kholmi, M., Wahyuni, E. D., & Heni, F. (2020). Analisis Praktik Pengungkapan Intellectual Capital Studi Pada Perusahaan Sub Sektor Industri Otomotif. Jurnal Akademi Akuntansi, 3(2), 191–199. https://doi.org/10.22219/jaa.v3i2.13227
Lati, S., Salmah, N. noh ayu, Mafra, N. ulul, & Najib, M. (2024). Pengaruh Kebijakan Dividen, Keputusan Investasi Dan Profitabilitas (Sari Lita, Ninin Non Ayu Salmah, Nisa’ Ulul Mafra , Muhammad Najib) ISSN 2745 - 3963 E-ISSN 2962 - 7745. 6, 143–154.
Moolkham, M. (2025a). SET ESG ratings and firm value: The new sustainability performance assessment tool in Thailand. Asian Journal of Business and Sustainability, 5(1), 45–59.
Moolkham, M. (2025b). SET ESG ratings and firm value: The new sustainability performance assessment tool in Thailand. PLoS ONE, 20(2 February), 1–23. https://doi.org/10.1371/journal.pone.0315935
Mubyarto, N. (2020). The Influence of Profitability on Firm Value with Capital Structure as The Mediator. Jurnal Economia, 16(2), 184–199. https://doi.org/10.21831/economia.v16i2.30405
Nasution, M. E., & Aditya, R. (2020). The Role of Independent Commissioners in Moderating the Effect of Profit on Investor Interest. Jurnal Pasar Modal Indonesia.
Noviyanto, R. D., Rosyida, N., & Zulkarnaen, H. (2024). The effects of ESG disclosure and governance structure on firm value in Indonesian infrastructure sector. Indonesian Journal of Accounting Research, 27(2), 150–165.
Octaviany, I. (2021). Pengaruh Intellectual Capital Disclosure Terhadap Nilai Perusahaan dengan GoodCorporate Governance dsebagai Variabel Moderasi (Studi pada Perusahaan yang Termasuk dalam Kelompok “Sepuluh Besar” Pemeringkatan Corporate Governance Perception Index). Jurnal TEKUN, VI(01), 96–111.
Pratami, R. D., & Aryati, T. (2023). Analisis intellectual capital, carbon emission disclosure dan managerial ownership terhadap nilai perusahaaan. Jurnal Ekonomi Trisakti, 3(1), 1309–1318.
Pujiningsih, R. (2020). Pengaruh Good Corporate Governance sebagai Pemoderasi Hubungan antara Sustainability Report terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan.
Pujiningsih, V. D. (2020). Pengaruh Sustainability Report Terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Pemoderasi. Jurnal Riset Akuntansi Dan Keuangan, 8(3), 579–594. https://doi.org/10.17509/jrak.v8i3.22841
Putri, R. D., & Setiawan, H. (2021). Pengaruh Pengungkapan ESG terhadap Nilai Perusahaan: Studi Empiris pada Sektor Energi dan Pertambangan. Jurnal Manajemen Dan Keuangan, 10(1), 55–68.
Ribeiro, J. E., & de Souza, A. A. (2023). Corporate governance index and market performance: evidence in the Brazilian stock market. Revista Contabilidade e Financas, 34(92). https://doi.org/10.1590/1808-057x20231756.en
Santoso, D., & Widjaja, I. (2022). Pengaruh Profitability, Liquidity, Capital Structure, dan Firm Size terhadap Firm Value. Jurnal Manajerial Dan Kewirausahaan, 4(1), 60. https://doi.org/10.24912/jmk.v4i1.17166
Saraswati, D., & Nugroho, R. (2023). Pengaruh Intellectual Capital Disclosure terhadap Nilai Perusahaan pada Sektor Energi dan Manufaktur. Jurnal Akuntansi Dan Keuangan Indonesia.
Setiawan, D., & Christoper, R. (2022). Corporate Governance Perception Index, Profitability, and Firm Value: Empirical Evidence from Indonesia. Jurnal Akuntansi Multiparadigma.
Setyowati, N. I., Zuliyati, & Afifi, Z. (2023). Pengaruh Intellectual Capital Disclosure, Profitabilitas dan Good Corporate Governance Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode Tahun 2017-2021. Jurnal Akuntansi Inovatif, 2(1), 13–21. https://doi.org/10.59330/jai.v2i1.17
Siregar, S. V, & Nahar, M. (2022). Transparansi, GCG, dan Pengaruhnya terhadap Efektivitas Intellectual Capital Disclosure. Jurnal Keuangan Dan Perbankan.
Vitolla, F., Raimo, N., Nicolò, G., & Ricciardelli, A. (2023). Exploring intellectual capital disclosure and its determinants in knowledge-based institutions: empirical evidence from international universities. Measuring Business Excellence, 27(2), 227–245. https://doi.org/10.1108/MBE-01-2022-0020
Yulinda, F., & Widyatama, U. (2025). THE INFLUENCE OF ESG , PROFITABILITY , AND LEVERAGE ON. 5(3), 314–324.
Yusra, H., & Dewi, K. (2022). ESG dan Persepsi Investor: Peran Kualitas Tata Kelola di Pasar Berkembang. Jurnal Manajemen Dan Bisnis.
Zhou, M., Wang, Y., & Lee, C. (2022). Intellectual capital disclosure and firm value: Evidence from East Asian markets. Asian Review of Accounting, 30(3), 390–409. https://doi.org/10.1108/ARA-08-2021-0185
Zulkarnaen, H. (2024). Sustainability Accounting as The Key to Success for Startup Companies : Literature Review. ICOEMA, 337–346.
Published
2025-10-16
How to Cite
AULIA, Amalatul et al.
THE EFFECT OF ESG, ICD, AND PROFITABILITY ON FIRM VALUE WITH CORPORATE GOVERNANCE INDEX MODERATION.
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 11, n. 1, p. 1109-1120, oct. 2025.
ISSN 2541-3333.
Available at: <https://conferences.uin-malang.ac.id/index.php/iconies/article/view/3357>. Date accessed: 16 apr. 2026.
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Articles
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