Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) terhadap Nilai Perusahaan dengan Top Management Team Diversity sebagai Variabel Moderasi
Sep 2026· EKONOMIS Journal of Economics and Business· Vol 10, pp. 1523· 0 citations· 34 references
Abstract
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value and the moderating role of Top Management Team diversity (age, gender, and education). The research sample consists of 36 companies listed in the IDX ESG Leaders index during the 2020–2024 period, with a total of 180 observations. The data were analyzed using panel data regression with the Fixed Effect Model. The results show that ESG disclosure has no significant effect on firm value. Furthermore, age, gender, and educational diversity in the Top Management Team do not strengthen the relationship between ESG disclosure and firm value. However, educational diversity in the TMT has a significant positive direct effect on firm value. These findings indicate that in the Indonesian capital market, even among companies with the best ESG reputation, ESG disclosure and TMT diversity have not yet become the main determinants of firm value. The results provide implications for companies, investors, and regulators to improve the quality of ESG disclosure and sustainability literacy.
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