Proceedings of the 7th International Conference on Applied Economics and Social Science (ICAESS 2025)

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The Impact of Environmental, Social, and Governance Disclosure on Firm Value in the Energy Sector on the Indonesian Stock Exchange from 2021 to 2023

Authors
Aulia Khairani1, *, Vina Kholisa Dinuka1
1Batam State Polytechnic, Ahmad Yani Street, Batam Center, Batam, 29461, Indonesia
*Corresponding author. Email: arani8406@gmail.com
Corresponding Author
Aulia Khairani
Available Online 13 February 2026.
DOI
10.2991/978-94-6463-990-2_28How to use a DOI?
Keywords
Environmental Social Governance; ESG; Firm Value; Energy Sector
Abstract

This research examines the effect of environmental, social, and gov-ernance (ESG) disclosure on firm value in the energy sector listed on the Indone-sia Stock Exchange during 2021–2023. Using a quantitative method, the study employs panel data regression with a fixed effect model. Data are collected from annual and sustainability reports and assessed using the GRI Standards 2021 guidelines. Firm value is measured through Tobin’s Q and processed using E-Views. The findings reveal that ESG disclosure does not significantly influence firm value when the dimensions are tested separately. Yet, when the three ESG dimensions are combined, they produce a significant effect. The study’s novelty lies in its focus on the energy sector, in contrast to previous research that largely centered on the public sector in Asia. Furthermore, the study purposely omits control variables and ESG controversy scores, emphasizing the direct influence of ESG components on firm value.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 7th International Conference on Applied Economics and Social Science (ICAESS 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
13 February 2026
ISBN
978-94-6463-990-2
ISSN
2352-5428
DOI
10.2991/978-94-6463-990-2_28How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Aulia Khairani
AU  - Vina Kholisa Dinuka
PY  - 2026
DA  - 2026/02/13
TI  - The Impact of Environmental, Social, and Governance Disclosure on Firm Value in the Energy Sector on the Indonesian Stock Exchange from 2021 to 2023
BT  - Proceedings of the 7th International Conference on Applied Economics and Social Science (ICAESS 2025)
PB  - Atlantis Press
SP  - 432
EP  - 448
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-990-2_28
DO  - 10.2991/978-94-6463-990-2_28
ID  - Khairani2026
ER  -