The Influence of ESG Disclosure, Green Investment, and Firm Size on Firm Value through Financial Performance as an Intervening Variable in Lq45 Manufacturing Companies (2019–2024)

Anita Agustiani; Mulyanto Nugroho; Nekky Rahmiyati

doi:10.55927/ajabm.v5i1.24

Authors

Anita Agustiani Universitas 17 Agustus 1945 Surabaya
Mulyanto Nugroho Universitas 17 Agustus 1945 Surabaya
Nekky Rahmiyati Universitas 17 Agustus 1945 Surabaya

DOI:

https://doi.org/10.55927/ajabm.v5i1.24

Keywords:

ESG Disclosure, Green Investment, Firm Size, Financial Performance, Firm Value

Abstract

The primary objective of this study is to verify and analyze the influence of ESG Disclosure, Green Investment, and Firm Size on Firm Value, with Financial Performance serving as a mediating variable. The research focuses on manufacturing companies listed on the LQ45 index of the Indonesia Stock Exchange (IDX) for the period 2019–2024. Adopting a quantitative methodology, the study utilizes data derived from annual reports. From a total population of 45 manufacturing firms, purposive sampling was employed to select a sample of 13 companies within the food and beverage sector for a six-year observation. Data analysis was conducted using Structural Equation Modeling (SEM) facilitated by Partial Least Square (PLS) software version 4.0. The results of this study indicate that: (1) Firm Size is the dominant factor, positively impacting both Financial Performance and Firm Value; (2) ESG Disclosure improves Financial Performance but not Firm Value; and (3) Green Investment and Financial Performance show no significant effects on value. Crucially, no mediation effect was found. The recommendations of this study are that LQ45 manufacturing companies must prioritize the quality of ESG reporting over administrative formality, and ensure that sustainability practices generate real operational value added. Furthermore, companies must increase transparency and conduct independent verification of sustainability reports. Additionally, they should communicate the economic benefits of green investment more clearly to all stakeholders.

References

Agustin, E. D., Made, A., & Retnasari, A. (2022). Pengaruh Struktur Modal, Ukuran Perusahaan, Intellectual Capital Terhadap Nilai Perusahaan, Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode 2017–2019). Jurnal Akuntansi Indonesia, 11(1), 37. Https://Doi.Org/10.30659/Jai.11.1.37-58

Agustina, A. A., Sudaryanti, D., & Alrasyid, H. (2025). Pengaruh Environmental, Social, Governance (Esg) Reporting Terhadap Kinerja Keuangan (Studi Kasus Pada Sektor Manufaktur Dan Jasa Di Bei). E_Jurnal Ilmiah Riset Akuntansi, 14(01), 106–117. Http://Jim.Unisma.Ac.Id/Index.Php/Jra,

Alifia Putri Puspitasari, A. A. W. (2025). Pengaruh Green Investment Dan Csr Investment Terhadap Sustainable Performance: Peran Mediasi Financial Performance. Jurnal Kajian Akuntansi Dan Bisnis Terkini, 6(2), 335–350.

Anggriani, A., & Amin, M. N. (2022). Pengaruh Good Corporate Governance, Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 2(2), 883–892. Https://Doi.Org/10.25105/Jet.V2i2.14739

Anita Sari, & Siti Maryama. (2024). Pengaruh Environmental, Social, Governance (Esg) Terhadap Kinerja Keuangan Perusahaan Manufaktur Tahun 2019 - 2022. Muqaddimah: Jurnal Ekonomi, Manajemen, Akuntansi Dan Bisnis, 2(4), 318–328. Https://Doi.Org/10.59246/Muqaddimah.V2i4.1073

Arisudhana, D., & Priyanto, S. (2023). Ukuran Perusahaan Memoderasi Pengaruh Beberapa Faktor Rasio Keuangan Terhadap Nilai Perusahaan. Jurnal Akuntansi, Keuangan, Perpajakan Dan Tata Kelola Perusahaan, 1(2), 232–246. Https://Doi.Org/10.59407/Jakpt.V1i2.204

Ayu Wijayanti, & Yoseph Agus Bagus Budi N. (2024). Dampak Green Governance, Green Investment, Dan Green Innovation Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 4(1), 535–544. Https://Doi.Org/10.25105/Jet.V4i1.19373

Barney, J. (1991). Firm Resources And Sustained Competitive Advantage. Journal Of Management, 17(1), 99–120.

Bendickson, J., Muldoon, J., Liguori, E. W., & Davis, P. E. (2016). Agency Theory: Background And Epistemology. Journal Of Management History, 22(4), 437–449. Https://Doi.Org/10.1108/Jmh-06-2016-0028

Brigham, E. F., & Houston, J. F. (2020). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.

Brigham, Eugene F Dan Houston, J. F. (2016). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.

Chirsty, E., & Sofie. (2023). Pengaruh Pengungkapan Environmental, Social, Dan Governance Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3899–3908.

Ciptaningsih, G., & Cahyonowati, N. (2024). Pengaruh Pengungkapan Esg (Environmental, Social, And Governance) Terhadap Kinerja Keuangan Perusahaan Dengan Kualitas Audit Sebagai Variabel Pemoderasi. Diponegoro Journal Of Accounting, 13(4), 1–10. Http://Ejournal-S1.Undip.Ac.Id/Index.Php/Accounting

Cloudya, A., Nugroho, M., & Rahmiyati, N. (2025). The Effect Of Disclosure Of Carbon Performance, Ownership Structure, And Good Corporate Governance On Firm Value With Financial Performance As A Mediating Variable In Manufacturing Companies Listed On The Indonesia Stock Exchange. Journal Of Social Interactions And Humanities, 4(2), 621–634. Https://Doi.Org/10.55927/Jsih.V4i2.292

Erlinda, A. D. (2022). Pengaruh Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Farmasi Yang Terdaftar Di Bei. Jurnal Ilmu Dan Riset Akuntansi, 11(5).

Fachrozi, F., Mariana, M., & Santoso, E. E. (2024). Peran Environmental Policy Sebagai Moderasi Pengaruh Green Investment Dan Csr Investment Terhadap Financial Performance. Jesya, 8(1), 24–33. Https://Doi.Org/10.36778/Jesya.V8i1.1797

Fahmi. (2017). Manajemen Keuangan Dan Pasar Modal. Jakarta: Mitra Wacana Media.

Fahmi, I. (2016). Pengantar Manajemen Keuangan. Penerbit.

Fahmi, I. (2018). Analisis Laporan Keuangan. Bandung: Alfabeta.

Faisania, A., Retna, A., Dimas, S., Amir, E., & Anas, F. (2021). Ukuran Perusahaan Memoderasi Kinerja Keuangan Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Penghasil Bahan Baku Di Bursa Efek Indonesia (Bei) Tahun 2017-2021). Journal Riset Mahasiswa Manajemen (Jrmm), 1.

Fathiyah Alifah Fitriyani, Gilbert Rely, & Pratiwi Nila Sari. (2025). Pengaruh Green Investment, Eco Efficiency Dan Good Corporate Governance Terhadap Nilai Perusahaan (Emiten Sektor Energi Bursa Efek Indonesia Periode 2019-2023). Jurnal Akuntansi, Keuangan, Perpajakan Dan Tata Kelola Perusahaan, 2(3), 890–904. Https://Doi.Org/10.70248/Jakpt.V2i3.1953

Fatima, A. (2020). Pengaruh Rasio Keuangan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Return Saham Sebagai Variabel Moderasi. Prosiding Seminar Nasional Pakar, 1–5. Https://Doi.Org/10.25105/Pakar.V0i0.6911

Febriantoko, J., Sari, K. R., & Armaini, R. (2025). Strategi Peningkatan Nilai Perusahaan Dan Kinerja Keuangan Melalui Pengungkapan Keberlanjutan. Owner, 9(2), 1033–1048. Https://Doi.Org/10.33395/Owner.V9i2.2580

Fransisca, L., Malini, H., Azazi, A., & Syahputri, A. (2025). Dampak Csr Dan Esg Terhadap Kinerja Keuangan Dan Keberlanjutan Perusahaan Dimediasi Oleh Green Finance. Jamek (Jurnal Akutansi Manajemen Ekonomi Dan Kewirausahaan), 05(01), 115–124.

Fransiska, W., Zefriyenni, Z., & Crefioza, O. (2025). Ukuran Perusahaan Memoderasi Pengaruh Struktur Modal Dan Kinerja Keuangan Terhadap Nilai Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia. Riggs: Journal Of Artificial Intelligence And Digital Business, 4(1), 97–102. Https://Doi.Org/10.31004/Riggs.V4i1.377

Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman.

Hafiz Mulzaki, E. Y. (2024). Pengaruh Environmental Social Governance (Esg) Terhadap Kinerja Keuangan (Roa) Dengan Gender Diversity Sebagai Variabel Moderating Pada Perusahaan Yang Terdaftar Di Indeks Esg Leaders Periode 2020-2022. Jurnal Kajian Pendidikan Ekonomi Dan Ilmu Ekonomi, 08(February), 4–6.

Hamdani, M. (2020). Pengaruh Kinerja Keuangan, Kebijakan Dividen Dan Umur Perusahaan Terhadap Nilai Perusahaan Di Moderasi Ukuran Perusahaan. Jurnal Akuntansi Dan Ekonomika, 10(2), 188–197. Https://Doi.Org/10.37859/Jae.V10i2.2042

Handayani, A. T. Dan S. (2020). Green Investment Dan Corporate Governance Terhadap Nilai Perusahaan: Profitabilitas Sebagai Pemediasi. Jurnal Bisnis Dan Akuntansi, 22(2), 225–238. Https://Doi.Org/10.34208/Jba.V22i2.727

Hendrastuti, R., & Harahap, R. F. (2023). Agency Theory: Review Of The Theory And Current Research. Jurnal Akuntansi Aktual, 10(1), 85. Https://Doi.Org/10.17977/Um004v10i12023p085

Henrita, D. C., & Inggarwati, K. (2021). Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial Sebagai Variabel Moderasi. Jurnal Penelitian Dan Pengembangan Sains Dan Humaniora, 5(1), 64–72. Https://Doi.Org/10.23887/Jppsh.V5i1.33433

Hery. (2016). Analisis Laporan Keuangan. Yogyakarta: Caps.

Husnan, S. (2019). Manajemen Keuangan. Universitas Terbuka.

Indrarini, S. (2019). Nilai Perusahaan Melalui Kualitas Laba. Jakarta : Indeks.

Irfani, A, S. (2020). Manajemen Keuangan Dan Bisnis. Jakarta: Pt Gramedia Pustaka Utama.

Irianto, M. F. (2020). Kinerja Keuangan Memoderasi Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Accounting And Management Journal, 4(2), 77–82. Https://Doi.Org/10.33086/Amj.V4i2.1676

Irman, M., Sherin Tanili, Haugesti Diana, & Linda Hetri Suriyanti. (2022). Pengaruh Kinerja Keuangan Dan Struktur Modal Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Pertambangan Yang Terdaftar Di Bei Periode 2015-2018. Journal Of Islamic Finance And Accounting Research, 1(1 Februari), 51–65. Https://Doi.Org/10.25299/Jafar.2022.8737

Jensen, M. C., & Meckling, W. H. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. Journal Of Financial Economics, 3(4), 305–360.

Jumingan. (2016). Analisis Laporan Keuangan. Jakarta: Bumi Aksara.

Kasmir. (2016). Pengantar Manajemen Keuangan (Kedua). Jakarta: Kencana.

Ketchen, D. J., & Short, J. C. (2018). Toward A Theory Of Heterogeneity In Firm Capabilities: A Research Agenda For The Resource-Based View. Journal Of Management Studies, 55(6), 846–876.

Kurniawati, K. D., & Nugroho, W. S. (2025). Esg And Intellectual Capital As Drivers Of Firm Value In Indonesia ’ S Consumer Non -Cyclicals Sector 2021-2023. Business And Economics Conference In Utilization Of Modern Technology, 2021, 93–109.

Liswatin, L., & Pramadan Sumarata, R. (2022). Pengaruh Struktur Modal, Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode (2015-2019). Sinomika Journal: Publikasi Ilmiah Bidang Ekonomi Dan Akuntansi, 1(2), 79–88.

Lukman Suryadi, A. T. (2020). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Terhadap Nilai Perusahaan. Jurnal Paradigma Akuntansi, 2(1), 108. Https://Doi.Org/10.24912/Jpa.V2i1.7138

Maghfirandito, M., & Adiwibowo, A. S. (2022). Struktur Modal Dalam Memoderasi Pengaruh Profitabilitas, Ukuran Perusahaan Dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2019). Diponegoro Journal Of Accounting, 11(2), 1–12.

Mahoney, J. T., & Pandian, J. R. (1992). He Resource-Based View Within The Conversation Of Strategic Management. Strategic Management Journal, 13(5), 363–380.

Novia, J., & Candy, C. (2023). Pengaruh Green Investment Dalam Financial Performance: Efek Moderasi Dari Environmental Policy. Widya Cipta: Jurnal Sekretari Dan Manajemen, 7(2), 65–73. Https://Doi.Org/10.31294/Widyacipta.V7i2.15567

Nugroho, M., Agustono, D. O. S., & Rahmiyati, N. (2025). An Exploration Of Earnings Management Based On Green Investments And Financial Risk. Jurnal Samudra Ekonomi Dan Bisnis, 16(1), 201–210. Https://Doi.Org/10.33059/Jseb.V16i1.10809

Nunik Nurmalasari, & Sri Dwi Kania. (2024). The Role Of Green Investment On Sustainable Performance With Financial Performance As A Mediating Variable (Case Studies On Manufacturing Industrial Companies Listed On The Idx For The 2018-2022 Period). Seminar Nasional Pariwisata Dan Kewirausahaan (Snpk), 3(April), 617–627. Https://Doi.Org/10.36441/Snpk.Vol3.2024.281

Phitaloka, N. G., Nugroho, M., & Rahmiyati, N. (2025). The Influence Of Working Capital Management, Sustainable Investment, And Environmental Performance On Profitability And Firm Value In The Textile Industry. Journal Of Social Interactions And Humanities, 4(2), 539–554. Https://Doi.Org/10.55927/Jsih.V4i2.293

Putri, S. K., & Utomo, S. D. (2021). Peranan Good Corporate Governance Dalam Memoderasi Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Dinamika Akuntansi Keuangan Dan Perbankan, 10(2), 134–144. Https://Doi.Org/10.35315/Dakp.V10i2.8879

Rahmiyati, N. (2025). Esg Factors, Corporate Governance, And Financial Performance: Exploring Their Impact On Sustainability Reporting And Investment Decisions. Journal Of Hunan University Natural Sciences, 52(7).

Sartono, A. (2012). Manajemen Keuangan Teori Dan Aplikasi. Yogyakarta: Bpfe.

Setiawati, L. P. E., Mariati, N. P. A. M., & Dewi, K. I. K. (2023). Pengaruh Kinerja Keuangan Dan Ukuran Terhadap Nilai Perusahaan. Remik, 7(1), 222–228. Https://Doi.Org/10.33395/Remik.V7i1.12024

Spence, M. (1973). Job Market Signaling. Quarterly Journal Of Economics. 87(3), 355–374.