Social Disclosure's Ascendancy in Energy Corporate Valuation: Outpacing Economic, Environmental, and Governance Dimensions
DOI:
https://doi.org/10.33395/owner.v10i1.2853Keywords:
EESG, ESG, Environmental, Economic, Social, Corporate Value, Firm Value, Governance, ESG Dimension, Disclosure, ESG Disclosure, E-ESGAbstract
A sustainability report is a key tool for corporate accountability, communicating a company’s performance and value to stakeholders. This study investigates the role of such reports, specifically examining how their economic and ESG (Environmental, Social, and Governance) disclosures influence company value. This study extends previous ESG research by isolating the social dimension as the primary driver of firm value in Indonesia’s energy sector. The research utilized data from energy sector companies listed on the Indonesia Stock Exchange from 2021 to 2023. A purposive sampling method was used, yielding 102 observational samples. The data were analyzed using multiple linear regression in EViews 12 to test the associations. The analysis revealed that economic, environmental, and governance disclosures individually do not have a significant effect on company value. In contrast, social disclosure was found to exert a significant positive influence. Furthermore, the simultaneous effect of all ESG and economic dimensions was significant. This indicates that while social factors are individually critical, the integrated reporting of all dimensions jointly impacts value. For energy companies facing significant social challenges, disclosing social performance is crucial. It not only strengthens legitimacy but also directly enhances market value by improving reputation, fostering consumer loyalty, and building stronger community relations.
Downloads
References
Adi, A. (2024). No TitleIndonesia Masuk 20 Negara Paling Tak Ramah Lingkungan 2024. Databoks.Katadata.Co.Id.
Amalia, D. R., & Triwacananingrum, W. (2022). The Disclosure Effect of Sustainability Reporting and Financial Statements on Investment Efficiency: Evidence in Indonesia. Indonesian Journal of Sustainability Accounting and Management, 6(1). https://doi.org/10.28992/ijsam.v6i1.512
Amin, A., Selvia, K., & Andriansyah, A. (2023). Analisis Pengaruh Sustainability Report Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Pemoderasi (Studi Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2021). Jurnal Manajemen Dirgantara, 16(1), 41–49. https://doi.org/10.56521/manajemen-dirgantara.v16i1.913
Anna, Y. D., & Dwi R.T, D. R. (2019). Sustainibility Rreporting?: Analisis Kinerja Keuangan dan Nilai Perusahaan Dalam upaya menciptakan Sustainable Development Goals ( SDGs ), maka negara dan mengukur kemajuan , memantau dampak dari pengentasan kemiskinan , melindungi bumi penghuninya . Semu. 11(2), 238–255.
Astuti, A. D., & Juwenah, J. (2017). Pengaruh Pengungkapan Sustainability Report Terhadap Nilai Perusahaan Yang Tergabung Dalam LQ 45 Tahun 2012-2013. Accounthink?: Journal of Accounting and Finance, 2(01), 301–313. https://doi.org/10.35706/acc.v2i01.733
Atahau, A. D. R., & Kausar, M. F. (2022). Sustainability Report terhadap Nilai Perusahaan: Studi Perusahaan yang Terdaftar dalam Sustainability Report Rating. AFRE (Accounting and Financial Review), 5(2), 124–130. https://doi.org/10.26905/afr.v5i2.7810
Eriandani, R. (2022). The Value Relevance of Quantity and Quality of Sustainability Reporting: Evidence from Indonesia. JIA (Jurnal Ilmiah Akuntansi) •, 7(1), 40–58. https://doi.org/10.23887/jia.v7i1.41533
Febriyanti, G. A. (2021). Pengaruh Sustainability Reporting Terhadap Nilai Perusahaan dengan Leverage sebagai Variabel Moderating. Jurnal Akuntansi Dan Pajak, 22(1), 366. https://doi.org/10.29040/jap.v22i1.2598
Frisal, M., Gamar, A., & Widoretno, A. A. (2024). Keberlanjutan?: Jurnal Manajemen dan Jurnal Akuntansi accounting on the firm value of Indonesia energy companies. 9(1), 1–12.
Garriga, E., & Melé, D. (2004). Corporate social responsibility theories: Mapping the territory. Citation Classics from The Journal of Business Ethics: Celebrating the First Thirty Years of Publication, 69–96. https://doi.org/10.1007/978-94-007-4126-3_4
Giannarakis, G., Andronikidis, A., & Sariannidis, N. (2020). Determinants of environmental disclosure: investigating new and conventional corporate governance characteristics. Annals of Operations Research, 294(1–2), 87–105. https://doi.org/10.1007/s10479-019-03323-x
Global Reporting Initiative. (2023). No Title GRI 2023.
GRI Standards. (2023). GRI 2: Pengungkapan Umum 2021. 1–63. https://globalreporting.org/pdf.ashx?id=14361&page=7
Iberahim, S., & Artinah, B. (2020). Pengaruh Sustainability Report Terhadap Nilai Perusahaan dan Investment Opportunity Set Sebagai Variabel Moderating (Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2018). Spread, 9(2), 11–18.
Latifah, S. W., & Luhur, M. B. (2017). Disclosure Of Sustainability Report and Moderating of Profitability and its Impact on Firm Value. In Jurnal Akuntansi dan Bisnis (Vol. 17, Issue 1, pp. 13–18). CRC Press. https://doi.org/doi.org/10.20961/jab.v17i1.219.g54
Martania Dwi Hapsari. (2023). Analisis Penerapan Laporan Keberlanjutan (Sustainability Report) Terhadap Nilai Perusahaan. Akuntansi 45, 4(1), 65–72. https://doi.org/10.30640/akuntansi45.v4i1.724
Morieta, Y. E., Aprillianto, B., & Wardhaningrum, O. A. (2024). The Effect of Sustainability Report Disclosure on Financial Performance. 17(2), 152–169. https://doi.org/10.30813/jab.v17i2.5172
Nguyen, T. T. D. (2020). An empirical study on the impact of sustainability reporting on firm value. Journal of Competitiveness, 12(3), 119–135. https://doi.org/10.7441/joc.2020.03.07
Nisaih, D., & Prijanto, B. (2023). Pengaruh Pengungkapan Sustainability Report Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Sektor Pertanian Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2022. Riset Ilmu Manajemen, 3(4), 356–376.
Oktaviana, S., Sembel, R., & Manurung, A. H. (2025). Pengaruh Environment , Social , General Disclosure , dan Indikator Keuangan terhadap Nilai Perusahaan Perkebunan di Indonesia. 9, 464–478.
Orazalin, N., & Mahmood, M. (2020). Determinants of GRI-based sustainability reporting: evidence from an emerging economy. Journal of Accounting in Emerging Economies, 10(1), 140–164. https://doi.org/10.1108/JAEE-12-2018-0137
Pratama, M. F. G. P., Purnamawati, I., & Sayekti, Y. (2019). Analisis Pengaruh Kinerja Lingkungan dan Pengungkapan Sustainability Reporting terhadap Nilai Perusahaan. Jurnal Akuntansi Universitas Jember, 17(2), 82–91. https://doi.org/10.19184/jauj.v17i2.12517
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
Purnamasari, S., Trimeiningrum, E., & Trimeiningrum, E. (2022). Analisis Dampak Pengungkapan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Ekonomi, Manajemen Akuntansi Dan Perpajakan (Jemap), 5(1), 45–61. https://doi.org/10.24167/jemap.v5i1.3722
Putri, V. O., & Mutumanikam, P. R. (2022). PENGARUH SUSTAINABILITY REPORT DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI. Tjyybjb.Ac.Cn, 18(2), 635–637. https://doi.org/https://doi.org/10.35449/jemasi.v18i1.541
Rahmawati, T., & Yuyetta, E. (2024). Pengaruh Kinerja Lingkungan, Tanggung Jawab Sosial, Dan Tata Kelola Terhadap Nilai Perusahaan Pada Perusahaan Yang …. 13, 1–8.
Ramadani, I., & Purbasari, H. (2024). Determinants of profitability , company size , managerial ownership and visibility media against disclosure sustainability report. 14(2), 245–253.
Ramadhan, C. B., Meliana, Y., Jariyah, D. S. A., & ... (2024). Pengaruh Praktik Akuntansi Karbon dan Efisiensi Energi Terhadap Keberlanjutan Bisnis (Studi pada PT Bumi Resources di BEI Periode 2019-2022). Innovative: Journal Of …, 4, 15005–15014.
Riski, I. A., & Prasetiono. (2023). Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Moderasi (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode Tahun 2017-2021). Diponegoro Journal of Management, 12(4), 1–12.
Romli, & Abdurohim. (2024). Pengaruh pengungkapan esg terhadap nilai perusahaan 1,2. 7.
Ruth Pranadipta, & Natsir, K. (2023). Financial, Non-Financial, and Macro-Economic Factors That Affect the First Day Profit Rate When Conducting Initial Public Offering. International Journal of Application on Economics and Business, 1(2), 276–289. https://doi.org/10.24912/ijaeb.v1i2.276-289
Sahetapy, K. (2023). Sustainability Report and Firm Value: an Evidence from Indonesia. Jurnal Riset Akuntansi Dan Auditing, 10(1), 1–8. https://doi.org/10.55963/jraa.v10i1.513
Salam, A. (2021). Jurnal Ilmu Manajemen. Jurnal Ilmu Manajemen, 11(1), 48–56.
Setiawan, T. (2016). Etika Lingkungan Dan Kinerja Ekonomi Pada Ukuran Global Reporting Initiative-G4. Jurnal Akuntansi, 10(1), 23–40. https://doi.org/10.25170/jara.v10i1.37
Situmorang, D., & Bimo, I. D. (2023). Pengaruh Sustainability Reporting Terhadap Nilai Perusahaan dengan Kualitas Audit sebagai Variabel Moderasi. Jurnal Manajemen, 20(1), 1–17. https://doi.org/10.25170/jm.v20i1.3281
Spence. (1973). I shall argue that the paradigm case of the market with this type of informational structure is the job market and will therefore focus upon it . By the end I hope it will be clear ( although space limitations will not permit an extended argument ) that a. The Quarterly Journal of Economics, 87(3), 355–374.
Sumarna, A. D. N. F. Y. (2021). Kinerja Perusahaan Menggunakan Nilai Pasar Tobin ’ S Q. Jurnal Ilmu Keuangan Dan Perbankan (JIKA), 10(2), 236–255.
Susianto, T. N., & Wirakusuma, M. G. (2024). SUSTAINABILITY REPORTING TERHADAP NILAI PERUSAHAAN?: STUDI EMPIRIS IMPLEMENTASI GRI 2021 DI BEI. 7, 12370–12380.
Swarnapali, R. M. N. C. (2020). Consequences of corporate sustainability reporting: evidence from an emerging market. International Journal of Law and Management, 62(3), 243–265. https://doi.org/10.1108/IJLMA-12-2017-0294
Wiharjo, A. K., & Ekadjaja, A. (2024). THE IMPACT OF SUSTAINABILITY REPORTING ON FIRM VALUE IN INDONESIA ’ S CONSUMER SECTOR FIRMS. 2(3), 131–140.
Woodward, D. G., Edwards, P., & Birkin, F. (1996). Organizational legitimacy and stakeholder information provision. British Journal of Management, 7(4), 329–347. https://doi.org/10.1111/j.1467-8551.1996.tb00123.x
Yusnita, H. (2023). PENGARUH CORPORATE SOCIAL RESPONSIBILITY , RETURN ON ASSET (ROA), CURRENT RATIO (CR), DEBT TO EQUITY RATIO (DER) TERHADAP NILAI PERUSAHAAN (PBV) ( Studi Empiris Pada Perusahaan Sub Sektor Perdagangan Besar Yang Terdaftar di Bursa Efek Indonesia Tahun 2018. Jurnal Akuntansi Dan Bisnis Krisnadwipayana, 10(1), 1197. https://doi.org/10.35137/jabk.v10i1.877
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Hernisa Hernisa, Alfonsa Dian Sumarna
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
