Pengungkapan ESG Dan Nilai Perusahaan: Peran Moderasi Ukuran Bank Pada Perbankan Indonesia

Abstract

ESG The enactment of OJK Regulation No. 51/POJK.03/2017 has transformed ESG disclosure from a voluntary practice into a regulatory requirement for banks operating in Indonesia, yet debate persists over whether this requirement actually leads to higher firm valuations. This study examines the relationship between ESG disclosure and firm value among conventional commercial banks listed on the Indonesia Stock Exchange over the 2022-2024 period, focusing on how bank size may strengthen or weaken this relationship. Using a purposive sampling approach, 27 banks were selected, resulting in 81 firm-year observations after winsorization at the 2.5th and 97.5th percentiles. ESG disclosure was measured through a self-developed index based on 50 GRI Standard indicators, firm value was proxied by Tobin's Q, and bank size was captured via the natural logarithm of total assets, with ROA and DER included as control variables. To address heteroscedasticity and autocorrelation concerns, the data were analyzed using Moderated Regression Analysis with a Fixed Effect Model and Newey-West HAC Standard Errors. Findings reveal that neither ESG disclosure, bank size, nor their interaction term has a statistically significant effect on firm value. Notably, smaller digital-based banks achieved substantially higher Tobin's Q values than larger conventional BUKU 4 banks, suggesting that investor attention has shifted toward growth potential and technological capability rather than asset size. Overall, these results suggest that signaling, stakeholder, and agency theories have yet to fully explain how ESG disclosure translates into firm value within Indonesia's developing capital market, where the link between ESG disclosure and valuation appears to remain weak and would likely benefit from a more mature investor base.