Peran Karakteristik CEO sebagai Variabel Pemoderasi Pengaruh Environmental, Social, Governance Disclosure terhadap Nilai Perusahaan Sektor Energi yang Terdaftar di BEI Periode 2020-2024

Abstract

This study aims to examine the influence of ESG Disclosure on Firm Value with CEO Characteristics as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. The research sample comprised 9 companies selected through purposive sampling, yielding 45 observations. Multiple linear regression and Moderated Regression Analysis (MRA) using SPSS 26 were employed as analytical methods, with data transformation applied to satisfy classical assumptions. The findings reveal that Environmental Disclosure has a positive but insignificant effect on Firm Value, Social Disclosure exerts a negative and insignificant impact, while Governance Disclosure demonstrates a positive and significant influence. Simultaneously, all ESG Disclosure variables together with CEO Characteristics significantly affect Firm Value. Regarding moderation effects, CEO Characteristics fail to moderate the relationship between Environmental Disclosure or Social Disclosure and Firm Value, but successfully moderate the link between Governance Disclosure and Firm Value. The coefficient of determination (R²) indicates that ESG Disclosure and CEO Characteristics collectively account for 35.1% of the variation in Firm Value, while the remaining 64.9% is attributed to factors outside the model.