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ESG disclosure, capital structure, and profitability in explaining firm value of Indonesia’s IDX ESG Leaders Some notes from Islamic finance perspectives‎
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August 4, 2025
Accepted
September 13, 2025
Published
September 15, 2025
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Abstract

Introduction
The increasing importance of sustainability and responsible investment has led to growing attention to environmental, social, and governance disclosure in global markets. In Indonesia, the establishment of the IDX ESG Leaders index provides a relevant platform to evaluate how such disclosure, alongside financial fundamentals, contributes to firm value. Despite expectations that non-financial transparency enhances valuation, empirical findings in emerging markets remain inconsistent, warranting further investigation.
Objectives
This study examines the effects of environmental, social, and governance disclosure and capital structure on firm value among firms listed in the IDX ESG Leaders index from 2020 to 2023. It also explores whether profitability moderates these relationships by strengthening or weakening their impact on valuation.
Method
The research adopts a quantitative approach using panel data regression with 68 firm-year observations from 17 IDX ESG Leaders firms. ESG disclosure indices were constructed through content analysis of annual and sustainability reports, while financial data were obtained from audited statements. Profitability, proxied by return on assets, was incorporated as a moderating variable through moderated regression analysis to identify conditional effects.
Results
The findings reveal that environmental and social disclosure do not directly influence firm value, while governance disclosure exerts a significant negative effect. Capital structure shows a strong positive impact, and profitability both directly enhances firm value and moderates certain relationships. Specifically, profitability weakens the effect of social disclosure but strengthens the influence of capital structure, suggesting that investors prioritize financial fundamentals over non-financial reporting.
Implications
The results highlight the conditional relevance of ESG disclosure in emerging markets and reinforce the continuing importance of profitability and capital structure. Theoretically, the study challenges the universality of stakeholder and signaling theories by revealing context-dependent effects. Practically, it provides guidance for managers to align disclosure with financial strength and for policymakers to strengthen ESG reporting standards.
Originality/Novelty
This study contributes to the literature by disaggregating ESG disclosure into environmental, social, and governance dimensions and incorporating profitability as a moderating variable. It provides new evidence from Indonesia’s capital market, offering insights into how non-financial transparency interacts with financial strategies to shape firm value.

Keywords

capital structure emerging markets environmental disclosure firm value governance disclosure profitability social disclosure

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How to Cite
Dewi, H. R. ., & Muhyarsyah, M. (2025). ESG disclosure, capital structure, and profitability in explaining firm value of Indonesia’s IDX ESG Leaders: Some notes from Islamic finance perspectives‎. Journal of Islamic Economics Lariba, 12(1), 1–30. https://doi.org/10.20885/jielariba.vol12.iss1.art1
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The mediating role of financial performance in the relationship between green accounting, leverage, and firm value in basic materials sector companies listed on Indonesia Sharia Stock Index

Rini Idayanti, Nurlia Nurlia
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10.20885/jielariba.vol12.iss1.art2
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Modeling technology and profitability as moderators of competition, efficiency, and risk in Islamic bank stability

Ulfi Kartika Oktaviana, Titis Miranti
Abstract View : 146
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10.20885/jielariba.vol11.iss2.art15
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Why do bank risks affect stock returns? Examining the mediating role of profitability in Indonesia’s tier-1 banks‎

Indri Gunawan, Abdul Mukti Soma
Abstract View : 158
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10.20885/jielariba.vol11.iss2.art7
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The effect of corporate social responsibility, activity ratio, and capital structure on profitability of companies listed in the Jakarta Islamic Index

Taufiq Agus Santoso, Yuli Andriansyah, Iman Bastanifar
Abstract View : 479
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10.20885/jielariba.vol10.iss2.art30
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Effect of investment returns, risk-based capital, and underwriting results on the profit of Islamic life insurance company: A case study of PT. Takaful Keluarga 2017-2024

Sitti Annisa Haerani, Nur Kholis
Abstract View : 433
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10.20885/jielariba.vol10.iss2.art25
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