The Impact of Environmental, Social, Governance (ESG), Eco-Efficiency, and Financial Performance on Company Value
Abstract
The acceleration of industrial development and digital transformation has fundamentally altered the landscape of the energy industry. In response to these changes, As sustainability concerns become increasingly prominent in corporate management, firms are expected to extend their focus beyond financial performance by integrating environmental and social considerations into their business operations. ESG disclosure and Eco-Efficiency implementation represent two important mechanisms through which companies demonstrate such commitments. Accordingly, this study evaluates the influence of ESG disclosure, Eco-Efficiency, and financial performance on company value among energy sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A quantitative methodology was employed using secondary data obtained from publicly available corporate disclosures. The analysis was conducted through multiple linear regression based on a sample of 14 energy firms, generating 56 firm-year observations. The results show that neither ESG disclosure, Eco-Efficiency, nor financial performance significantly explains variations in company value, both individually and collectively. These findings imply that investors have yet to perceive sustainability practices and environmental efficiency initiatives as key drivers of company value within the Indonesian energy sector. This condition may be associated with the substantial costs required for implementing sustainability programs, as well as economic uncertainty and market instability during the observation period, which may have limited the extent to which such initiatives contribute to company value.
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