Year
2025
Abstract
This purpose of this study is to analyze the effect of Environmental, Social, and Governance (ESG) Disclosures on Firm Value, with Gender Diversity in the Leadership as a moderating variable. The research sample consists of 140 non-financial companies listed in the stock exchange of ASEAN countries for the observation period of 2019-2023 (with total 700 firm-years), selected through purposive sampling method. This study uses a quantitative approach with moderated regression analysis. Firm Value is measured using Tobin's Q and PBV (Price to Book Value), while ESG Disclosures use ESG Scores obtained from the Bloomberg. The results showed that ESG disclosures have no significant effect on firm value. In addition, Gender Diversity in the Leadership as a moderating variable does not affect the relationship between ESG Disclosures and Firm Value. The additional testing for each ASEAN country also indicates the same results. The implication of this study shows that ESG Disclosures and Gender Diversity in the Leadership have not been able to have a significant impact on Firm Value in sample companies in ASEAN countries.
Keywords:
ESG Disclosures, Firm Value, Gender Diversity, ASEAN
Recommended Citation
Tania, Gaby Gabrella and Soetardjo, Mulyadi Noto, "The Influence of ESG Disclosures on Firm Value: Does Gender Diversity in the Leadership Matter Among ASEAN Countries?" (2026). International Conference on Business and Management Research (ICBMR). 4.
https://scholarhub.ui.ac.id/icbmr/2025/1/4
Included in
Accounting Commons, Business and Corporate Communications Commons, Finance and Financial Management Commons
The Influence of ESG Disclosures on Firm Value: Does Gender Diversity in the Leadership Matter Among ASEAN Countries?
This purpose of this study is to analyze the effect of Environmental, Social, and Governance (ESG) Disclosures on Firm Value, with Gender Diversity in the Leadership as a moderating variable. The research sample consists of 140 non-financial companies listed in the stock exchange of ASEAN countries for the observation period of 2019-2023 (with total 700 firm-years), selected through purposive sampling method. This study uses a quantitative approach with moderated regression analysis. Firm Value is measured using Tobin's Q and PBV (Price to Book Value), while ESG Disclosures use ESG Scores obtained from the Bloomberg. The results showed that ESG disclosures have no significant effect on firm value. In addition, Gender Diversity in the Leadership as a moderating variable does not affect the relationship between ESG Disclosures and Firm Value. The additional testing for each ASEAN country also indicates the same results. The implication of this study shows that ESG Disclosures and Gender Diversity in the Leadership have not been able to have a significant impact on Firm Value in sample companies in ASEAN countries.