THE EFFECT OF ESG ON COMPANY VALUE WITH OWNERSHIP STRUCTURE AS A MODERATING VARIABLE IN THE TECHNOLOGY SECTOR IN THE 2021-2025 PERIOD

Aura Berlian Sefadu, Diyah Santi Hariyani

Abstract


This study aims to examine the influence of Environmental, Social, and Governance (ESG) factors on firm value, using ownership structure—proxied by institutional ownership and foreign ownership—as a moderating variable. The study focuses on technology sector companies listed on the Indonesia Stock Exchange during the 2021–2025 period. A quantitative approach was employed, using secondary data sourced from annual reports, sustainability reports, and financial statements. The sample was selected using purposive sampling, resulting in 128 firm-year observations over the five-year period. Data analysis was conducted using regression equations and Moderated Regression Analysis (MRA). The results indicate that Environmental, Social, and Governance (ESG), institutional ownership, and foreign ownership do not have a significant effect on firm value. However, institutional ownership was found to significantly moderate the influence of ESG on firm value, whereas foreign ownership was not found to moderate this relationship.

Keywords : Environmental Social Governance (ESG), Firm Value, Institutional Ownership, Foreign Ownership

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References


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