The Influence of Environmental Social and Governance (ESG), Liquidity, Leverage, and Firm Size on the Value of Manufacturing Companies Listed on the Indonesia Stock Exchange in 2021-2024

Abstract

This study aims to analyze the simultaneous influence of Environmental, Social, and Governance (ESG), liquidity, leverage, and firm size on firm value. This study was conducted on manufacturing companies listed on the Indonesia Stock Exchange from 2021 to 2024. The population in this study consisted of 32 companies. Using a purposive sampling technique over a five-year period, this resulted in 160 research observations. This study involved four independent variables, namely Environmental, Social, and Governance (ESG), liquidity, leverage, and firm size. The data analysis technique used was panel data regression using EViews 12 with a Fixed Effect Model approach. The results indicate that Environmental, Social, and Governance (ESG) has no significant effect on firm value, liquidity has a significant positive effect on firm value, leverage has a significant positive effect on firm value, and firm size has no significant effect on firm value. Furthermore, the simultaneous test shows that Environmental, Social, and Governance (ESG), liquidity, leverage, and firm size jointly influence firm value.