The Effect of ESG and Financial Performance on Company Value with Analyst Coverage as a Moderator
Keywords:
Analyst Coverage; Company Value; ESG; Financial Performance; Manufacturing SectorAbstract
The value of manufacturing companies listed on the IDX continues to fluctuate despite improvements in Environmental, Social, Governance practices, financial performance. This condition indicates uncertainty regarding the effectiveness of ESG, financial performance in enhancing firm value. This study aims to examine the effect of ESG, financial performance on firm value, analyst coverage as a moderating in manufacturing companies listed on the IDX during the 2023–2024 period. The study employs a quantitative approach using secondary data. The population consists of 201 manufacturing companies, while the sample comprises 55 firms selected through purposive sampling, limited to companies with complete ESG scores, financial data, analyst coverage information during the observation period. ESG measured using ESG scores from LSEG ESG Refinitiv, financial performance is proxied ROA , firm value measured using PBV, analyst coverage measured by the number of analysts issuing recommendations. Data analysis techniques include classical assumption tests, Moderated Regression Analysis, t-tests. The results indicate that both ESG, financial performance have a significant positive effect on firm value Analyst coverage strengthens the relationship between financial performance and firm value, but does not consistently moderate the relationship between ESG and firm value. These findings suggest the market is more responsive to quantitative financial metrics than nonfinancial ESG information. This study contributes empirically to the literature on ESG, financial performance, firm value, and provides practical implications for corporate management, investors, stakeholders in investment decisionmaking.
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