ESG disclosure and firm value: The moderating role of sales growth in ASEAN

Rahman, Muhammad Afandi Nur and Wuryaningsih, Wuryaningsih (2025) ESG disclosure and firm value: The moderating role of sales growth in ASEAN. Jurnal Akademi Akuntansi, 8 (4). pp. 639-661. ISSN 2715-1964

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Abstract

Purpose: This study aims to examine how environmental, social, and governance disclosure relates to firm value among companies in the energy and basic materials sectors across ASEAN countries. It also investigates whether sales growth functions as a factor that can strengthen or weaken the relationship between ESG disclosure and firm value. Methodology/approach: The study employs a quantitative research design. The sample comprises eighty firms in the energy and basic materials sectors, selected purposively according to the availability of ESG disclosure information, financial data, and firm value indicators. Secondary data covering the period from 2021 to 2023 were obtained from the Bloomberg database. The analysis is conducted through Moderated Regression Analysis supported by EViews version 12. Findings: The analysis shows that governance disclosure has a significant and positive association with firm value. In contrast, environmental disclosure and social disclosure do not exhibit any notable effect. Sales growth does not weaken the association between governance disclosure and firm value. Practical and Theoritical contribution/Originality: This study shows that sales growth amplifies the influence of environmental disclosure and social disclosure, while also emphasizing the essential function of governance transparency in strengthening firm value. The results provide practical insights for integrating ESG practices with corporate expansion strategies and offer theoretical advancement to stakeholder theory and signaling theory in the ASEAN setting. Research Limitation: The scope of this research is confined to firms in the energy sector and the basic materials sector in ASEAN, with data drawn from Bloomberg for the years 2021 to 2023. Future research is encouraged to widen the coverage by incorporating other industries, additional countries, or longer time periods in order to obtain a more comprehensive understanding of ESG dynamics.

Item Type:	Journal Article
Keywords:	environmental; firm value; governance; sales growth; social
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1501 Accounting, Auditing and Accountability > 150103 Financial Accounting
Divisions:	Faculty of Economics > Department of Accounting
Depositing User:	wuryaningsih wuryaningsih
Date Deposited:	14 Jul 2026 09:45

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