Azaria, Nabila (2026) The Effect of ESG Ratings on Firm Performance with ESG Rating Disagreement as The Moderating Variable. FAKULTAS EKONOMI DAN BISNIS, UNIVERSITAS LAMPUNG.
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Abstract
This study was conducted to examine the effect of Environment, Social, and Governance (ESG) ratings to firm performance and ESG rating disagreement as a moderating variable in the relationship between ESG ratings and firm performance. The proxy used to define ESG ratings is the score from Refinitiv Eikon that is now under London Stock Exchange Group (LSEG). The firm performance is measured by the market-based assessment, Tobin’s Q which counts the market value of equity added with book value of debt and then devided by the book value of assets. ESG rating disagreement is measured by standard deviation of the ESG scores from Refinitiv Eikon and Bloomberg. The population in this research are all sector companies listed on the Indonesia Stock Exchange (IDX) during 2021-2023. Determination of the sample is done by using purposive sampling to choose the research sample, as a result there are total panel data of 62 companies. The data are analyzed using descriptive statistical analysis, classical assumption tests, and panel data regression with a fixed-effect model using STATA 16. The results of this study indicate that (1) ESG ratings does not have a significant effect on firm performance, (2) ESG rating disagreement does not moderate the relationship between ESG ratings and firm performance, which shows insignificant. These findings indicate that in the emerging market like Indonesia, ESG is not credible enough to act as a signal. Investor perceived this information as a weak signal that makes them believe companies only use ESG as a symbolic act. Therefore, the market is still incapable in utilizing the rating divergence as monitoring tools, and the disagreement are perceived as a noise rather than information.
| Item Type: | Other |
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| Subjects: | ?? 330 ?? |
| Divisions: | Fakultas Ekonomi dan Bisnis > Prodi Akuntansi |
| Depositing User: | 2602708333 Digilib |
| Date Deposited: | 24 Feb 2026 01:37 |
| Last Modified: | 24 Feb 2026 01:37 |
| URI: | http://digilib.unila.ac.id/id/eprint/96985 |
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