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Investment Decisions and Firm Value: A Moderating Effect of ESG Risk Rating (ESG Leaders Index Companies in 2021-2023) = Investment Decisions and Firm Value: A Moderating Effect of ESG Risk Rating (ESG Leaders Index Companies in 2021-2023)
This study examines how ESG risk rating moderates the relationship between investment decisions and firm value for leading ESG performers companies with well-managed practices or low ESG risk. This study analyze listed companies from the ESG Leaders index for 2021 to 2023. The ESG Risk Rating was acquired directly from the IDXESGL index in partnering with Sustainalytics. Using a path analysis with Structural Equation Model – Partial Least Square (SEM-PLS) on 63 observations from 21 companies with purposive sampling method. Multiple Linear Regression Analysis was conducted to generate the observed constructs. The findings state that investment decisions have a positive impact on firm value which means that the greater investment decisions made by companies, the higher value they obtained. While ESG risk rating has direct impact to firm value in negative direction which means that the lower ESG risk rating of the companies, the higher of firm value. As moderating variable, ESG does not conclusively demonstrate the moderating effect of investment decisions on firm value. In other words, ESG risk rating could not be proved statistically strengthen or weaken the relationship between investment decisions and firm value.
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