Pengaruh Artificial Intelligence Disclosure dan ESG Disclosure terhadap Nilai Perusahaan dengan Moderasi Ukuran Perusahaan

Hamidah Nurhayati; Muslimin Muslimin; Fajrin Satria Dwi Kesumah

doi:10.61132/moneter.v4i3.2458

Authors

Hamidah Nurhayati Universitas Lampung
Muslimin Muslimin Universitas Lampung
Fajrin Satria Dwi Kesumah Universitas Lampung

DOI:

https://doi.org/10.61132/moneter.v4i3.2458

Keywords:

Artificial Intelligence Disclosure, ESG Disclosure, ESG Leaders Index, Firm Size, Firm Value

Abstract

This study attempts to explore the influence of Artificial Intelligence (AI) Disclosure and Environmental, Social, and Governance (ESG) Disclosure on firm value, with firm size as a moderating variable. As digital transformation and sustainability practices have become increasingly crucial in strengthening corporate competitiveness, firms are expected to give comprehensive disclosures regarding AI adoption and ESG performance to create added value for investors and other stakeholders. This research takes a quantitative approach employing panel data from 30 company listed on the ESG Leaders Index of the IDX over the 2021-2025 period. Purposive sampling was used to choose the sample, and after outlier treatment, 130 observations were obtained. Panel data regression utilizing the Moderated Regression Analysis (MRA) method with the Fixed Effect Model (FEM) was used to evaluate the data. The results show that ESG and AI disclosure do not significantly impact corporate value on their own. Moreover, the association between AI disclosure and firm value is not moderated by firm size. However, the positive correlation between ESG disclosure and firm value is considerably strengthened by firm size, suggesting that larger firms are better equipped to convert sustainability disclosures into higher market price. These results add to the body of knowledge regarding business value, sustainability, and corporate disclosure in emerging countries.

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