Enhancing firm value through ESG: Fraud, financial performance, sustainability disclosure
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Sep 30, 2026
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ESG, Firm value, Fraudulent financial reporting, Financial performance, Sustainability Disclosure
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Abstract
This research analyzes the effect of Fraudulent Financial Reporting (FFR), Financial Performance, and Sustainability Disclosure on Firm Value, with Environmental, Social, Governance (ESG) as a mediating. The novelty of this this study lies in positioning ESG as a post-pandemic mediation mechanism that explains how FFR risk, financial performance, and sustainability disclosure affect firm value. In addition, it shows ESG’s role as an intermediary linking the company’s internal practices to market valuation. Research data were obtained from technology sector companies listed on IDX for the period 2021- 2024, with a sample of 88. Data analysis using PLS-SEM based on SmartPLS version 4.0. The result showed that FFR doesn’t affect on firm value, as the direction of influence is opposite to the hypothesis, it has positive effect. Financial performance and ESG have a significant positive effect on the firm value, while sustainability disclosure have no effect. The result of the mediation test showed that ESG mediated the effect of FFR and sustainability disclosure on firm value, but didn’t mediate the effect of financial performance on firm value. This finding shows that the market isn’t capable of directly detecting manipulation practices. However, ESG commitment acts as a credibility signal that can increase investor confidence in the company’s commitment to implementing sustainable business practices and help reduse risk perception related to potential FFR and sustainability disclosure burden in the formation of the firm value of post-pandemic technology sector sompanies.
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How to Cite
Giovanni, S., Kusumawardani, A., & Rahmadhani, S. (2026). Enhancing firm value through ESG: Fraud, financial performance, sustainability disclosure. Indonesia Accounting Research Journal, 14(1), 1–12. Retrieved from https://journals.iarn.or.id/index.php/Accounting/article/view/611
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Abogazia, A. H., Hashim, H. A., Salleh, Z., & Ettish, A. A. (2024). The Moderating Effect Of External Financing On The Relationship Between Integrated Reporting And Firm Value In Egypt. Journal Of Financial Reporting And Accounting, 22(5), 1380–1409. Https://Doi.Org/10.1108/Jfra-05-2022-0195
Al Amosh, H., Khatib, S. F. A., Alkurdi, A., & Bazhair, A. H. (2024). Capital Structure Decisions And Environmental, Social And Governance Performance: Insights From Jordan. Journal Of Financial Reporting And Accounting, 22(4), 972–989. Https://Doi.Org/10.1108/Jfra-12-2021-0453
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Mengko, M. H., Swandari Budiarso, N., Yoke, M., & Kalalo, B. (2022). The Effect Of Sustainability Report Disclosure And Profitability On Firm Value Of Listed Companies On The Indonesia Stock Exchange For The 2018-2021 Period. Volume 1, No. 2, 171-177. https://doi.org/10.38142/jogta.v1i2.454
Mintah, E. O., & Gulko, N. (2025). The Impact Of The Covid-19 Pandemic On Social And Environmental Reporting And Financial Performance Of Airlines Operating In The Uk. Journal Of Financial Reporting And Accounting, Volume 23(5), 2051–2076. Https://Doi.Org/10.1108/Jfra-01-2023-0032
Moalla, M., & Dammak, S. (2025). Do Media Coverage And Audit Quality Of Us Companies Affect Their Environmental, Social And Governance Transparency? Journal Of Financial Reporting And Accounting, 23(5), 2007–2026. Https://Doi.Org/10.1108/Jfra-09-2022-0353
Necib, A., Gmati, H., & Jarboui, A. (2024). The Financial Performance’s Mediating Role In Environmental, Social, And Governance (Esg) And Firm Value. Volume 24, Issue 1. https://journalofbusiness.org/index.php/GJMBR/article/view/102977
Ningly, I., & Rahmadhani, S. (2025). Optimizing Corporate Environmental Performance Through Green Process Innovation: An Approach To Business Sustainability. Jurnal Akuntansi, 29(2), 377–399. Https://Doi.Org/10.24912/Ja.V29i2.2895
Non, N., & Ab Aziz, N. (2023). An Exploratory Study That Uses Textual Analysis To Examine The Financial Reporting Sentiments During The Covid-19 Pandemic. Journal Of Financial Reporting And Accounting, 21(4), 895–915. Https://Doi.Org/10.1108/Jfra-10-2022-0364
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