ESG Disclosure, Capital Structure, Liquidity, and Firm Value: The Moderating Role of Profitability in Non-Cyclicals Manufacturing Companies

Abstrak

This study examines the effects of ESG disclosure, capital structure, and liquidity on firm value, and the moderating role of profitability, in Consumer Non-Cyclicals manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2025 period. Using a quantitative explanatory design and panel data from 21 firms (84 firm-year observations), the analysis employs Moderated Regression Analysis within a Fixed Effects Model. Firm value is measured by Tobin’s Q, ESG disclosure by a GRI Standards 2021-based index, capital structure by the Debt-to-Equity Ratio, liquidity by the Current Ratio, and profitability by Return on Assets. The results show that ESG disclosure and capital structure exert significant negative effects on firm value, while liquidity has no significant influence. Profitability positively and significantly moderates the relationship between ESG disclosure and firm value but does not moderate the effects of capital structure or liquidity. These findings indicate that investors prioritize short-term financial performance and view ESG-related costs and high leverage as risk signals. The study contributes by integrating financial and non-financial determinants with profitability moderation in an underexplored post-pandemic Indonesian context, offering insights for managers to align sustainability initiatives with profitability and for regulators to refine ESG evaluation frameworks.