The Impact of ESG Disclosure on Firm Value in ASEAN: The Moderating Role of Audit Quality

Herlambang Ramadhan Kusno; Novita Sari

Authors

Herlambang Ramadhan Kusno Faculty of Economics and Business, Universitas Airlangga, Indonesia https://orcid.org/0009-0000-0948-9584
Novita Sari Faculty of Economics and Business, Universitas Airlangga, Indonesia https://orcid.org/0000-0002-9927-5906

Keywords:

ESG Disclosure, Firm Value, Audit Quality, Audit Fees, ASEAN , Signalling Theory

Abstract

This study aims to examine the effect of ESG on firm value and the moderating role of audit quality in the ASEAN context. Using a sample of public listed companies from 2016 to 2024, data were analyzed using panel data regression. The results indicate that ESG disclosure has a significant positive effect on firm value, suggesting that sustainability transparency serves as a credible signal to investors. Furthermore, audit quality is found to positively moderate this relationship, acting as a signal enhancer and mitigates greenwashing concerns. This research contributes to signalling theory by demonstrating how audit effort reinforces the credibility in emerging markets.

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