STUDY LITERATURE REVIEW : THE IMPACT ENVIRONMENTAL, SOCIAL AND GOVERNANCE ON FIRM VALUE

Authors

  • Sri Ayem Universitas Sarjanawiyata Tamansiswa
  • Umi Wahidah Universitas Sarjanawiyata Tamansiswa
  • Yohana Eksen Seseng Universitas Sarjanawiyata Tamansiswa
  • Theresia Benekdita Kewa Universitas Sarjanawiyata Tamansiswa

DOI:

https://doi.org/10.35914/jemma.v8i1.3083

Keywords:

ESG, corporate values, social responsibility, environmental responsibility, corporate governance

Abstract

This study aims to determine the impact of Environmental, Social, and Governance on Company value. The method used in this study is a literature search from three electronic databases, namely Google Scholar, Emerald, ScienceDirect, and Tilor. The method used in this study is a literature review study by reviewing 49 articles consisting of 22 articles from national journals and 27 articles from international journals published in 2020 to 2024. Based on the results of the analysis of the articles reviewed in this study, it shows that the study shows that ESG has a significant positive effect on company value, where good social and environmental responsibility can improve the company's image and investor attraction. The better the company is in carrying out social and environmental responsibilities, the company's value tends to increase. In addition, the implementation of good governance also plays an important role in ensuring that ESG practices can have a positive impact on the company. However, not all studies find a positive relationship between ESG and company value. Several studies show that the influence of ESG can be insignificant or even negative, especially when environmental actions take a long time to produce results or when the investment required is very high. This study shows that the influence of ESG on firm value is complex and can vary depending on other factors involved, both in the short and long term.

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Published

2025-03-03

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Vol. 8 No. 1 (2025): Maret 2025

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