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Aug 16, 2025
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Aug 16, 2025
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Abstract

This study aims to examine the effect of Environmental, Social, Governance and Intellectual Capital on firm value in the Consumer Non-Cyclicals sector listed on the Indonesia Stock Exchange in 2021-2023. The method used is multiple linear regression analysis with purposive sampling technique and a total sample of 19 companies. The results showed that social had a positive effect on firm value, while Intellectual Capital had a negative effect. In contrast, Environmental and Governance variables show no influence on firm value. This finding indicates that the market values social initiatives more than environmental or governance aspects. In addition, suboptimal management of intellectual assets can be an obstacle in creating long-term value. This study supports signaling theory which states that non-financial information can influence investment decisions.

Keywords

Environmental Social Governance Intellectual capital Firm Value

Article Details

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