The Effect of Sustainability on Market/BV: A Study on Public Companies in Indonesia in 2013-2019

Gracia Shinta S. Ugut, Zabrina Raissa


The objective of this study is to know is ESG score has an influence towards Market/BV. The dependent variable in this study is market/bv. The control variables in this study are: (1) return on equity (ROE), (2) debt to asset ratio (D/A), (3) earnings per share growth (EPS growth). This study used 55 populations of publicly listed companies in Indonesia that were listed on the Indonesia Stock Exchange from 2013 to 2019 with a purposive sampling method. The total sample in this study was 385 data which were processed using the multiple linear regression analysis methods with a fixed-effect model, which had been tested both the Chow test and the Hausman test. The results of this study indicate that the ESG score disclosure has a negative and significant effect on Market/BV.


ESG score; market/BV; ROE; debt to asset ratio; EPS growth

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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.