HERSUGONDO, Hersugondo (2026) " ARTIKEL Dr. HERSUGONDO, SE, MM: The impact of ESG disclosure on firm value: The moderating influence of board size within the Singaporean context". AFRe (Accounting and Financial Review), 9 (1). pp. 29-47.

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Abstract

This research examines the relationship between Environmental, Social, and Governance (ESG) disclosure and firm value
while investigating the moderating role of board size. The sample includes 20 companies listed on the Singapore Exchange
for the period 2019 to 2024, utilizing secondary data from Bloomberg. Data analysis was performed using panel data multiple
linear regression via Stata 17 software. Following model selection tests, the Fixed Effect Model was implemented with robust
standard errors to mitigate heteroscedasticity. ESG disclosure was evaluated both aggregately and through its individual
pillars, with moderation analysis conducted by generating interaction terms between ESG metrics and board size. The empirical
results demonstrate that total ESG disclosure and its constituent pillars do not significantly influence firm value. However,
moderation testing reveals that board size negatively moderates the impact of total ESG, environmental, and governance
disclosures on firm value, whereas no moderating effect was detected concerning the relationship between social disclosure
and firm value. These findings highlight the critical importance of board size optimization in ensuring that ESG transparency
effectively contributes to the enhancement of firm value.

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