Proceedings of the 24th Malaysia-Indonesia International Conference on Economics, Management, and Accounting (The 24th MIICEMA) in conjunction with The 9th Sriwijaya Economics, Accounting, and Business Conference (The 9th SEABC) (MIICEMA-SEABC 2025)

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Bridging ESG and Corporate Valuation: The Influence of Intellectual Capital in Indonesia’s Energy Sector

Authors
Heriyanto Heriyanto1, *, Isnurhadi Isnurhadi2, Muizzuddin Muizzuddin2
1Musi Charitas Catholic University, Palembang, Indonesia
2Sriwijaya University, Palembang, Indonesia
*Corresponding author. Email: 01023682328011@student.unsri.ac.id
Corresponding Author
Heriyanto Heriyanto
Available Online 23 February 2026.
DOI
10.2991/978-94-6463-994-0_18How to use a DOI?
Keywords
ESG Performance; Intellectual Capital; Firm Value
Abstract

This research focuses on investigating the role of intellectual capital in mediating the influence of ESG performance on the value of companies listed in the energy sector on the Indonesia Stock Exchange. Business sustainability practices need to be well implemented by companies to increase the company’s value in the long run. Good sustainability practices by companies can improve the company’s intellectual capital, which ultimately impacts the company’s value. This research elaborates stakeholder theory and resource-based view by placing the context of sustainability and intellectual practices as strategic steps for companies to increase company value in the long term. This study uses a sample of companies listed in the energy sector on the Indonesia Stock Exchange. The research period is from 2021 to 2023. This study uses panel data regression with a mediating effect using e-views software. The data of this study includes annual data related to the company’s ESG performance (score), intellectual capital, and Tobin’s Q. Hypothesis testing for this study uses panel data review with mediation. The results of the study show that ESG performance does not have a significant effect on company value. The company’s intellectual capital also does not mediate the influence of ESG performance on the company’s value. The results of this study show that there is a need to increase the role of the OJK to encourage companies to improve sustainability practices as a strategy to increase company value in the long term, especially in the energy sector.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 24th Malaysia-Indonesia International Conference on Economics, Management, and Accounting (The 24th MIICEMA) in conjunction with The 9th Sriwijaya Economics, Accounting, and Business Conference (The 9th SEABC) (MIICEMA-SEABC 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
23 February 2026
ISBN
978-94-6463-994-0
ISSN
2352-5428
DOI
10.2991/978-94-6463-994-0_18How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Heriyanto Heriyanto
AU  - Isnurhadi Isnurhadi
AU  - Muizzuddin Muizzuddin
PY  - 2026
DA  - 2026/02/23
TI  - Bridging ESG and Corporate Valuation: The Influence of Intellectual Capital in Indonesia’s Energy Sector
BT  - Proceedings of the 24th Malaysia-Indonesia International Conference on Economics, Management, and Accounting (The 24th MIICEMA) in conjunction with The 9th Sriwijaya Economics, Accounting, and Business Conference (The 9th SEABC) (MIICEMA-SEABC 2025)
PB  - Atlantis Press
SP  - 264
EP  - 281
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-994-0_18
DO  - 10.2991/978-94-6463-994-0_18
ID  - Heriyanto2026
ER  -