The Effect of Ownership Structure and ESG Disclosure on Firm Value of State-Owned Banks During The 2021Q1–2025Q4 Period

Ali Abubakar Idris; Sindy Agustin; Andiwi Meifillina; Halim Fawazi

doi:10.35457/tcjc0n70

Authors

Ali Abubakar Idris Al-Qalam University
Sindy Agustin Universitas Islam Balitar
Andiwi Meifillina Universitas Islam Balitar
Halim Fawazi Universitas Islam Balitar

DOI:

https://doi.org/10.35457/tcjc0n70

Keywords:

Ownership Structure, ESG, Firm Value

Abstract

This study aims to examine and analyze the effect of institutional ownership, public ownership, and Environmental, Social, and Governance (ESG) disclosure on firm value in Indonesian state-owned banks (BUMN) listed on the Indonesia Stock Exchange, with firm size used as a control variable. A quantitative causal (explanatory) approach was applied to quarterly panel data covering 2021Q1–2025Q4 for five state-owned banks (BBRI, BMRI, BBNI, BBTN, and BRIS), yielding 100 observations. Firm value is proxied by Price to Book Value (PBV); institutional and public ownership are measured by the percentage of outstanding shares; and ESG is measured through content analysis based on 30 Global Reporting Initiative (GRI) indicators. Data were analyzed using panel data regression, with the Fixed Effect Model (FEM) selected as the best model and estimated through Panel EGLS with cross-section weighting to address heteroscedasticity. The results show that institutional ownership has a positive and significant effect on firm value, public ownership has a negative and significant effect, while ESG has a negative but insignificant effect. Simultaneously, institutional ownership, public ownership, and ESG significantly affect firm value, with an Adjusted R² of 89.60%. These findings indicate that institutional monitoring mechanisms remain the primary determinant of state-owned bank value, while ESG disclosure has not yet become a major consideration for investors in the Indonesian capital market.

References

Anggreni, M. K. D., & Robiyanto, R. (2021). Pengaruh struktur modal dan struktur kepemilikan terhadap kinerja perusahaan dengan corporate governance sebagai variabel moderasi. Jurnal Ekonomi Bisnis dan Kewirausahaan, 10(2), 100. https://doi.org/10.26418/jebik.v10i2.45162

Asrulla, R., Jailani, M. S., & Jeka, F. (2023). Populasi dan sampling (kuantitatif), serta pemilihan informan kunci (kualitatif) dalam pendekatan praktis. Jurnal Pendidikan Tambusai, 7(3), 26320–26332.

Aulia, N., Hikmat, A., Nur, T., & Saleh, M. (2026). Pengaruh kepemilikan institusional, kepemilikan manajerial, dan komite audit terhadap nilai perusahaan bank BUMN periode 2021-2024. DedikasiMU: Journal of Community Service, 8(1), 64–76. https://doi.org/10.30587/dedikasimu.v8i1.11372

de Souza Barbosa, A., da Silva, M. C. B. C., da Silva, L. B., Morioka, S. N., & de Souza, V. F. (2023). Integration of Environmental, Social, and Governance (ESG) criteria: Their impacts on corporate sustainability performance. Humanities and Social Sciences Communications, 10(1), 410. https://doi.org/10.1057/s41599-023-01919-0

Fadhali, A., & Purwanto, A. (2024). Pengaruh ESG disclosure score terhadap nilai perusahaan perbankan dengan moderasi komite audit. Diponegoro Journal of Accounting, 13(4), 1–15.

Fitri, B. F. A., & Siarwi, S. (2024). Manajemen laba: Perencanaan pajak, kualitas audit dan kepemilikan institusional. Analisis, 14(2), 252–270. https://doi.org/10.37478/als.v14i2.4488

Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, and the Environmental, Social, and Governance (ESG) disclosure, firm value and firm performance: The audit committee as moderating variable. Economies, 10(12). https://doi.org/10.3390/economies10120314

Ginanjar, Y., Kesaulya, F. A., & Sukandi, P. (2023). Analisis harga saham melalui earning per share, price earning ratio dan price book value. J-AKSI: Jurnal Akuntansi dan Sistem Informasi, 4(2), 163–175. https://doi.org/10.31949/jaksi.v4i2.5073

Jensen, M. C., & Meckling, W. H. (1979). Theory of the firm: Managerial behavior, agency costs, and ownership structure. In K. Brunner (Ed.), Economics social institutions: Insights from the conferences on analysis & ideology (pp. 163–231). Springer Netherlands. https://doi.org/10.1007/978-94-009-9257-3_8

Li, T.-T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663. https://doi.org/10.3390/su132111663

Margareta, C., Universitas, P., Harapan, K., Lippo, V., & Karawaci, I. (2025). Pengaruh pengungkapan ESG terhadap nilai perusahaan dengan kualitas audit sebagai variabel moderasi. Jurnal Penelitian Akuntansi, 6(2).

Munthe, K., & Ginting, R. D. B. (2023). Pengaruh struktur kepemilikan terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Jurnal Manajemen dan Bisnis (JMB), 23.

Nita Yuni, N. L., Rustiarini, N. W., & Shinta Dewi, N. P. (2022). Kinerja lingkungan (PROPER), kinerja keuangan, kepemilikan asing, kepemilikan manajerial, dan kepemilikan publik terhadap nilai perusahaan.

Novianti, V., & Marsudi, A. S. (2025). The effect of ESG score and leverage on company value with profitability as a moderating variable: A study of companies in the ESG Leaders Index 2019–2023.

Priyatno, D. (2022). Olah data sendiri: Analisis regresi linier dengan SPSS dan analisis regresi linier dengan E-Views. Cahaya Harapan.

Purba, I. (2021). Pengaruh kepemilikan manajerial, kepemilikan institusional dan kepemilikan publik terhadap nilai perusahaan pada perusahaan properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2016-2018. Jurnal Riset Akuntansi & Keuangan, 18–29. https://doi.org/10.54367/jrak.v7i1.1168

Putri, M. H., Setiawan, R. Y., & Wibowo, A. S. (2025). Studi kasus pada sektor energy yang terdaftar di BEI (2021-2023). Jurnal Kajian Ilmiah Akuntansi Fakultas Ekonomi UNTAN (KIAFE), 3(1), 44–54. https://doi.org/10.26418/kiafe.v3i1.89949

Saputri, S. N. (2025). The influence of institutional ownership, board of commissioners, and audit committee on company value with financial performance as a moderator. International Journal of Science and Society, 7.

Sari, M., Rachman, H., Juli Astuti, N., Win Afgani, M., & Abdullah Siroj, R. (2022). Explanatory survey dalam metode penelitian deskriptif kuantitatif. Jurnal Pendidikan Sains dan Komputer, 3(01), 10–16. https://doi.org/10.47709/jpsk.v3i01.1953

Setyabudi, T. (2021). The effect of institutional ownership, leverage, and profitability on firm value with dividend policy as an intervening variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021

Syahrudin, Sari, L. A. N., & Setiawati, L. (2025). Eksplorasi teori-teori akuntansi lanjutan. Azzia Karya Bersama.

Wu, S., Li, X., Du, X., & Li, Z. (2022). The impact of ESG performance on firm value: The moderating role of ownership structure. Sustainability (Switzerland), 14(21). https://doi.org/10.3390/su142114507

Yuwono, W., & Aurelia, D. (2021). Effect of profitability, leverage, institutional ownership, managerial ownership, and dividend policy on firm value. Journal of Global Business and Management Review, 3(1), 15–29. https://doi.org/10.37253/jgbmr.v3i1.4992