Media Coverage Influence on ESG-Firm Value Nexus in 3 ASEAN Public Palm Oil Industry

Authors

DOI:

https://doi.org/10.15294/jda.v18i1.29658

Keywords:

ESG, Firm Value, Palm Oil, Media Coverage, Southeast Asia

Abstract

Purposes: This study investigates the impact of ESG performance on firm value in the palm oil sector, with a particular focus on the moderating role of media coverage.

Methods: This study employs OLS regression analysis using data from 27 palm oil companies listed
on SPOTT in Indonesia, Malaysia, and Singapore over the period 2020–2023. The analysis combines
ESG and media coverage data from SPOTT with financial metrics obtained from Thomson Reuters.

Findings: The findings reveal a significant negative relationship between ESG performance (both
composite scores and individual components) and firm value, reflecting market skepticism toward
sustainability investments in this resource-intensive industry. Importantly, media coverage is identified as a positive moderator that mitigates the valuation discounts associated with ESG initiatives.

Novelty: This study extends prior research by applying the role of media coverage as a moderating
variable in the ESG–firm value nexus within the palm oil industry context. The results provide
practical implications for companies to enhance ESG transparency and strategically manage media
narratives to shape stakeholder perceptions, while regulators are encouraged to consider media dynamics in ESG reporting frameworks to improve market responses.

Author Biography

  • Khalilul Rahman, Universitas Tidar, Indonesia

    Khalilul Rahman is a lecturer in Accounting at Tidar University, Magelang, Central Java, with research interests in Financial Accounting, ESG (Environmental, Social, and Governance), Capital Markets, CSR, and Corporate Governance. He has published several articles in reputable journals, including the Journal of Economic Cooperation & Development (Scopus Q2), Riset Akuntansi dan Keuangan Indonesia (SINTA 2), and several SINTA 4 journals, covering topics such as ESG performance, post-crisis stock price recovery, and corporate resilience during the Covid-19 pandemic. In addition to his active research and publication record, Khalilul has experience as a research assistant in ESG and capital market studies, and is skilled in data analysis using SPSS, STATA, SMART-PLS, and EViews. He can be contacted at [email protected] or via phone at ‪+62 821-7186-7142‬.

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Published

2026-03-02

Article ID

29658

Issue

Vol. 18 No. 1 (2026)

Section

Articles