https://www.ejournal.imperiuminstitute.org/index.php/JMSAB/issue/feed 2026-03-07T08:47:28+07:00 Donant Alananto Iskandar editor.jmsab@gmail.com Open Journal Systems <p>Editor-in-chief:&nbsp;Prof. Dr. Muljanto Siladjaja<br><strong>ISSN online: 2655-237X</strong> &nbsp; <a href="http://issn.pdii.lipi.go.id/issn.cgi?daftar&amp;1542844703&amp;1&amp;&amp;2018" target="_blank" rel="noopener">SK ISSN<strong>&nbsp;</strong></a> <br>2 issues per year (June &amp; December)<br>Terakreditasi SINTA 4 (Valid until Vol 10, No. 1, 2027)</p> <p>Jurnal Manajemen Strategi dan Aplikasi Bisnis (JMSAB) addresses the broad area of strategic management and its applications in industry and business. It is particularly receptive to research relevant to the practice of management within the Asian region and its effects beyond. It covers studies on how management work is done (descriptive) and/or should be done (normative) in diverse organizational forms. These include for-profit/non-profit firms, private/public sector institutions, and formal/informal social networks.</p> https://www.ejournal.imperiuminstitute.org/index.php/JMSAB/article/view/1809 2026-03-07T08:47:28+07:00 Maria Fransisca Winowattan siscacaca4@gmail.com Amelia Oktrivina amelia_oktrivina79@univpancasila.ac.id

<p>This study analyzes the impact of Environmental, Social, and Governance (ESG) disclosure on firm value, using Return on Equity (ROE), firm size (SIZE), and Debt-to-Equity Ratio (DER) as control variables. The research focuses on coal subsector companies listed on the Indonesia Stock Exchange from 2020 to 2024, employing a quantitative approach with panel-data regression analysis. The Common Effect Model was found to be the most suitable after conducting model selection tests. While ESG disclosure did not significantly affect firm value as measured by Tobin’s Q, ROE positively affected firm value, whereas SIZE and DER negatively affected it. Collectively, ESG disclosure, ROE, SIZE, and DER significantly influence firm value, suggesting that coal sector investors prioritize financial performance over sustainability disclosures.</p> <p><strong>Public interest statements</strong></p> <p>The practical implications of this study indicate that companies, particularly in the coal sector, need to improve the quality and consistency of ESG disclosures as part of their business strategy to strengthen reputation, transparency, and firm value in the eyes of investors. For management, the findings can serve as a basis for formulating sustainability strategies and ESG reporting aligned with OJK regulations. Meanwhile, investors and stakeholders can use ESG information to more comprehensively assess a company's performance, risk, and long-term prospects</p>

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