Articles

ESG Performance and Firm Value in India: The Moderating Role of Board Gender Diversity Under the Mandatory BRSR Regime

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Since the Securities and Exchange Board of India (SEBI) mandated Business Responsibility and Sustainability Reporting (BRSR) for the top 1,000 listed firms, environmental, social, and governance (ESG) disclosure has shifted from a voluntary signal to a regulatory requirement, renewing debate on whether ESG performance translates into shareholder value and how board composition conditions this link. Drawing on stakeholder theory and upper echelons theory, this study examines the relationship between firm-level ESG performance and firm value (Tobin’s Q) among 210 non-financial firms listed on the NSE-500, using unbalanced panel data for the financial years 2019–20 to 2023–24 (N = 1,008 firm-years). Fixed-effects panel regression shows that ESG performance is positively associated with firm value (β = 0.184, p < .01), and that board gender diversity positively moderates this relationship (β = 0.096, p < .05), such that the ESG–value link is stronger for firms with more gender-diverse boards. Results are robust to alternative performance measures (ROA) and a two-stage least squares specification addressing endogeneity. The study contributes evidence on how governance composition shapes the financial payoff of mandatory ESG disclosure in an emerging-market regulatory setting.

The Role of Public Accountant Company in Pressing Audit Report Delays for Go Public Companies in Indonesia Through Panel Analysis

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This research aims to examine and analyze the role of public accountant company in pressing the condition of audit tenure, company size and financial distress toward the delay of audit report. The research sample was 19 manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period of 2015 till 2022. The total observation for 8 years amounted to 152. Then, the method of the data analysis is moderated regression panel analysis in the approach of random effect model. The findings show that the audit tenure, and company size do not effect directly on audit report lag directly, but they have a tendency to shorten the audit report lag. Then, the variable of financial distress has a positive significant effect on audit report lag. Further, this results of this study reveal that the reputation of public accountant company has a role in mediating the relation between audit tenure and company size to shorten the audit report lag. Practically, these findings implicate that the reputation of public accountant company be able to pressing the reliability and timelines of financial statements, especially for the companies which are related to the audit tenure and the financial distress condition.