Sustainable Development Goals reporting and firm value in Indonesia: moderating role of separate risk management committee

This research aims to assess the impact of Sustainable Development Goals (SDGs) disclosure on firm value and examine how a separate risk management committee moderates the relationship between SDGs disclosure and firm value. These research samples were 328 firms listed on the Indonesian Stock Exchange during 2017-2021. This study uses secondary non-financial and financial data from annual, sustainability reports, and other financial databases. Data were analysed using a fixed effect method. Results revealed that SDGs disclosure has positive and significant influence on firm value, implying that the publication of commitment to SDGs may act as a signal of firm best practice in sustainability. The study also revealed that a separate risk management committee does not have any impact on the firm's value. Similarly, the separate risk management committee does not moderate the association between SDGs disclosure and firm value. The research results support the implementation of signalling theory and enhance a comprehensive understanding about firm valuation. This research also provides insights for managers, investors, and policy makers to consider the effectiveness of establishment of separate risk management committee in firms.