THE EFFECT OF INTELLECTUAL CAPITAL AND ESG DISCLOSURE ON FIRM VALUE FROM A SUSTAINABLE VALUE CREATION PERSPECTIVE

This study examines the effects of intellectual capital and environmental, social, and governance (ESG) disclosure on firm value from a sustainable value creation perspective among companies in the consumer non-cyclicals subsector listed on the Indonesia Stock Exchange during 2021–2025. The study employed a quantitative approach using secondary data from 20 sampled companies, comprising 100 initial observations and 86 final observations following data processing and first-difference transformation. Multiple linear regression analysis was conducted using SPSS version 25. The results indicate that intellectual capital has a positive and statistically significant individual effect on firm value (t = 5.573; p = 0.000), suggesting that the efficient management of intellectual resources contributes to internal value creation. In contrast, ESG disclosure does not have a statistically significant individual effect on firm value (t = −0.730; p = 0.468). This finding suggests that sustainability transparency is not immediately reflected in short-term market valuation, although it may contribute to organizational legitimacy and long-term risk mitigation. The joint effect of intellectual capital and ESG disclosure on firm value is statistically significant (F = 15.913; p = 0.000), with an adjusted R² of 0.262. The findings highlight the importance of aligning internal intellectual capabilities with external sustainability transparency to support sustainable firm value creation.