Cultural Values Disclosure and Corporate Value: The Moderating Role of Firm Size

Ella Herlianti; Siska Maharani; Ridwan Simon; Nane Kurnia

doi:10.61987/jemr.v5i5.3109

Authors

Ella Herlianti Universitas Pasundan
Siska Maharani Universitas Pasundan
Ridwan Simon Universitas Pasundan
Nane Kurnia Universitas Pasundan

DOI:

https://doi.org/10.61987/jemr.v5i5.3109

Keywords:

Sundanese Values, Disclosure Index, Firm Value, Firm Size

Abstract

Non-financial corporate disclosure has become increasingly important in firm valuation because investors consider information beyond financial performance when assessing organizational quality, stakeholder relationships, and long-term business prospects. However, disclosure research has largely focused on conventional ESG, CSR, and sustainability measures, while culturally grounded corporate values remain underexplored. This study aims to analyze the effect of the Sundanese Values Disclosure Index (IPNK) on firm value and examine the moderating role of firm size. The study employs a quantitative approach using panel data from 70 manufacturing companies observed over the 2022–2025 period, resulting in 280 firm-year observations selected through purposive sampling. IPNK is measured using 30 indicators across five dimensions: Silih Asih, Silih Asah, Silih Asuh, Bener, and Bageur. Firm value is measured using the Price-to-Earnings Ratio (PER), while firm size is measured using total assets. Panel regression analysis using the Common Effect Model shows that IPNK and firm size have positive and significant effects on firm value, while their interaction is also positive and significant, indicating that firm size strengthens the effect of IPNK. The findings imply that culturally grounded local wisdom disclosure can provide relevant non-financial information for firm valuation.

References

Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the Impact of Sustainability (ESG) Disclosure on Firm Value and Financial Performance (FP) in Airline Industry: The Moderating Role of Size and Age. Environment, Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w

Ahmad, A., & Soma, A. M. (2025). The Shield Against Distress: Risk Management as a Mediator of Financial Ratios in the Property Industry. Business and Applied Management Journal, 3(2), 183–194.

Aidil Akbar Mauliana Wayudi, Muslihin Muslihin, Wahyudi Wahyudi, E. H. (2023). Pelatihan Canva dan Linktree dalam Mendukung Pembelajaran Berbasis Teknologi. Communautaire: Journal of Community Service, 2(2), 135–142.

An, H., Ran, C., & Gao, Y. (2025). Does ESG Information Disclosure Increase Firm Value? The Mediation Role of Financing Constraints in China. Research in International Business and Finance, 73, 102584. https://doi.org/10.1016/j.ribaf.2024.102584

Arifani, Y., & Zhou, Q. (2026). Entrepreneurial Intentions of Vocational College Students: The Role of Innovation Education and Initiative Personality. Indonesian Journal of Progressive Pedagogy, 2(1), 11–27. https://doi.org/10.61987/ijpp.v2i1.1390

Arifin, M. (2026). Optimizing Student Organizational Sustainability: Integrating Psychological Training into Leadership Development. Journal of Psychological Insight, 2(2), 76–88.

Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th ed.). Springer. https://doi.org/10.1007/978-3-030-53953-5

Belle, L. J., & Chemen, D. (2025). In Loco Parentis and Positive Discipline: Building Schools as Character Building Communities. Indonesian Journal of Education and Social Studies, 4(1), 42–56. https://doi.org/10.33650/ijess.v5i1.9884

Chandra, S. L., Lau, E. A., & Gaffar, E. N. H. (2025). The Moderating Effect of Firm Size on ESG Disclosure, Digital Transformation, and Firm Value. Jurnal Akademi Akuntansi, 8(4), 662–676. https://doi.org/10.22219/jaa.v8i4.41654

Dermawan, O., & Yusuf, T. K. (2026). Toward Holistic Curriculum Management in Islamic Early Childhood Education: A Framework for Integrated Learning Development. Early Childhood Development Gazette, 3(1), 11–22. https://doi.org/10.61987/gazette.v3i1.1789

Dewi, A. T. A., Nadhifah, N., Putri, P., Rohmah, Z., & Atika, A. R. (2026). Fostering critical thinking in early childhood: Teacher scaffolding strategies for children aged 5–6. Early Childhood Development Gazette, 3(1), 23–33.

Dihardjo, J. F., & Hersugondo, H. (2023). Exploring the Impact of ESG Disclosure, Dividend Payout Ratio, and Institutional Ownership on Firm Value: A Moderated Analysis of Firm Size. Jurnal Ekonomi Bisnis dan Kewirausahaan, 12(2), 184–207. https://doi.org/10.26418/jebik.v12i2.64129

Falisca, F., & Osesoga, M. S. (2023). Firm Value Analysis in Indonesia Manufacturing Companies. Ultima Accounting: Jurnal Ilmu Akuntansi, 15(1), 62–74. https://doi.org/10.31937/akuntansi.v15i1.3112

Fauzi, A., Zaini, A. W., & Lateh, M. (2025). The Influence of Social Media on Public Relations as a Reinforcement of Higher Education Reputation. Managere: Indonesian Journal of Educational Management, 7(1), 91–101. https://doi.org/10.52627/managere.v7i1.650

Furqon, M., Farwati, W. W., Lateh, M., Afandi, M. A., & Zawawi, A. A. (2026). Family Support and Learning Environment as Key Determinants of Early Childhood Learning Motivation. IC-ESTEH: International Conference on Education, Social Studies, Technology and Health, 1(1), 42–48.

Guo, J., Li, C., & Jiao, W. (2024). Corporate Social Responsibility Disclosure and Market Value: The Mediating Role of Investor Attention. Finance Research Letters, 67, 105863. https://doi.org/10.1016/j.frl.2024.105863

Halim, M. L. Al. (2023). Pelatihan Integrasi Kecerdasan Buatan Digital dalam Pembelajaran Bahasa Inggris di Madrasah. Communautaire: Journal of Community Service, 2(2), 118–125.

Handayati, P., Sumarsono, H., & Narmaditya, B. S. (2022). Corporate Social Responsibility Disclosure and Indonesian Firm Value: The Moderating Effect of Profitability and Firm’s Size. Journal of Eastern European and Central Asian Research, 9(4), 703–714. https://doi.org/10.15549/jeecar.v9i4.940

Harianto, J., Asih, S., & Hartati, S. (2026). The Influence of Social Media Use on the Formation of Islamic Values in Early Childhood: An Ex Post Facto Study. Early Childhood Development Gazette, 3(1), 34–44.

Hasanah, S. N. A., Firdausiah, R. J., Adzimah, M., Khomairohtusshiyamah, U., Mundiri, A., & Zain, Z. H. (2026). From Policy to Practice: Inclusive Career Management in Higher Education. Indonesian Journal of Progressive Pedagogy, 2(1), 1–10. https://doi.org/10.61987/ijpp.v2i1.1469

Hidayatullah, S., Lestari, H., Analisa, A., Fadil, I., Yahya, M. A., Maulina, N., Maulana, A., Pratiwi, A. G., & Lubis, R. A. (2025). The Role of Students in Strengthening Digital Literacy in Islamic Boarding School Environments. Communautaire: Journal of Community Service, 4(1), 41–54. https://doi.org/10.61987/communautaire.v4i1.954

Holidi, M. (2025). CBT Exam Implementation Guidance for Students in Facing Digital-Based Assessments. Communautaire: Journal of Community Service, 4(3), 297–312. https://doi.org/10.61987/communautaire.v4i3.820

Isradi, M., Andraiko, H., Firdaus, H. Y., Hasdian, E., Sudrajat, K. M., & Abdila, S. R. (2023). Waste Management Education with Composting Takakura Home Method. Communautaire: Journal of Community Service, 2(1), 48–55.

Keuangan, O. J. (2021). Surat Edaran Otoritas Jasa Keuangan Nomor 16/SEOJK.04/2021 tentang Bentuk dan Isi Laporan Tahunan Emiten atau Perusahaan Publik. Otoritas Jasa Keuangan.

Khomairotusshiyama, U., & Diana, E. (2025). Utilization of Artificial Intelligence for Recruitment of the Best Educational Talent. Indonesian Journal of Progressive Pedagogy, 01(01), 12–23. https://doi.org/10.61987/ijpp.v1i1.653 Abstract:

Manurung, S. A., Iskandar, T., & Thelma, C. C. (2026). Strategic Planning of Early Childhood Education Principals in Enhancing Educational Quality and Institutional Competitiveness. Early Childhood Development Gazette, 3(1), 1–10. https://doi.org/10.61987/gazette.v3i1.1735

Manurung, S. A., Iskandar, T., & Thelma, C. C. (2026). Strategic Planning of Early Childhood Education Principals in Enhancing Educational Quality and Institutional Competitiveness. Early Childhood Development Gazette, 3(1), 1–10.

Michala, M., Ulfiyah, U., Juhaeti, E., & Hartati, I. D. (2025). Optimizing Finger Painting to Enhance Painting Skills in Early Childhood. Early Childhood Development Gazette, 2(2), 83–91.

Milki, T. G., Hailu, B. H., & Male, A. Y. (2026). Capable but Excluded: Unpacking the Systemic Barriers to Mathematics Education for Students with Blindness. Indonesian Journal of Education and Social Studies, 5(1), 14–39. https://doi.org/10.33650/ijess.v5i1.11898

Mirayanti, N. K. A., Andini, N. K. S., Candrawati, S. A. K., Citrawati, N. K., & Subhaktiyasa, P. G. (2023). Edukasi Pentingnya 1000 Hari Pertama Kehidupan dalam Manejemen Peningkatan Status Gizi Anak melalui Pendekatan Terapi Komplementer. Communautaire: Journal of Community Service, 2(1), 18–22.

Mukarromah, L., Erawati, Y. D., & Mufida, N. (2025). Incorporating Islamic Principles into Early Childhood Education (ECE) Practices. Early Childhood Development Gazette, 2(1), 13–25.

Mulyadi Mulyadi Mar’atun Sholihah, Sahrizal Vahlevi, W. S. (2025). School Management Strategies for Implementing Deep Learning in Indonesian Junior High Schools. Business and Applied Management Journal, 2(2), 134–145.

Musthofa, A. J., Mulyadi, M., Asrori, M., Furqon, M., & Rohmad, R. (2026). Quality Culture Management in Islamic Educational Institutions: Balancing Religious Identity and Global Standards. AL-ISHLAH: Jurnal Pendidikan, 18(2). https://doi.org/10.35445/alishlah.v18i2.9890

Natania, A. P. B., Rahmawati, A., Khonsa, Z. A., Amanda, N. M., & Maulidy, A. (2026). Students’ Understanding of Anti-Bullying Education in Increasing Social Awareness. Journal of Psychological Insight, 2(1), 14–25. https://doi.org/10.61987/jpi.v2i1.1562

Nazwa, S., Iskandar, T., & Paramole, O. C. (2025). Land Limitations and Institutional Adaptation in Early Childhood Education. Early Childhood Development Gazette, 2(2), 92–102.

Nugroho, W., Adzani, D. A., & Hermayana, A. N. (2026). Soundtracks of Survival: A Phenomenological Exploration of Music Listening as Student Stress Coping. Journal of Psychological Insight, 2(2), 89–101.

Nurafifah, L. (2025). Implementation of Kaulinan Barudak in Forming the Character of Catur Silih: Silih Asah, Silih Asih, and Silih Asuh in Early Childhood. JAPRA (Jurnal Pendidikan Raudhatul Athfal), 7(2), 82–90. https://doi.org/10.15575/japra.v7i2.43037

Nurhaida, H. S., & Asdiqoh, S. (2026). Legal Education and Digital Discipline in Pesantren: Fostering Santri’s Legal Awareness in the Age of Social Media. Indonesian Journal of Education and Social Studies, 5(1), 82–97.

Nurul, A. (2026). Collaborative Practices Advancing Socio-Emotional Development in Inclusive Early Education. Journal of Psychological Insight, 2(1), 51–62.

Prahasti, D. P., Furqon, M., Anggraini, V., Aldin, F., & Efridita, Q. (2026). Mathematics in the Sandbox: Investigating Spontaneous Mathematical Talk During Free Play. Early Childhood Development Gazette, 3(1), 45–54.

Purnama, J. P., & Hermanto, Y. P. (2024). Model Transformasi terhadap Budaya Sunda Cageur, Bageur, Bener, Pinter jeung Singer. DIEGESIS: Jurnal Teologi Kharismatika, 7(1), 71–85. https://doi.org/10.53547/diegesis.v7i1.460

Rahat, B., & Nguyen, P. (2024). The Impact of ESG Profile on Firm’s Valuation in Emerging Markets. International Review of Financial Analysis, 95, 103361. https://doi.org/10.1016/j.irfa.2024.103361

S, N. R. A., Muhaeminah, U., & Munawwaroh, I. (2025). The Role of Digital Marketing Management in Improving College Branding on Social Media. Indonesian Journal of Progressive Pedagogy, 01(02), 75–86. https://doi.org/10.61987/ijpp.v1i2.1258

Sa’i, M., Nugroho, P. A., & Zaini, A. W. Z. W. (2025). From Classroom to Community: Strengthening Economic Understanding through Problem-Based Learning. Journal of Social Studies and Education, 3(2), 101–114. https://doi.org/10.61987/jsse.v3i2.738

Siagian, N., Zamroni, S., Pane, M. F. A. F., Saragih, H. R., & Sirait, D. R. (2025). Zakat and Tax as Instruments of Fiscal Justice: A Normative Analysis of Yusuf Al-Qardhawi’s Thoughts. Business and Applied Management Journal, 3(1), 53–62.

Soim, S., Purwanto, E. S., & Haryanti, N. (2026). When Leadership and Climate Matter: Enhancing Teachers’ Work Ethic through Participative School Leadership. Indonesian Journal of Education and Social Studies, 5(1), 56–69.

Surur, M., Puspitasari, Y., & Dewi, S. K. (2026). Flipped Classroom Model-PBL: Innovative Solutions to Improve Student Problem Solving. Indonesian Journal of Education and Social Studies, 5(1), 70–81. https://doi.org/10.33650/ijess.v5i1.13062

Surur, M., Puspitasari, Y., & Dewi, S. K. (2026). Flipped Classroom Model-PBL: Innovative Solutions to Improve Student Problem Solving. Indonesian Journal of Education and Social Studies, 5(1), 70–81.

Susanti, D., Safitri, S. D., Faizin, F., & Lateh, M. (2025). Eradicating Bullying, Creating a Safe and Comfortable Learning Environment through Child-Friendly Schools. Early Childhood Development Gazette, 2(1), 38–48. https://doi.org/10.61987/gazette.v2i1.608

Syadidunniam, A., Royani, A., Ummah, N. I., & Aminah, S. (2026). Integrating Behavioral Economics into Islamic Education Management: Promoting Ethical Decision-Making in School Leadership. Journal of Psychological Insight, 2(1), 1–13. https://doi.org/10.61987/jpi.v2i1.1433

Tarjo, T., Anggono, A., Yuliana, R., Prasetyono, P., Syarif, M., Wildan, M. A., & Kusufi, M. S. (2022). Corporate Social Responsibility, Financial Fraud, and Firm’s Value in Indonesia and Malaysia. Heliyon, 8(12), e11907. https://doi.org/10.1016/j.heliyon.2022.e11907

Ulfa, M., & Hina, S. (2025). The Role of Artificial Intelligence (AI) in Improving the Quality of Education in Early Childhood Education Programs. Indonesian Journal of Progressive Pedagogy, 1(1), 49–59.

Wang, L., & Li, S. (2025). Is Corporate Social Responsibility a Must or a Plus? The Role of National Culture. International Review of Economics & Finance, 101, 104181. https://doi.org/10.1016/j.iref.2025.104181

Wardhani, S. P., Salsabila, N. R., Septia, R., Romlah, R., & Wakhid, A. A. (2025). Public Relations Innovation in the Digital Era: Building Public Organizations’ Reputations Through Social Media. Indonesian Journal of Education and Social Studies, 4(2), 206–220. https://doi.org/10.33650/ijess.v4i2.13063

Widjanarko, M., & Oktorina, M. (2024). Sustainability Disclosure, Financial Performance, Firm Size: Can They Improve Value? Jurnal Akuntansi dan Auditing, 21(2), 103–119. https://doi.org/10.14710/jaa.21.2.103-119

Wilodati, W., Wulandari, P., & Nur, R. J. (2025). Implications of Sundanese Fathers’ Parenting for the Development of Children’s Character. Jurnal Cakrawala Pendidikan, 44(3), 645–664. https://doi.org/10.21831/cp.v44i3.76620

Yakubu, M. A., Sain, Z. H., Lawal, U. S., Arif, M., & Hakim, R. (2025). Student Perceptions of Artificial Intelligence as a Virtual Tutor and Its Relation to Self-Efficacy in Learning. Indonesian Journal of Progressive Pedagogy, 01(01), 1–11. https://doi.org/10.61987/ijpp.v1i1.631

Zhou, G., Liu, L., & Luo, S. (2022). Sustainable Development, ESG Performance and Company Market Value: Mediating Effect of Financial Performance. Business Strategy and the Environment, 31(7), 3371–3387. https://doi.org/10.1002/bse.3089