Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
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All Journal International Journal of Economics, Business and Innovation Research
Ali Akbar Karim
Department of Management, Faculty of Economics and Business, Universitas Lampung, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Effects Of Esg Risk, Capital Structure, And Investment Opportunities On Firm Value, With Firm Size As A Moderating Variable Ali Akbar Karim; Mahatma Kufepaksi; Igo Febrianto
International Journal of Economics, Business and Innovation Research Vol. 5 No. 05 (2026): International Journal of Economics, Business and Innovation Research( IJEBIR)
Publisher : Cita konsultindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63922/ijebir.v5i05.6439

Abstract

This study aims to analyze the effects of ESG risk, capital structure, and investment opportunities on firm value and to test the role of firm size as a moderating variable among IDX ESG Leaders constituent companies for the 2021–2024 period. The study employs a quantitative approach using secondary data and purposive sampling. The sample consists of 12 companies with 48 observations. The analysis was conducted using panel data regression with the Fixed Effects Model (FEM) and Moderated Regression Analysis (MRA) via EViews 13. The results indicate that ESG risk, capital structure, and investment opportunities have a positive and significant effect on firm value. Firm size was found to weaken the effects of ESG risk and capital structure on firm value but does not moderate the effect of investment opportunities. These findings suggest that firm value is influenced by ESG risk management, financing decisions, and growth opportunities, with the effectiveness of certain effects depending on firm size. This study provides implications for management and investors in considering ESG aspects, financing structures, investment opportunities, and firm size characteristics when making value-oriented decisions.
Co-Authors Igo Febrianto Mahatma Kufepaksi