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All Journal Jurnal Akuntansi AKUNESA
Kania Iswara Kania
Universitas Trisakti
Economics, Econometrics & Finance

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PENGARUH CAPITAL STRUCTURE, ESG DISCLOSURE, CASH HOLDING TERHADAP FIRM VALUE SEKTOR ENERGI Shinta Kusumastuti Shinta; Kania Iswara Kania; Harti Budi Yanti Harti
Jurnal Akuntansi Vol 15 No 1 (2026): AKUNESA (September 2026) - In Progress
Publisher : Accounting Study Programme Faculty of Economics and Business Universitas Negeri Surabaya

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Abstract

This study aims to empirically examine the impact of Capital Structure, ESG Disclosure, and Cash Holding on Firm Value within energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2025 period. Utilizing a quantitative approach with a purposive sampling technique, this research analyzed 364 panel data observations from 91 listed firms. Model estimation was conducted using panel data regression with a Fixed Effect Model specification. Statistical results demonstrate that, simultaneously, Capital Structure, ESG Disclosure, and Cash Holding affect Firm Value with an Adjusted R-squared of 83.35%. Partially, Capital Structure and Cash Holding exert a positive and influence on Firm Value. This confirms that market participants respond positively to optimal debt proportions as a tax shield mechanism and value internal cash reserves as a liquidity risk mitigation tool amidst industry volatility. Conversely, ESG Disclosure was found to have an insignificant impact on Firm Value. This condition indicates the presence of information asymmetry and myopic investment behavior in emerging markets, where sustainability disclosure costs are still perceived as compliance sunk costs rather than fundamental value drivers.
Co-Authors Harti Budi Yanti Harti Shinta Kusumastuti Shinta