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Journal : Dinasti International Journal of Economics, Finance

Exploring Financial and ESG Drivers of Firm Value: The Moderating Effect of Dividend Policy in the Energy Sector Sartono, Imam; Risman, Asep
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 5 (2025): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i5.5445

Abstract

The transition toward sustainable energy practices has created increasing pressure on companies to align financial performance with environmental, social, and governance (ESG) objectives. This study aims to examine the effects of sustainability, profitability, and capital structure on firm value, while analyzing the moderating role of dividend policy among energy sector companies listed on the Indonesia Stock Exchange (IDX). Sustainability is assessed using ESG Score, profitability by Return on Assets (ROA), capital structure by Debt to Equity Ratio (DER), and dividend policy by Dividend Payout Ratio (DPR). A quantitative method is employed, utilizing panel data from 28 firms selected through purposive sampling over the 2017–2023 period. The findings reveal that profitability and capital structure significantly influence firm value, while sustainability shows no significant effect. Furthermore, dividend policy negatively moderates the relationship between profitability and firm value, but does not moderate the effect of sustainability or capital structure. The study concludes that financial metrics remain dominant drivers of firm value in the energy sector, while ESG initiatives may require longer-term adoption to show measurable impact. These insights offer practical implications for corporate managers and investors in aligning strategic financial decisions with sustainability goals.
The Behavioral Finance of MSME: Digital Finance, Managerial Biases, Financial Literacy Risman, Asep
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 2 (2024): Dinasti International Journal of Economics, Finance & Accounting (May - June 20
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i2.2660

Abstract

This research aims to find empirical evidence of influence digital finance, managerial biases, and financial literacy on the MSMEs financial behavior. The population of this research is all MSMEs in DKI Jakarta. The sample used in this research was 200 respondents (MSME owners) from all 210 MSMEs who were willing to become respondents. Sampling was carried out using random techniques. Data collection was carried out by manually and online distributing questionnaires using Google Forms, and measured using a 5-point Likert scale. Data processing was carried out using Partial Least Square (PLS) software. The results of this research show that digital finance and financial literacy positively affect the MSMEs financial behavior. However, managerial biases does not affect the MSMEs financial behavior.