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COMPANY GROWTH, ENVIRONMENTAL SOCIAL GOVERNANCE (ESG), GOOD CORPORATE GOVERNANCE, AND FIRM PERFORMANCE: THE ROLE OF CAPITAL STRUCTURE AS A MODERATING VARIABLE Azet Syam Noor; Luk Luk Fuadah; Yulia Saftiana
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 7 (2026): JUNE
Publisher : RADJA PUBLIKA

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Abstract

This study aims to analyze the effect of company growth, Environmental Social Governance (ESG), and Good Corporate Governance (GCG) on firm performance with capital structure as a moderating variable in State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange during the 2012–2023 period. This research employs a quantitative approach using secondary data in the form of annual financial reports collected through documentation techniques. The population consists of 24 SOEs, and total sampling is applied. The analytical methods used are multiple linear regression and Moderated Regression Analysis (MRA) to examine both direct and interaction effects among variables. The variables include company growth, Environmental Social Governance (ESG), Good Corporate Governance (GCG), capital structure (Debt to Equity Ratio/DER), and firm performance measured by Return on Assets (ROA). The results indicate that company growth, ESG, and GCG have a positive and significant effect on firm performance. Capital structure strengthens the positive relationship between company growth and firm performance but does not moderate the relationship between ESG and firm performance. Furthermore, GCG also strengthens the positive relationship between company growth and firm performance.
PENGARUH INDIKATOR SEKTOR INTERNAL TERHADAP CADANGAN DEVISA INDONESIA: STUDI KASUS INDONESIA 2000-2023 Kamil Habibi; Tri Octaviani; Yulia Saftiana
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 6 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/fsxcc536

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh ekspor, impor, utang luar negeri, dan nilai tukar terhadap cadangan devisa Indonesia selama periode 2000–2023. Hasil penelitian menunjukkan bahwa keempat variabel tersebut secara signifikan memengaruhi pergerakan cadangan devisa, yang menegaskan pentingnya faktor eksternal dan dinamika perdagangan internasional dalam menjaga stabilitas ekonomi nasional. Pengujian asumsi klasik dan berbagai uji statistik pendukung menunjukkan bahwa model yang digunakan telah memenuhi kriteria kelayakan secara statistik, sehingga hasil analisis dapat dipercaya. Secara khusus, peningkatan ekspor dan stabilisasi nilai tukar terbukti memberikan pengaruh positif terhadap cadangan devisa. Sementara itu, impor dan utang luar negeri menunjukkan hubungan yang lebih kompleks dan memerlukan pengelolaan kebijakan makroekonomi yang hati-hati. Temuan ini mengindikasikan bahwa kebijakan ekonomi yang berfokus pada peningkatan kinerja ekspor serta pengelolaan nilai tukar yang stabil sangat penting untuk memperkuat ketahanan cadangan devisa Indonesia dalam menghadapi guncangan eksternal dan volatilitas pasar global.