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The Role of Environmental Social Governance (ESG) in Moderating the Influence of Financial Factors on Stock Returns in the Property and Real Estate Industry Deni Agustino; Augustina Kurniasih
Enrichment: Journal of Multidisciplinary Research and Development Vol. 3 No. 6 (2025): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v3i6.461

Abstract

This study aims to analyze the effect of liquidity (CR), leverage (DER), profitability (ROA), and sales growth (SG) on stock returns, with Environmental Social and Governance (ESG) as a moderator variable. The research data is panel data from 13 companies listed on the Indonesia Stock Exchange and have reports related to ESG scores during the 2020-2023 period. Data analysis was carried out descriptively and inferentially. Inferential analysis uses a panel data regression approach, this analysis involves moderating variables into the regression model to test the interaction between independent and moderating variables whether they have a significant influence on the dependent variable.ESG as a moderator variable is used to moderate the independent variable against the dependent variable whether it strengthens or weakens. The results of the model selection test show that the common effect model (CEM) is the best model. The results of the study found that CR, ROA, and SG have a positive and significant effect on stock returns, while DER and ESG do not have a significant effect on stock returns. In addition, ESG does not act as a moderator variable in the relationship between CR, DER, ROA, and SG with stock returns.
The Effect of Sustainability Performance, Growth Opportunity, and Free Cash Flow on Energy Sector Firm Value Moderated by Institutional Ownership Winarsih Winarsih; Augustina Kurniasih
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i3.460

Abstract

Background: Energy-sector firm value remains volatile amid sustainability demands, while prior evidence concerning ESG, Growth Opportunity, and cash flow factors remains inconsistent. Objective: This study analyzes the effects of Sustainability Performance, as measured by Environmental Score, Social Score, and Governance Score, as well as Growth Opportunity and Free Cash Flow on firm value in the Indonesian energy sector. The study also examines the role of Institutional Ownership as a moderating variable. Methods: The study employs a quantitative approach with an associative-causal design. Secondary data were obtained from audited financial reports, annual reports, sustainability reports, and the Indonesia Stock Exchange. The sample was selected through purposive sampling of 27 energy sector companies on the IDX Main Board during 2021–2024, yielding 108 firm-year observations. Analysis was conducted using panel data regression and moderated regression analysis with EViews 13. Results: The results show that Social Score has a significant negative effect, Free Cash Flow has a significant positive effect, Environmental Score and Governance Score have positive but insignificant effects, while Growth Opportunity has an insignificant negative effect on firm value. Institutional Ownership has a positive but insignificant direct effect on firm value. In the moderation analysis, Institutional Ownership strengthens the effect of Free Cash Flow, weakens the effect of Social Score and Growth Opportunity, and does not moderate the effect of Environmental Score and Governance Score on firm value.  Conclusion: These findings indicate that financial and sustainability factors have varying effects on firm value, while Institutional Ownership can strengthen or weaken these relationships in energy sector companies.
DETERMINANT OF CAPITAL STRUCTURE OF PROPERTY & REAL ESTATE COMPANIES IN INDONESIA STOCK EXCHANGE Muhammad Surya Alam; Augustina Kurniasih
Dinasti International Journal of Economics, Finance & Accounting Vol. 1 No. 4 (2020): Dinasti International Journal of Economics, Finance & Accounting (September - O
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v1i4.543

Abstract

This studyf aims to analyzef the factorsf that influencef the capital structuref of property & realf estate companies containedf on the IDXf in 2017 2018. The dataf used is secondaryf data and the methodf used is panelf data regression analysisf with the helpf of the Eviews 10 applicationf to obtainf aff comprehensive picturef of the relationshipf between variables with other variables. The samplef in thisf study consisted of 47ff property & real estate companiesf listed on the IDX inf 2017 2018. the resultsf off this study aref profitability and assetf structure has a significantf influence on capitalf structure. liquidity, growthf and sizef have no influencef on capitalf structure. The resultsf of the simultaneousf regression analysisf state that the profitabilityf off the asset liquidityf growth structuref and sizef affect the capitalf structure