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All Journal JURISMA: Jurnal Riset Bisnis & Manajemen JISIP: Jurnal Ilmu Sosial dan Pendidikan Journal of Research in Business, Economics, and Education Jurnal Administrasi dan Kesekretarisan Jurnal Scientia Akrab Juara : Jurnal Ilmu-ilmu Sosial International Journal Of Science, Technology & Management (IJSTM) Journal of Industrial Engineering & Management Research (JIEMAR) JURNAL LENTERA AKUNTANSI Jurnal Pengabdian Kepada Masyarakat Journal of Economics and Business Letters Jurnal Ekonomi Jurnal Administrasi Kantor Jurnal Pengabdian Masyarakat Formosa (JPMF) International Journal Management and Economic (IJME) Jurnal Multidisiplin Sahombu
Andrie Kurniawan
Universitas Bina Sarana Informatika
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The Effect of Good Corporate Governance and Sustainability Reporting on Firm Value with Profitability as a Mediating Variable in Energy Sector Companies Listed on the Indonesia Stock Exchange Kurniawan, Andrie; Sofyanty, Devy; Givan, Bryan
Jurnal Multidisiplin Sahombu Vol. 6 No. 02 (2026): Jurnal Multidisiplin Sahombu, 2026
Publisher : Sean Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study examines the effect of Good Corporate Governance and Sustainability Reporting on firm value with profitability as a mediating variable in energy sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Using panel data from annual and sustainability reports, the study employs panel regression and mediation analysis to assess the direct and indirect relationships among the variables. The findings indicate that Good Corporate Governance and Sustainability Reporting are positively associated with profitability, suggesting that stronger governance mechanisms and sustainability disclosure contribute to improved financial performance. However, neither Good Corporate Governance nor Sustainability Reporting exerts a positive direct effect on firm value. Profitability also does not mediate the relationship between governance and sustainability practices and firm value, indicating that improvements in internal performance are not automatically translated into higher market valuation. These results imply that firm value in the energy sector is more strongly influenced by external market conditions and investors’ expectations regarding the sustainability of earnings than by governance quality and sustainability disclosure alone.
THE EFFECT OF PROFITABILITY, LIQUIDITY, AND LEVERAGE ON FIRM VALUE IN ENERGY SUB-SECTOR COMPANIES IN INDONESIA Kurniawan, Andrie; Givan, Bryan; Sofyanty, Devi; Salma Rosyidah
International Journal Management and Economic Vol. 5 No. 2 (2026): May: International Journal Management and Economic
Publisher : Asosiasi Dosen Muda Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56127/ijme.v5i2.2706

Abstract

This study aims to examine the effect of profitability, liquidity, and leverage on firm value in energy sub-sector companies listed on the Indonesia Stock Exchange. The research employs a quantitative approach using secondary data derived from corporate financial statements. The analysis is conducted using panel data regression to capture variations across firms and over time. The findings reveal that profitability has a positive and significant influence on firm value, indicating that companies with higher earnings performance tend to receive better market valuation. This result supports signalling theory, which suggests that strong financial performance serves as a positive signal to investors. In contrast, liquidity does not show a significant effect on firm value, implying that the ability to meet short-term obligations is not a primary consideration for investors in this sector. Similarly, leverage is found to have no significant impact on firm value, suggesting that the use of debt does not directly affect market perception in capital-intensive industries such as energy. Overall, the results highlight that profitability is the most dominant factor influencing firm value, while liquidity and leverage play a less critical role. This study contributes to the literature by providing empirical evidence from the energy sector and offers practical implications for management in enhancing firm value through improved financial performance.
Co-Authors Agustiena Merdekawati, Agustiena Ahmad Taufik Al Ghazali Andi Diah Kuswanto Ani Susilawati Bryan Givan Devy Sofyanty Dian Berliansyah Putra Fahmi Kamal Faif Yusuf Faroman Syarief Faroman Syarief Faroman Syarief, Faroman Givan, Bryan Hanif Aulawi Henny Leidiyana heri aryadi, heri Hernawan, Iman Isyana Emita Jasmine Celia Sahfitri Kurniawan Prambudi Utomo Maemunah Maemunah Muhammad Aziz Winardi, Muhammad Raden Mohamad Herdian Bhakti Rizkie, Ricky Salma Rosyidah Sinta Rukiastiandari Sofyanty, Devi Sovyanty, Devy Suhardoyo Suntoro, Bambang Waryono