Article Per Year (5 Year)
p-Index From 2021 - 2026
0.61
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This Author published in this journals
All Journal Journal of Business, Social and Technology IIJSE
Hari Gursida
Universitas Pakuan, Bogor, Indonesia
Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Financial performance, capital structure, and firm's value: The moderating role of dividend policy N Rusnaeni; Dani Rahman Hakim; Hari Gursida; Hendro Sasongko
Journal of Busiess, Social and Technology (Bustechno) Vol. 4 No. 1 (2023): Journal of Business, Social and Technology (Bustechno)
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (534.44 KB) | DOI: 10.46799/jbt.v4i1.113

Abstract

This study examines the effect of financial performance and capital structure on firm value with dividend policy as a moderating variable. The sample in this study was 13 property and real estate sector companies from 2011 to 2020, with a total of 130 observations. This study found that financial performance and capital structure positively affect firm value. Meanwhile, this study finds that dividend policy cannot moderate the effect of financial performance and capital structure on firm value. The results of this study indicate that property and real estate investors still prioritize the firm's financial performance. Investors are relatively more cautious in investing in property and real estate sector companies even though the dividends offered are pretty high. Thus, property and real estate sector companies need to be more creative in improving their financial performance and obtaining resources to develop their business.
Empirical Study of Environmental, Social & Governance (ESG) on the Stock Returns of Mining Companies With Profitability as an Intervening Variable Listed on the Indonesia Stock Exchange for the Period 2018-2023? Ardhiati Octaviani; Hari Gursida; Yohanes Indrayono
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.8295

Abstract

This study aims to examine the influence of ESG on the stock returns of mining companies listed on the Indonesia Stock Exchange, as well as to assess whether profitability (ROA) plays a mediating role in that relationship. This study was conducted using a quantitative approach and employed panel data regression analysis on 16 companies over six years of observation (2018–2023), with a total of 96 observation data points. The model used is the Random Effect Model with heteroscedasticity correction through the EGLS method. The findings indicate that ESG disclosures, whether environmental, social, or governance, do not affect profitability and stock returns. Profitability (ROA) has a positive effect on stock returns, but it does not mediate the impact of ESG on those returns. This indicates that investors in the mining industry still prioritize conventional financial indicators over sustainability information in the investment decision-making process. Therefore, it is important for companies to enhance the relevance and integration of ESG into their business strategies in order to make a tangible contribution to market value. This research also opens up space for the exploration of other moderating factors that may strengthen the relationship between ESG and financial performance.
Co-Authors Ardhiati Octaviani Dani Rahman Hakim Dani Rahman Hakim, Dani Rahman Hendro Sasongko N Rusnaeni Yohanes Indrayono