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All Journal Jurnal Ilmiah Manajemen dan Bisnis (JIMB) Journal of Sustainable Economic and Business
Rusdi, Elman Junizar
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Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Social Sciences Other

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The Impact of Sustainable Financing, Dividend Policy, and Capital Structure on Firm Value: An Empirical Study of Banks Listed on the Indonesia Stock Exchange Rusdi, Elman Junizar; Risman, Asep
Jurnal Ilmiah Manajemen dan Bisnis Vol 11, No 2 (2025): Jurnal Ilmiah Manajemen dan Bisnis
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jimb.v11i2.31259

Abstract

This study aims to analyze the impact of sustainable financing, dividend policy, and capital structure on firm value, with a particular focus on the banking subsector listed on the Indonesia Stock Exchange (IDX). A quantitative analysis approach is employed to ascertain the relationship between the independent variables namely, the sustainable financing ratio, the dividend payout ratio (DPR), and the debt to equity ratio (DER) and the dependent variable, firm value, which is measured by the price to earnings ratio (PER). The study employs panel data regression analysis using the R-4.4.2 software packages. The sample comprises seven banking companies, selected using purposive sampling, with a total of 21 observations derived from annual financial statements and sustainability reports covering the period 2021-2023. The findings demonstrate that sustainable financing exerts a substantial negative influence on firm value, indicating that an augmentation in sustainable financing can actually diminish the market value of the company. Similarly, dividend policy has also been found to have a negative effect on firm value, while capital structure has been observed to have a positive but statistically insignificant effect. It is anticipated that this study will provide insights for management and investors, emphasizing the importance of balancing these financial variables in decision-making in order to enhance company performance and investment strategies.
Determinants of Firm Value in Indonesia’s Coal Industry: ESG, Capital Structure, Commodity Prices Rusdi, Elman Junizar; Sihombing, Pardomuan
Journal of Sustainable Economic and Business Vol. 3 No. 1 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i1.350

Abstract

Objectives: This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure, capital structure, and coal commodity prices on firm value in coal mining companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Methodology: The research employs a quantitative approach with a causal design using panel data from 19 companies and 57 observations. The data are analyzed through panel data regression using the Random Effect Model. Findings: The results indicate that ESG disclosure and coal commodity prices do not have a significant effect on firm value, whereas capital structure shows a positive and significant influence. These findings suggest that the market responds more strongly to internal financing policies than to sustainability information or external commodity price fluctuations. Conclusion: The study concludes that optimizing capital structure is a primary factor in enhancing firm value, while ESG implementation needs to be aligned with financial performance to gain stronger market recognition.
Co-Authors Asep Risman Pardomuan Sihombing, Pardomuan