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All Journal Research of Finance and Banking Journal of Sustainable Economic and Business
Amirullah, Aditya Sabrian
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Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Determinants of Firm Value: Sustainability, Risk Business, Dividend Policy, Capital Structure, and Profitability in Telecommunication Amirullah, Aditya Sabrian; Sihombing, Pardomuan
Journal of Sustainable Economic and Business Vol. 3 No. 2 (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.v3i2.388

Abstract

Objectives: To examine the effects of ESG disclosure, business risk (DOL), dividend policy (DPR), and capital structure (DER) on firm value (PBV), with profitability (ROE) as a mediating variable, in telecommunications companies listed on the Indonesia Stock Exchange. Methodology: The research employs a Quantitative explanatory research using balanced panel data (2020–2024). Data from 9 telecommunications companies were analyzed using panel data regression with the Random Effect Model, complemented by the Sobel test for mediation. Findings: The results indicate that ESG disclosure negatively affects firm value, business risk has a weak positive effect, dividend policy negatively affects firm value, and capital structure positively influences firm value. Profitability significantly increases firm value and mediates only the effect of capital structure. Conclusion: The study concludes that firm value in Indonesia’s telecommunications sector is primarily driven by capital structure and profitability. ESG initiatives and dividend payout decisions do not enhance valuation unless aligned with growth and financial performance.
What Drives Firm Value in Emerging Markets? Evidence from Indonesian Telecom Firms Sihombing, Pardomuan; Amirullah, Aditya Sabrian
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.595

Abstract

This study analyzes the effects of sustainability (ESG disclosure), business risk, dividend policy, and capital structure on firm value, with profitability as a mediating variable in telecommunications companies listed on the Indonesia Stock Exchange during 2020–2024. Although prior research has explored firm value determinants, findings on ESG disclosure and financial policies remain inconsistent, particularly in emerging markets, and few studies integrate these variables within a mediation framework. Using panel data analysis, the results indicate that ESG disclosure and dividend policy have a significant negative impact on firm value, suggesting that the market has not fully valued sustainability initiatives and views higher dividend payouts as limiting reinvestment opportunities. Conversely, capital structure and profitability show significant positive effects, emphasizing the importance of effective leverage management and strong earnings performance in influencing investor perceptions. Business risk has a positive but insignificant relationship with firm value. Mediation testing reveals that profitability mediates the relationship between capital structure and firm value, but does not mediate the effects of ESG disclosure, business risk, or dividend policy. These findings highlight the conditional role of profitability in linking financial decisions to firm value and suggest that ESG disclosure has not yet produced short-term valuation benefits in emerging markets.
Co-Authors Pardomuan Sihombing, Pardomuan