The Effect of Profitability, Capital Structure, and ESG on Firm Value with Dividend Policy as a Moderating Variable: Evidence from the Energy Sector

Putri Romi Eka Cikitha; Andam Dewi Syarif

doi:10.59261/inkubis.v8i4.490

Authors

Putri Romi Eka Cikitha Universitas Mercu Buana
Andam Dewi Syarif Universitas Mercu Buana

DOI:

https://doi.org/10.59261/inkubis.v8i4.490

Keywords:

Firm Value, Profitability, Capital Structure, Environmental Social Governance (ESG), Dividend Policy, Energy Sector

Abstract

Background: Firm value in the energy sector reflects financial fundamentals and investors’ assessment of sustainability-related risks. Previous studies show mixed findings regarding the effects of profitability, capital structure, ESG performance, and dividend policy on market valuation.

Objective: This study examines the effects of profitability, capital structure, and Environmental, Social, and Governance (ESG) performance on firm value, with dividend policy as a moderating variable.

Methods: Using purposive sampling, 15 of 89 energy sector companies listed on the Indonesia Stock Exchange during 2021–2024 were selected. A quantitative approach with panel data regression was employed using combined time-series and cross-sectional data.

Results: ROA, DER, ESG, DPR, and their interaction terms jointly affect firm value. Partially, ROA, ESG, and DPR significantly affect firm value, whereas DER does not. DPR moderates the relationships between ROA and firm value and between ESG and firm value but does not moderate the relationship between DER and firm value.

Conclusion: Profitability, ESG performance, and dividend policy are significantly associated with firm value, while capital structure is not. Dividend policy moderates the profitability–firm value and ESG–firm value relationships. The negative ESG × DPR coefficient indicates that dividend policy weakens the association between ESG performance and firm value in the analyzed sample.

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