The Effects Of Esg Risk, Capital Structure, And Investment Opportunities On Firm Value, With Firm Size As A Moderating Variable
Keywords:
Keywords: ESG Risks; Capital Structure; Investment Opportunities; Enterprise Value; Company Size.
Abstract
This study aims to analyze the effects of ESG risk, capital structure, and investment opportunities on firm value and to test the role of firm size as a moderating variable among IDX ESG Leaders constituent companies for the 2021–2024 period. The study employs a quantitative approach using secondary data and purposive sampling. The sample consists of 12 companies with 48 observations. The analysis was conducted using panel data regression with the Fixed Effects Model (FEM) and Moderated Regression Analysis (MRA) via EViews 13. The results indicate that ESG risk, capital structure, and investment opportunities have a positive and significant effect on firm value. Firm size was found to weaken the effects of ESG risk and capital structure on firm value but does not moderate the effect of investment opportunities. These findings suggest that firm value is influenced by ESG risk management, financing decisions, and growth opportunities, with the effectiveness of certain effects depending on firm size. This study provides implications for management and investors in considering ESG aspects, financing structures, investment opportunities, and firm size characteristics when making value-oriented decisions.
References
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Wulandari, P., & Istiqomah, D. F. (2024). The effect of environmental, social, governance (ESG) and capital structure on firm value: The role of firm size as a moderating variable. Jurnal Riset Akuntansi Politala, 7(2), 307–324. https://doi.org/10.34128/jra.v7i2.402
Yuniarti, Y., & Susetyo, A. (2023). Apakah firm size mampu memoderasi sales growth, investment opportunity set, dan leverage terhadap nilai perusahaan? Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi (JIMMBA), 5(5), 577–585. https://doi.org/10.32639/jimmba.v5i5.480
Aisyah, N. R., & Sartika, F. (2022). Pengaruh profitabilitas dan financial leverage terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi. KREATIF: Jurnal Ilmiah Prodi Manajemen Universitas Pamulang, 10(1), 97–108. https://doi.org/10.32493/jk.v10i1.y2022.p97-108
Ainun, M. B., & Liyanto. (2025). The influence of ESG risk rating on company value in companies listed on stock exchanges collaborating in ASEAN-ISE. Ekombis Review: Jurnal Ilmiah Ekonomi dan Bisnis, 13(2), 1191–1202. https://doi.org/10.37676/ekombis.v13i2.6989
Aouadi, A., & Marsat, S. (2018). Do ESG controversies matter for firm value? Evidence from international data. Journal of Business Ethics, 151(4), 1027–1047. https://doi.org/10.1007/s10551-016-3213-8
Eriandani, R., & Winarno, W. A. (2024). ESG risk and firm value: The role of materiality in sustainability reporting. Quality Innovation Prosperity, 28(2), 16–34. https://doi.org/10.12776/qip.v28i2.2019
Fachrezi, M. F., Fauziah, S., Iqbal, M., & Firmansyah, A. (2024). ESG risk dan nilai perusahaan di Indonesia. Akuntansiku, 3(2), 64–76. https://doi.org/10.54957/akuntansiku.v3i2.691
Fuadah, U. R., Santoso, S. B., Fakhruddin, I., & Pandansari, T. (2026). Pengaruh leverage, profitabilitas dan keputusan investasi terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi (Studi pada perusahaan yang terdaftar di IDX-MES BUMN 17 periode 2021–2024). Journal of Accounting and Finance Management, 6(6).
Istikomah, Rahmawati, & Amperawati, E. D. (2023). The impact of ESG risk scores on firm value: Foreign ownership as a moderating role. AFRE (Accounting and Financial Review), 6(1), 139–147. https://doi.org/10.26905/afr.v6i1.10109
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329.
Junita, V., Setyadi, E. J., Hariyanto, E., & Inayati, N. I. (2025). Pengaruh keputusan investasi, opini audit, pertumbuhan penjualan terhadap nilai perusahaan dimoderasi ukuran perusahaan. Journal of Accounting and Finance Management, 6(5), 2969–2981. https://doi.org/10.38035/jafm.v6i5.2895
Kristina, R., Sarlawa, R., & Mahrita, A. (2026). Analisis pengaruh ESG rating terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi di indeks LQ45. Journal of Accounting and Finance Management, 6(6), 3510–3517. https://doi.org/10.38035/jafm.v6i6.3023
Mishkin, F. S. (2021). The economics of money, banking, and financial markets (13th ed.). Pearson Education.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433–443.
Morningstar Sustainalytics. (2024). ESG risk ratings: Methodology abstract (Version 3.1). https://www.sustainalytics.com/docs/knowledgehublibraries/default-document-library/sustainalytics_-esg-risk-ratings_-version-3-1_-methodology-abstract_-june-2024.pdf
Napitupulu, R. B., dkk. (2021). Penelitian bisnis: Teknik dan analisis data dengan SPSS–STATA–EViews. Madenatera.
Otoritas Jasa Keuangan (OJK). (2025). Statistik pasar modal Indonesia. https://ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/default.aspx
Purwitasari, D., Sumardi, & Larasati, M. (2023). Pengaruh tingkat risiko environmental social governance (ESG) dan leverage terhadap kinerja perusahaan pada indeks IDXESGL tahun 2020–2022. Jurnal Informatika Ekonomi Bisnis, 5(2), 522–529. https://doi.org/10.37034/infeb.v5i2.255
Umayah, U., & Ratnasari, F. (2025). Pengaruh ukuran perusahaan, kebijakan utang dan risiko bisnis terhadap nilai perusahaan. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 8(4), 1320–1327. https://doi.org/10.37481/sjr.v8i4.1243
Wulandari, P., & Istiqomah, D. F. (2024). The effect of environmental, social, governance (ESG) and capital structure on firm value: The role of firm size as a moderating variable. Jurnal Riset Akuntansi Politala, 7(2), 307–324. https://doi.org/10.34128/jra.v7i2.402
Yuniarti, Y., & Susetyo, A. (2023). Apakah firm size mampu memoderasi sales growth, investment opportunity set, dan leverage terhadap nilai perusahaan? Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi (JIMMBA), 5(5), 577–585. https://doi.org/10.32639/jimmba.v5i5.480
Published
2026-09-08
How to Cite
Ali Akbar Karim, Mahatma Kufepaksi, & Igo Febrianto. (2026). The Effects Of Esg Risk, Capital Structure, And Investment Opportunities On Firm Value, With Firm Size As A Moderating Variable. International Journal of Economics, Business and Innovation Research, 5(05), 3556-3568. https://doi.org/10.63922/ijebir.v5i05.6439
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