THE EFFECT OF SUSTAINABILITY REPORTING, COMPANY SIZE, AND LEVERAGE ON THE FIRM VALUE OF CONGLOMERATE COMPANIES WITH PROFITABILITY AS A MODERATING VARIABLE
Keywords:
Sustainability Reporting, Firm Size, Leverage, Firm Value, ProfitabilityAbstract
Sustainability information disclosure and corporate financial conditions are important aspects of investors’ assessment of firm value. However, previous studies examining the effects of sustainability reporting, firm size, and leverage on firm value have yielded mixed findings, particularly in conglomerate companies. This study aims to analyze the effects of sustainability reporting, firm size, and leverage on firm value, with profitability as a moderating variable, in conglomerate companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This study employs a quantitative approach using panel data regression analysis and moderation testing with EViews 13. The research sample consists of 21 companies with a total of 63 observations. The results indicate that sustainability reporting and firm size have negative effects on firm value, whereas leverage has a positive effect on firm value. Profitability moderates the relationship between sustainability reporting and firm value in a negative direction, thereby weakening the relationship. Profitability also strengthens the relationship between firm size and firm value, while negatively moderating the relationship between leverage and firm value, thereby weakening the relationship. The findings indicate that an increase in firm value is determined not only by the extent of sustainability disclosure and firm size but also by the company's ability to effectively manage its assets, profitability, and financing policies. These findings may serve as a consideration for management and investors in evaluating the performance, financial risks, and prospects of conglomerate companies.
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