Determinants of Firm Value in IDX Manufacturing Firms, 2022–2024: The Mediating Role of Financial Performance
DOI:
10.47353/ecbis.v4i6.510Published:
2026-09-29Downloads
Abstract
This study aims to examine and analyze the effect of ESG Disclosure, Corporate Reputation, and Intellectual Capital on Firm Value, with Financial Performance as a mediating variable in manufacturing companies listed on the Indonesia Stock Exchange. This research employs a quantitative approach. The population consists of all manufacturing companies listed on the Indonesia Stock Exchange. The sample includes 42 companies with financial statements from the past three years, totaling 126 observations, and that published complete financial and sustainability reports from 2022 to 2024, selected using a purposive sampling method. The analytical method used is panel data regression and mediation testing using the Sobel test with the assistance of EViews version 13 software. The results indicate that ESG Disclosure has a significant negative effect on Financial Performance, but does not have a significant effect on firm value, and Financial Performance is not able to mediate the effect of ESG Disclosure on firm value. Meanwhile, Corporate Reputation and Intellectual Capital have a positive and significant effect on Financial Performance; however, Corporate Reputation does not have a significant effect on firm value, and Intellectual Capital has a significant negative effect on firm value. Nevertheless, Financial Performance mediates the effect of Corporate Reputation and Intellectual Capital on firm value. In addition, Financial Performance has a significant effect on firm value. These findings suggest that strengthening Financial Performance can serve as an important channel in linking sustainability practices to the enhancement of firm value in the eyes of investors
Keywords:
ESG Disclosure Corporate Reputation Intellectual Capital Financial Performance Firm ValueReferences
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