Pengaruh ESG Disclosure Berbasis GRI 2021, Leverage, dan Kebijakan Dividen terhadap Nilai Perusahaan Pertambangan: Bukti Empiris Regresi Data Panel Periode 2021–2024

Bonia Sundari; Ridarmelli; Adib Minanurohman

doi:10.33395/owner.v10i4.3697

Authors

Bonia Sundari Perbanas Institute
Ridarmelli
✉ Corresponding author: ridarmelli@perbanas.id Perbanas Institute
Adib Minanurohman Perbanas Institute

DOI:

https://doi.org/10.33395/owner.v10i4.3697

Keywords:

dividend policy, ESG disclosure, firm value, leverage, mining company

Abstract

This study aims to examine the effect of ESG disclosure, leverage, and dividend policy on firm value in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The mining sector was selected because its substantial environmental and social footprint makes sustainability practices and funding decisions increasingly relevant to how investors assess corporate value. This research employs a quantitative associative approach using secondary data drawn from the annual reports and sustainability reports of the sampled firms. The population comprises 40 mining companies, and through purposive sampling 14 companies were obtained, yielding 56 firm-year observations. ESG disclosure is measured using a GRI 2021-based disclosure index, leverage is proxied by the debt to equity ratio, dividend policy by the dividend payout ratio, and firm value by Tobin’s Q. The data were analysed using panel data regression with the aid of Eviews 12 software, and a series of model specification tests established the random effect model as the most appropriate estimator. The empirical findings reveal that ESG disclosure, leverage, and dividend policy each exert a positive and significant effect on firm value, jointly explaining 85.5 percent of its variation. These results imply that sustainability transparency, well-managed use of debt, and consistent dividend distribution serve as positive signals that strengthen investor confidence and enhance firm value, offering practical considerations for management, investors, and regulators.

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