Pengaruh Leverage, ESG, dan Nilai Perusahaan Pada Sektor Pertambangan Di Indonesia: Moderasi Dewan Wanita
DOI:
https://doi.org/10.35870/jemsi.v12i1.5644Keywords:
Female Board, ESG, Leverage, Firm Value, Mining SectorAbstract
The mining sector plays a vital role in Indonesia’s economy but faces challenges such as commodity price volatility, export dependency, and increasing global regulatory pressure that affect firm value. This study aims to examine the effect of leverage and Environmental, Social, and Governance (ESG) disclosure on firm value, with female board representation as a moderating variable.This research employs a quantitative approach with a population consisting of all mining companies listed on the Indonesia Stock Exchange (IDX) during 2019–2023. Samples were selected using purposive sampling based on the criteria that companies remained listed throughout the observation period, published audited annual financial statements, and consistently disclosed ESG scores. Secondary data were obtained from annual reports, the IDX database, and Refinitiv Eikon. Data were analyzed using panel regression with EViews 12. The appropriate regression model (Common Effect, Fixed Effect, or Random Effect) was determined through the Chow test, Hausman test, and Lagrange Multiplier test, followed by classical assumption testing to ensure model validity.The results indicate that leverage has a positive but insignificant effect on firm value, while ESG shows a significant negative effect. The presence of female directors does not moderate the relationship between leverage and firm value but strengthens the effect of ESG on firm value. These findings highlight the importance of inclusive governance practices and sustainability strategies to enhance the competitiveness of mining companies. Furthermore, this study contributes to the literature on ESG disclosure and board diversity in emerging markets, particularly within the context of Indonesia’s governance system, which remains influenced by patriarchal structures.
Downloads
References
Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007.
Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033.
Balmer, J. M. T. (2017). The corporate identity, total corporate communications, stakeholders’ attributed identities, identifications and behaviours continuum. European Journal of Marketing, 51(9–10), 1472–1502. https://doi.org/10.1108/EJM-07-2017-0448.
Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207–221. https://doi.org/10.1007/s10551-010-0505-2.
Breuer, W., & Ruiz de Vargas, S. (2021). Some key developments in international financial management. Journal of Business Economics, 91(5), 595–615. https://doi.org/10.1007/s11573-021-01039-8.
Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451. https://doi.org/10.1007/s10551-007-9630-y.
Chapple, L., & Humphrey, J. E. (2014). Does board gender diversity have a financial impact? Evidence using stock portfolio performance. Journal of Business Ethics, 122(4), 709–723. https://doi.org/10.1007/s10551-013-1785-0.
Chen, Y. C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169–190. https://doi.org/10.1016/j.jacceco.2017.11.009.
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70. https://doi.org/10.2307/3665623.
Cohen, G. (2022). ESG risks and corporate survival. Environment Systems and Decisions. Advance online publication. https://doi.org/10.1007/s10669-022-09886-8.
DeAngelo, H., & Stulz, R. M. (2015). Liquid-claim production, risk management, and bank capital structure: Why high leverage is optimal for banks. Journal of Financial Economics, 116(2), 219–236. https://doi.org/10.1016/j.jfineco.2014.11.011.
Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91. https://doi.org/10.2307/258887.
Dong, Y., Liang, C., & Wanyin, Z. (2022). Board diversity and firm performance: Impact of ESG activities in China. Economic Research-Ekonomska Istrazivanja, 35(7), 10098–10117. https://doi.org/10.1080/1331677X.2022.2090406.
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & de Colle, S. (2010). Stakeholder theory: The state of the art. Cambridge University Press. https://doi.org/10.1017/CBO9780511815768.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917.
Ghozali, I. (2013). Aplikasi analisis multivariate dengan program IBM SPSS 21 update PLS regresi (7th ed.). Badan Penerbit Universitas Diponegoro.
Glass, C., Cook, A., & Ingersoll, A. R. (2016). Do women leaders promote sustainability? Analyzing the effect of corporate governance composition on environmental performance. Business Strategy and the Environment, 25(7), 495–511. https://doi.org/10.1002/bse.1879.
Guo, G., Lin, O., Li, Y., & Ruan, J. (2024). Corporate carbon emission governance: The mediating role of financial leverage. International Review of Economics & Finance, 96, 103734. https://doi.org/10.1016/j.iref.2024.103734.
Hergianti, A. N., & Retnani, E. R. (2020). Pengaruh pertumbuhan perusahaan, profitabilitas dan leverage terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 9(2), 1–20.
Intan, T., & Paramita, V. S. (2025). The effect of environment social governance (ESG) and financial performance on firm value moderated by firm size. Summa: Journal of Accounting and Tax, 3(1), 12–24. https://doi.org/10.61978/summa.v3i1.468.
Irfan Aziz, M., & Kartadjumena, E. (n.d.). Does company size mediate the relationship between leverage and firm value in Indonesia technology companies? IKOPIN Journal of Economic & Business.
Jaya, I. K. B. A., & Martadinata, I. P. H. (2024). Pengaruh pengungkapan Environmental, Social, and Governance (ESG) terhadap profitabilitas. Vokasi: Jurnal Riset Akuntansi, 13(2).
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X.
Joni, J., Ahmed, K., & Hamilton, J. (2020). Politically connected boards, family and business group affiliations, and cost of capital: Evidence from Indonesia. The British Accounting Review, 52(3), 100878. https://doi.org/10.1016/j.bar.2019.100878.
Kartadjumena, E., Rachman, Y. T., Prayitno, Y. H., Rachmat, R. A. H., Christine, D., Novatiani, R. A., & Asikin, B. (2021). Company financial performance and timeliness financial reporting: Evidence from Indonesia mining companies. Review of International Geographical Education Online, 11(6), 735–744. https://doi.org/10.48047/rigeo.11.06.90.
Kraus, A., & Litzenberger, R. H. (1973). A state‐preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x.
Lane, D. (2009). The cost of capital, corporation finance and the theory of investment: A refinement. Applied Economics Letters, 16(10), 1017–1019. https://doi.org/10.1080/17446540802345448.
Malik, M., Mamun, K., & Osman, S. M. I. (2024). Does corruption control enhance ESG-induced firm value? Insights from machine learning analysis. Finance Research Letters, 61, 106572. https://doi.org/10.1016/j.frl.2024.106572.
Mallidis, I., Giannarakis, G., & Sariannidis, N. (2024). Impact of board gender diversity on environmental, social, and ESG controversies performance: The moderating role of United Nations Global Compact and ISO. Journal of Cleaner Production, 444, 141047. https://doi.org/10.1016/j.jclepro.2024.141047.
Mareta, S. R. H., & Rahayu, S. M. (2014). Pengaruh leverage dan profitabilitas terhadap nilai perusahaan. Jurnal Universitas Gunadarma. (Jurnal Mahasiswa Universitas Gunadarma).
Mathew, S., Ibrahim, S., & Archbold, S. (2016). Boards attributes that increase firm risk – Evidence from the UK. Corporate Governance, 16(2), 233–258. https://doi.org/10.1108/CG-09-2015-0122.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0.
Nugraha, R. A., & Alfarisi, M. F. (2020). Pengaruh profitabilitas, leverage, likuiditas dan ukuran perusahaan terhadap nilai perusahaan. Mirai Management, 5(3), 145–158.
Pereira da Silva, P. (2022). Crash risk and ESG disclosure. Borsa Istanbul Review, 22(4), 794–811. https://doi.org/10.1016/j.bir.2022.04.001.
Precia, Y., & Setyawan, I. R. (2023). Pengaruh keberadaan direksi wanita, leverage, dan profitabilitas terhadap nilai perusahaan. Jurnal Manajerial Dan Kewirausahaan, 5(3), 814–822. https://doi.org/10.24912/jmk.v5i3.25451.
Pu, G. (2022). A non-linear assessment of ESG and firm performance relationship: Evidence from China. Economic Research-Ekonomska Istrazivanja, 35(7), 10364–10382. https://doi.org/10.1080/1331677X.2022.2113336.
Putri, C. N. A., & Diantini, N. N. A. (2022). Pengaruh asimetri informasi, pertumbuhan perusahaan dan leverage terhadap nilai perusahaan. E-Jurnal Manajemen Universitas Udayana, 11(11), 1937–1953. https://doi.org/10.24843/EJMUNUD.2022.v11.i11.p05.
Rahi, A. F., Akter, R., & Johansson, J. (2022). Do sustainability practices influence financial performance? Evidence from the Nordic financial industry. Accounting Research Journal, 35(2), 292–314. https://doi.org/10.1108/ARJ-12-2020-0373.
Sakina, A. I., & A., D. H. S. (2017). Menyoroti budaya patriarki di Indonesia. Share: Social Work Journal, 7(1), 71–78. https://doi.org/10.24198/share.v7i1.13820.
Soge, M. S. N., & Brata, I. O. D. (2021). Pengaruh profitabilitas, leverage, dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di BEI. Jurnal Akuntansi Bisnis Dan Ekonomi, 6(2), 1767–1788. https://doi.org/10.33197/jabe.vol6.iss2.2020.625.
Swari, P. R., & Udayana, U. (2023). Budaya patriarki dan tantangan dalam kebebasan berekspresi (Analisis menggunakan teori konflik Ralf Dahrendorf). Jurnal Dinamika Sosial Budaya, 25(2), 213–218.
Tong, H., & Wei, S.-J. (2021). Endogenous corporate leverage response to a safer macro environment: The case of foreign exchange reserve accumulation. Journal of International Economics, 132, 103499. https://doi.org/10.1016/j.jinteco.2021.103499.
Trahan, R. T., & Jantz, B. (2023). What is ESG? Rethinking the “E” pillar. Business Strategy and the Environment. Advance online publication. https://doi.org/10.1002/bse.3371.
Yang, J. Y., & Suh, H. (2023). Heterogeneous effects of macroprudential policies on firm leverage and value. International Review of Financial Analysis, 86, 102554. https://doi.org/10.1016/j.irfa.2023.102554.
Yang, P., Riepe, J., Moser, K., Pull, K., & Terjesen, S. (2019). Women directors, firm performance, and firm risk: A causal perspective. The Leadership Quarterly, 30(5), 101310. https://doi.org/10.1016/j.leaqua.2019.05.004.
Zhang, X., Chen, Z., & Wang, S. (2024). A study of the impact of cryptocurrency price volatility on the stock and gold markets. Finance Research Letters, 69, 106114. https://doi.org/10.1016/j.frl.2024.106114.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Michael Souw, Eriana Kartadjumena
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
