Sustainability Reporting, Ukuran Perusahaan, Profitabilitas terhadap Harga Saham dengan Nilai Perusahaan sebagai Variabel Mediasi

Rani Eka  Pratiwi; Usep  Siswadi; Imas  Fatimah

doi:10.33395/owner.v10i3.3468

Authors

Rani Eka Pratiwi
✉ Corresponding author: raniekapratiwi6@gmail.com Universitas La Tansa Mashiro
Usep Siswadi Universitas La Tansa Mashiro
Imas Fatimah Universitas La Tansa Mashiro

DOI:

https://doi.org/10.33395/owner.v10i3.3468

Keywords:

Stock Price; Firm Value; Profitability; Sustainability Reporting; Firm Size

Abstract

This study aims to examine the effects of sustainability reporting, firm size, and profitability on stock prices, with firm value serving as a mediating variable. A causal associative quantitative approach was employed using secondary data obtained from annual financial statements and sustainability reports. The sample was selected through purposive sampling, resulting in 50 observations from 10 energy sector companies. Data were analyzed using panel data regression and path analysis with EViews software. The findings indicate that sustainability reporting has a significant positive direct effect on stock prices, supporting signaling theory, which suggests that the disclosure of non-financial information is positively perceived by the market. Profitability has a significant positive effect on firm value but does not directly influence stock prices, reflecting a shift in investor preferences within the energy sector. Meanwhile, firm size has no significant effect on either firm value or stock prices, indicating that asset scale is no longer a primary indicator of market valuation. The mediation analysis further reveals that firm value, measured by Tobin’s Q, mediates only the relationship between profitability and stock prices. These findings imply that energy companies should enhance the quality of their sustainability disclosures as a strategic instrument to improve market value and strengthen investment attractiveness

Downloads

Download data is not yet available.

References

Anindyo Pramudito, Muhammad Muwidha, A. I. (2022). Analysis Of Profitability On Sustainability Report. Internasional Journal of Environmental, Sustainability, and Social Sciences, 9644(2012), 189–195. https://doi.org/https://doi.org/10.38142/ijesss.v3i1.134

Aviceena, D., Hidayat, R., Wardhana, R. A., & Anna, Y. D. (2026). Pengaruh Pengungkapan Sustainability Reporting Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Sektor Energi Yang Terdaftar Di Bursa Efek Indonesia Periode 2021-2024. Hikamatzu Journal of Multidsiplin, 3(1), 12.

Brigham, E. F., & Houston, J. F. (2007). Essential of Financial Management. Eleventh edition.

Eka lala sari, tri widyastuti, maidani, pratiwi nila sari. (2024). Pengaruh Enviroinmental Performance dan Corporate Social Responsibility terhadap Kinerja Keuangan pada Perusahaan Energi yang terdaftar di BEI. Sentri:Jurnal Riset Ilmiah, 3(2), 1041–1053.

Hardi, I., Idroes, G. M., Athira, N., Hardia, K., Fajri, I., & Furqan, N. (2023). Assessing the Linkage Between Sustainability Reporting and Indonesia ’ s Firm Value?: The Role of Firm Size and Leverage. 21–28. https://doi.org/10.60084/ijma.v1i1.79

Harmadji, D. E., Subroto, B., Saraswati, E., & Prihatiningtias, Y. W. (2018). From Theory to Practice of Signaling Theory?: Sustainability Reporting Strategy Impact on Stock Price Crash Risk with Sustainability Reporting Quality as Mediating Variable. 2018, 647–658. https://doi.org/10.18502/kss.v3i10.3411

Khuzaimah azahrotul maftukhah, afifudin, dewi diah fakhriyyah. (2024). pengaruh sustainability reporting dan ukuran perusahaan terhadap nilai perusahaan dengan profitabilitas sebagai moderasi pada perusahaan property dan real estet yang terdaftar di bursa efek indonesia periode 2021-2023. E_Jurnal Ilmiah Riset Akuntansi, 2(02), 306–312.

Komara, A., Ghozali, I., & Januarti, I. (2020). Examining the Firm Value Based on Signaling Theory. Advances in Economics, Business and Management Research, 123(Icamer 2019), 1–4. https://doi.org/10.2991/aebmr.k.200305.001

Nur Mupidah, P. E. P. (2018). Pengaruh Profitabilitas Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Dan Good Corporate Governance Sebagai Variabel Moderating. EL DINAR: Jurnal Keuangan Dan Perbankan Syariah Volume, 6(1), 64–82.

Prasetya Margono, F., & Gantino, R. (2021). Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007

Putri vira oktaviani, P. R. (2022). Pengaruh Sustainability Report dan UkuraN Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai variabel moderasi. 18(1), 31–39.

Ramadhan Yanuar, & Putri Widia Seviana. (2020). Pengaruh Kebijakan Dividen, Leverage, Ukuran Perusahaan, dan Kepemilikan Manajerial terhadap Nilai Perusahaan. Jurnal Civitas Academica, 1(1), 1–14. https://jca.esaunggul.ac.id/index.php/jeco/article/view/54/51

Samri, Y., Nasution, J., Prodi, S., Perbankan, D., Ekonomi, F., & Negeri, U. I. (2015). Hypotesis Pasar Efisiensi/Efficient Market Hypotesis. 1, 25–43.

Sari Meilana D, & Wulandari Prima P. (2021). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Dan Kebijakan Dividen Terhadap Nilai Perusahaan. TEMA Tera Ilmu Akuntansi, 22(01), 1–18.

Sofiatun, M. A., & Indarti, M. G. K. (2025). Pengungkapan Sustainability Report Terhadap Harga Saham. Jemsi(Jurnal Ekonomi,Manajemen, Dan Akuntansi), 12(1), 1–91.

Tiffany, T., & Sjarief, J. (2023). Pengaruh Sustainability Reporting Terhadap Harga Saham Dan Nilai Perusahaan Pada Perusahaan Lq45 Tahun 2017 – 2021 Dengan Internal Control Disclosure Sebagai Moderasi. Analisis, 13(2), 209–227. https://doi.org/10.37478/als.v13i2.2595