Analisis Pengaruh Capital Structure Dan Dividend Policy Terhadap Firm Value Dengan Environmental, Social, Governance Performance Sebagai Variabel Intervening Pada Indeks Saham Indonesia Stock Exchange Environmental, Social, Governance Leaders

Abstract

This study aims to examine the influence of Capital Structure and Dividend Policy on Firm Value, with ESG Performance serving as a mediating variable, using data from companies listed in the IDX ESG Leaders index during the 2024–2025 period, based on observations over five years (2020–2024). Employing a quantitative approach with Path Analysis using Estimated Generalized Least Squares (EGLS) Method, the study investigates both Direct Effects and Indirect Effects using audited financial statements and ESG Scores from Bloomberg. The sample consists of 18 companies selected based on the criteria of publishing a Sustainability Report, possessing an ESG Score, and consistently distributing dividends during the observation period. The research results indicate that Capital Structure has a negative and insignificant effect on ESG Performance, Dividend Policy has a positive and significant effect on ESG Performance, Capital Structure has a negative and insignificant effect on Firm Value, Dividend Policy has a positive yet insignificant effect, and ESG Performance has a negative and insignificant effect on Firm Value. Furthermore, ESG Performance does not play a mediating role in the relationship between Capital Structure and Dividend Policy towards Firm Value.