Peran Profitabilitas dalam Memoderasi Pengaruh Environmental Disclosure dan Ukuran Dewan Komisaris Terhadap Nilai Perusahaan pada Sektor Pertambangan di Indonesia

Wahyu Rama Dani, Nur Diana, Nuril Badria

Abstract


This study aims to analyze the effect of Environmental Disclosure and board size on firm value, with profitability as a moderating variable, focusing on 38 mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Using Partial Least Squares-Structural Equation Modeling (PLS-SEM), the results reveal that Environmental Disclosure has a significant negative effect on firm value, as investors tend to perceive Environmental Disclosure costs as operational burdens that reduce short-term profits. Conversely, board size has a significant positive effect on firm value, indicating that the market responds positively to strengthened internal oversight functions in mitigating agency risks within this complex industry. Profitability is proven to significantly moderate these relationships; it strengthens the positive impact of Environmental Disclosure by enhancing the credibility of sustainability signals for investors, yet it weakens the influence of board size because market focus tends to shift toward earnings performance when financial conditions are highly favorable. Simultaneously, the integration of environmental transparency and governance structures supported by financial health demonstrates good predictive relevance in determining market valuation within the mining sector.

Keywords: Environmental disclosure, board size, firm value, profitability, mining sector.


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References


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