Pengaruh Environmental Disclosure, Profitabilitas, dan Leverage Terhadap Nilai Perusahaan dengan Keunggulan Kompetitif Sebagai Mediator pada Sektor Pertambangan yang Terdaftar di BEI Periode 2021-2024

Ike Noviana, Dwiyani Sudaryanti, Irma Hidayati

Abstract


This study aims to examine the effects of environmental disclosure, profitability, and leverage on firm value, with competitive advantage serving as a mediating variable in mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research employed a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sample consisted of 40 companies, resulting in 120 observations after outlier removal through purposive sampling. Data were analyzed using multiple linear regression and the Sobel test. The findings indicate that environmental disclosure has a significant negative effect on firm value, while profitability has a significant positive effect on both firm value and competitive advantage. Leverage has no significant effect on either firm value or competitive advantage. Competitive advantage significantly affects firm value. Furthermore, competitive advantage mediates the relationship between profitability and firm value but fails to mediate the effects of environmental disclosure and leverage on firm value. These findings suggest that profitability is the primary determinant of firm value, both directly and indirectly through competitive advantage

Keywords: Environmental disclosure, profitability, leverage, competitive advantage, firm value.


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References


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