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Articles

Vol. 9 No. 2 (2025): December

Capital Structure, Investment Decisions, and ESG on Firm Value: The Moderating Role of Profitability

DOI:
https://doi.org/10.31000/bvaj.v9i2.15213
Submitted
November 11, 2025
Published
December 9, 2025

Abstract

This study aims to analyze how capital structure, investment decisions, and Environmental, Social, and Governance (ESG) affect firm value, with profitability serving as a moderating variable. The research subjects are energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. A quantitative approach was employed using the purposive sampling method, resulting in 50 observations from 10 companies. The data were analyzed using Moderated Regression Analysis (MRA) with SPSS version 30. The results indicate that investment decisions have a positive and significant effect on firm value, while capital structure and ESG have no significant effect. Profitability was found to strengthen the relationship between capital structure and investment decisions on firm value, but it did not moderate the relationship between ESG and firm value. These findings prove that the increase in the value of a company in the energy sector is more influenced by the effectiveness of investment decisions supported by good profitability than by capital structure policies or the level of ESG disclosure.

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