INTEGRATING ECONOMIC TRENDS AND GOVERNANCE EXCELLENCE TO ENHANCE FIRM VALUE IN THE ENERGY SECTOR
DOI:
https://doi.org/10.54783/2w1sp773Keywords:
Firm Value, Inflation Rate, Independent Commissioner, Dividend Policy, Growth Opportunities.Abstract
This study investigates the influence of macroeconomic variables (inflation rate), corporate governance (independent commissioners), financial policy (dividend policy), and firm characteristics (firm size) on firm value in the energy sector, with growth opportunities acting as a moderating variable. Using panel data regression with a fixed effect model on 13 energy companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022, the findings reveal that firm size has a positive and significant effect on firm value, while inflation, independent commissioners, and dividend policy show no significant direct effects. Growth opportunities significantly moderate the relationship between inflation and dividend policy with firm value, but not the effects of firm size and independent commissioners. The research highlights the strategic role of growth opportunities in enhancing firm resilience to macroeconomic pressures and strengthening governance effectiveness, thereby contributing to firm value in a competitive and dynamic energy industry.
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