Published: 2025-01-10
Unraveling Firm Value Dynamics: The Moderating Role of Media Exposure in ESG, Leverage, and Capital Structure
DOI: 10.35870/emt.v9i1.3383
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Abstract
This study aims to analyze the effect of capital structure, leverage, and Environmental, Social, and Governance (ESG) on firm value, as well as the moderating role of media exposure in cyclical and non-cyclical companies listed on the Indonesia Stock Exchange in 2023. Using a quantitative research design with a cross-sectional approach, this study took a sample of 150 companies through a purposive sampling method. Data analysis was carried out using multiple linear regression with moderating variables. The results of the study indicate that capital structure and ESG have a significant positive effect on firm value, while leverage has a significant negative effect. Media exposure is proven to significantly moderate the relationship between all independent variables and firm value. These findings emphasize the importance of optimizing capital structure, prudent leverage management, and implementing good ESG practices in increasing firm value. The moderating role of media exposure highlights the importance of a company's communication strategy in shaping public and investor perceptions. The implications of this study provide valuable insights for company managers in making strategic decisions and for investors in evaluating investment prospects in the Indonesian capital market.
Keywords
Corporate Value ; Capital Structure ; Leverage ; ESG ; Media Exposure ; Indonesia Stock Exchange
Article Information
This article has been peer-reviewed and published in the Jurnal EMT KITA. The content is available under the terms of the Creative Commons Attribution 4.0 International License.
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Issue: Vol. 10 No. 2 (2026)
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Section: Articles
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Published: %750 %e, %2025
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License: CC BY 4.0
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Copyright: © 2025 Authors
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DOI: 10.35870/emt.v9i1.3383
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Mario Zulfa Nasution
KAP Jojo Sunarjo & Partner, South Jakarta City, Special Capital Region of Jakarta, Indonesia.
Yudhistira Adwimurti
Economy Faculty, Universitas Prof. Dr. Moestopo (Beragama), Central Jakarta City, Special Capital Region of Jakarta, Indonesia.
Hani Fitria Rahmani
Vocational School, IPB University, Bogor Regency, West Java Province, Indonesia.
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