Impact of ESG Risk, Free Float, Growth, and Leverage on LQ45 Firm Value Moderated by Size
Keywords:
esg risk, Sustainable, Firm Value, Growth ratio, LeverageAbstract
This study examines the impact of financial factors on firm value, both directly and through the moderation of firm size. Using secondary data from companies listed in the LQ45 index on the Indonesia Stock Exchange from 2021 to 2024, the study analyzes variables such as ESG risk, free float ratio, sales growth, leverage, and firm size. Multiple linear regression analysis was performed with STATA 17 to assess the relationships between these variables and firm value. The findings reveal that ESG risk has no significant effect on firm value but becomes positive when moderated by firm size in large companies. The free float ratio positively impacts firm value, but this effect turns negative for larger companies, indicating a lack of market control. The growth sales ratio shows no significant effect on firm value, and leverage has a positive impact, which turns negative in larger firms due to higher financial risks. This study suggests that large firms should focus on managing ESG risks and leverage carefully, while small companies can use the free float ratio to boost liquidity. Limitations of the study include the focus on LQ45 companies, which may not represent all sectors, and future research should consider broader industry samples
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