Economic Financial and Sustainability Drivers of Firm Value: The Moderating Role of Dividends in Southeast Asia’s Oil, Gas, and Lubricant Sector (2021–2024)
DOI:
https://doi.org/10.37385/ijedr.v6i6.9461Keywords:
Dividend Policy, ESG Score, Firm Value, Price to Book Value (PBV), Return on Assets (ROA)Abstract
This study examines the economic influence of financial performance and sustainability performance on firm value, with dividends serving as a moderating variable, in oil, gas, and lubricant sub-sector companies across Southeast Asia during the 2021–2024 period. A quantitative causal research design was employed, utilizing secondary data derived from annual and sustainability reports of publicly listed companies in Southeast Asian stock exchanges. The sample comprises 18 companies selected through purposive sampling. The variables analyzed include financial performance (Return on Assets/ROA), sustainability performance (Environmental, Social, and Governance/ESG Score based on the 2021 GRI Standards), firm value (Price to Book Value/PBV), and dividends as a moderating variable. Data were analyzed using Moderated Regression Analysis (MRA) with SPSS version 26. The findings reveal that financial performance initially shows no significant effect on firm value; however, after the inclusion of dividends as a moderating variable, the effect becomes significant and negative. Sustainability performance (ESG Score) demonstrates a positive and significant influence on firm value before moderation, but this relationship loses significance once dividends are introduced into the model. Furthermore, dividends do not moderate the relationship between financial performance and firm value, yet they significantly and negatively moderate the relationship between sustainability performance and firm value. This suggests that higher dividend payouts may weaken the positive impact of sustainability performance on firm value, as investors tend to prioritize short-term returns over long-term sustainability benefits. These results imply that companies should carefully align dividend policies with sustainability strategies to sustain long-term firm value and investor confidence.
References
Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in the airline industry: The moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01666-7
Arhinful, R., Mensah, L., Amin, H. I. M., Obeng, H. A., & Gyamfi, B. A. (2025). The strategic role of sustainable finance in corporate reputation: A signaling theory perspective. Sustainability, 17(11), 5002. https://doi.org/10.3390/su17115002
Chang, X., Fu, K., Jin, Y., & Liem, P. F. (2022). Sustainable finance: ESG/CSR, firm value, and investment returns. Asia-Pacific Journal of Financial Studies, 51(3), 325–371. https://doi.org/10.1111/ajfs.12321
Escobar-Saldívar, L. J., Villarreal-Samaniego, D., & Santillán-Salgado, R. J. (2025). The effects of ESG scores and ESG momentum on stock returns and volatility: Evidence from US markets. Journal of Risk and Financial Management, 18(7), 367. https://doi.org/10.3390/jrfm18070367
Farhan, M. (2024). Keseimbangan risiko dan imbal hasil dalam strategi investasi berkelanjutan: Pendekatan integratif terhadap faktor lingkungan, sosial, dan tata kelola perusahaan (ESG). Currency (Jurnal Ekonomi dan Perbankan Syariah), 2(2), 243–264.
Fathony, M., Khaq, A., & Endri, E. (2020). The effect of corporate social responsibility and financial performance on stock returns. International Journal of Innovation, Creativity and Change, 13(1), 240–252.
Ihsan, M., & Zuraida, Z. (2024). Pengaruh pengungkapan informasi lingkungan, sosial, tata kelola, ekonomi, dan pendekatan manajemen terhadap kebijakan dividen. Jurnal Akuntansi dan Keuangan, 12(1), 56–71.
Indartini, M., & Mutmainah. (2024). Analisis data kuantitatif: Uji instrumen, uji asumsi klasik, uji korelasi dan regresi linier berganda. Lakeisha.
Indriastuti, M., & Chariri, A. (2021). The role of green investment and corporate social responsibility investment on sustainable performance. Cogent Business & Management, 8(1), 1960120. https://doi.org/10.1080/23311975.2021.1960120
Jasmine, J., & Machdar, N. M. (2025). Kebijakan dividen ditinjau menggunakan profitabilitas, leverage, set kesempatan investasi, dan arus kas bebas. Jurnal Mutiara Ilmu Akuntansi, 3(1), 56–69.
Khalil, M. A., Khalil, R., & Khalil, M. K. (2024). Environmental, social and governance (ESG)-augmented investments in innovation and firms' value: A fixed-effects panel regression of Asian economies. China Finance Review International, 14(1), 76–102. https://doi.org/10.1108/CFRI-01-2023-0004
Manulang, N., & Soeratin, H. Z. (2024). Pengaruh pengungkapan environmental, social, dan governance terhadap nilai perusahaan. Journal of Business Economics and Management, 1(2), 72–77.
Martini, R. S., & Siddi, P. (2021). Pengaruh return on assets, debt to equity ratio, total assets turnover, net profit margin, dan kepemilikan manajerial terhadap pertumbuhan laba. Akuntabel: Jurnal Ekonomi dan Keuangan, 18(1), 99–109. https://doi.org/10.29264/jakt.v18i1.9630
Noviyanti, E. A., Rahayu, C. W. E., & Rahmawati, C. H. T. (2021). Financial performance and stock price: Another review on banks listed in Indonesia Stock Exchange. Journal of Management and Business Environment (JMBE), 3(1), 70–79.
Panda, A. K., Nanda, S., Hegde, A., & Paital, R. R. (2024). Revisiting the drivers of firm value: An empirical investigation on manufacturing firms. Business Perspectives and Research, 12(3), 382–399. https://doi.org/10.1177/22785337231153112
Prayoga, R. A. I., & Kristianti, I. (2020). Apakah dividen merefleksikan kualitas laba? International Journal of Social Science and Business, 4(1), 74–80. https://doi.org/10.23887/ijssb.v4i1.22307
Saida, C. J. K., Hermuningsih, S., & Damanik, J. M. (2025). Kebijakan dividen memoderasi pengaruh keputusan investasi dan likuiditas terhadap nilai perusahaan. Ekonomi & Bisnis, 24(1), 100–108.
Siddik, G. P., & Asri, A. (2025). Pengaruh profitabilitas dan struktur modal terhadap nilai perusahaan pada PT Astra Internasional Tbk. Entrepreneur: Jurnal Bisnis Manajemen dan Kewirausahaan, 6(2), 109–120.
Suhadak, Mangesti Rahayu, S., & Handayani, S. R. (2020). GCG, financial architecture on stock return, financial performance and corporate value. International Journal of Productivity and Performance Management, 69(9), 1813–1831. https://doi.org/10.1108/IJPPM-09-2019-0440
Suhartini, D., Tjahjadi, B., & Fayanni, Y. (2024). Impact of sustainability reporting and governance on firm value: Insights from the Indonesian manufacturing sector. Cogent Business & Management, 11(1), 2381087. https://doi.org/10.1080/23311975.2024.2381087
Syafii, M., Ulum, B., Rusdiyanto, S. P., Rahayu, D. I., & Syasindy, N. B. (2020). The effect of financial performance on the company’s share price: A case study in Indonesia. European Journal of Molecular & Clinical Medicine, 7(8), 1055–1071.
Werastuti, D. N. (2022). Apakah good corporate governance berperan dalam meningkatkan kinerja keberlanjutan? Jurnal Akuntansi Multiparadigma, 13(1), 153–163. https://doi.org/10.21776/ub.jamal.2022.13.1.09
