THE EFFECT OF SUSTAINABILITY REPORTING AND MANAGERIAL OWNERSHIP ON FIRM VALUE WITH FINANCIAL PERFORMANCE AS AN INTERVENTIONAL INDICATOR (Case Study of Manufacturing Companies Listed in the LQ45 Index 2020-2024)
Published:
2026-08-23Downloads
Abstract
This study aims to analyze the effect of Sustainability Reporting and Managerial Ownership on Firm Value with Financial Performance as an intervening variable in companies listed in the LQ45 index during 2020–2024. The study uses a quantitative approach and secondary data in the form of annual reports and company financial statements. The sample was determined through purposive sampling and resulted in 25 companies with 125 observations. The analysis uses panel data regression and Robust Least Squares with the help of EViews, while mediation testing is carried out using the Sobel Test. The results show that Sustainability Reporting has a negative and significant effect on Firm Value, Managerial Ownership has no significant effect on Firm Value, and Financial Performance proxied by ROA has a positive and significant effect on Firm Value. Financial Performance is unable to mediate the effect of Sustainability Reporting on Firm Value, but is able to mediate the effect of Managerial Ownership on Firm Value. The robust model has an Adjusted Rw-squared of 0.362127, which means that 36.21% of the variation in Firm Value can be explained by Sustainability Reporting, Managerial Ownership, and Financial Performance.
Keywords:
Firm Value Financial Performance Managerial Ownership LQ45 Sustainability ReportingReferences
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