The Effect of Capital Structure and Corporate Risk on Firm Value in Energy Sector Companies Listed on the Indonesia Stock Exchange 2020-2024
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Renata Endriani Panji*
Hariyati Hariyati
Notable volatility in firm valuation characterized Indonesia’s energy industry from 2020 through 2024, driven by the synergistic effects of the coronavirus crisis, unstable raw material costs, and an accelerating pivot toward sustainable power systems. This research endeavors to examine the role of financial leverage and enterprise‑level risk in shaping firm value, using organizational scale as a supplementary control, and concentrates exclusively on IDX‑registered energy companies throughout the designated timeframe. The research methodology employs a causal quantitative approach based on secondary data gathered from audited annual financial statements. Utilizing a purposive sampling technique, a final sample of 155 observations was obtained after eliminating extreme data points (outliers). The data analysis techniques applied to test each variable and hypothesis include descriptive analysis, classical assumption tests, and multiple linear regression analysis using SPSS version 25 software. Findings from the simultaneous test reveal that capital structure, corporate risk, and firm size jointly exert a statistically meaningful influence on firm value. Viewed individually, the data show that corporate risk enhances firm value positively, while both capital structure and firm size diminish firm value negatively. This study offers a novelty through empirical documentation of the joint effects attributable to financial leverage and enterprise risk, with organizational scale serving as a control, in the Indonesian energy domain over the 2020–2024 period. Empirical materials drawn from that sector, gathered during a phase of overlapping economic upheaval and foundational energy realignment, permit an extension of agency and signaling frameworks to the interpretation of corporate worth under unpredictable circumstances.
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