Pengaruh Ukuran Perusahaan, Profitabilitas, dan Pengungkapan Air (GRI 303) terhadap Nilai Perusahaan pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024 The Effect of Company Size, Profitability, and Water Disclosure (GRI 303) on Firm Value in Mining Companies Listed on the Bursa Efek Indonesia for the 2020-2024 Period

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Page Numbers: 5715-5734
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Published: Aug 27, 2026
Digital Object Identifier: 10.58578/arzusin.v6i5.11872
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Authors:
Muhammad Hasan1*, Ariyun Anisah2
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Muhammad Hasan
UIN Sjech M. Djamil Djambek Bukittinggi
Ariyun Anisah
UIN Sjech M. Djamil Djambek Bukittinggi

Abstract

Firm value is an important indicator reflecting investors’ perceptions of a company’s performance and prospects. Although the determinants of firm value have been extensively investigated, studies integrating firm size, profitability, and water-related disclosure based on the Global Reporting Initiative (GRI 303) in the mining sector remain limited. This study aimed to analyze the effects of firm size, profitability, and water-related disclosure based on GRI 303 on the value of mining companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This study employed a quantitative approach with a causal design. The sample comprised 13 companies selected through purposive sampling, yielding 65 observations. Secondary data were obtained from annual and sustainability reports and subsequently analyzed using panel data regression with EViews 12 through descriptive statistical analysis, classical assumption testing, and hypothesis testing. The results showed that profitability had a positive and significant effect on firm value, whereas firm size and water-related disclosure based on GRI 303 had no significant effect. Simultaneously, the three variables had no significant effect on firm value. These findings support signaling theory by demonstrating that profitability is the primary signal considered by investors when assessing a company’s performance and prospects. This study provides empirical evidence for advancing the literature on the determinants of firm value and sustainability reporting and offers practical implications for corporate management and investors in decision-making.

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How to Cite
Hasan, M., & Anisah, A. (2026). Pengaruh Ukuran Perusahaan, Profitabilitas, dan Pengungkapan Air (GRI 303) terhadap Nilai Perusahaan pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024. ARZUSIN, 6(5), 5715-5734. https://doi.org/10.58578/arzusin.v6i5.11872

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