Analysis of Dividend Policy, Investment Opportunity Set and Sustainability Report on Company Value in the Energy Sector Listed on the Indonesia Stock Exchange in 2019-2023

Abstract

This study examines the influence of Dividend Policy, Investment Opportunity Set (IOS), and Sustainability Report on Firm Value. Inconsistent findings from previous studies prompted a re-examination of these three variables in energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The research employed a quantitative approach using panel data regression analysis. Out of 84 companies in the population, 12 were purposively selected, resulting in 60 observations. Data were processed using EViews with classical assumption tests and the selection of the best-fit model. The results indicate that IOS has a positive and significant effect on firm value, whereas dividend policy and sustainability report show no significant effect.