KARAKTERISTIK FUNDAMENTAL, EQUITY MULTIPLIER, DAN KAPITALISASI PASAR PERUSAHAAN DI NEGARA BRICS: ANALISIS KONTINJENSI ESG DAN KEBERAGAMAN GENDER DEWAN DIREKSI SERTA EFEK INTEGRASI INDONESIA

YATMOKO BAROTO, . (2026) KARAKTERISTIK FUNDAMENTAL, EQUITY MULTIPLIER, DAN KAPITALISASI PASAR PERUSAHAAN DI NEGARA BRICS: ANALISIS KONTINJENSI ESG DAN KEBERAGAMAN GENDER DEWAN DIREKSI SERTA EFEK INTEGRASI INDONESIA. Doktor thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini menganalisis pengaruh karakteristik fundamental perusahaan yang meliputi profitabilitas, ukuran, pertumbuhan, dan likuiditas terhadap kapitalisasi pasar perusahaan dengan mempertimbangkan Equity Multiplier sebagai mekanisme struktur modal serta peran moderasi Environmental, Social, and Governance dan Board Gender Diversity pada negara-negara BRICS dan Indonesia selama periode 2013–2024. Data sekunder diperoleh dari Bloomberg Terminal, World Bank, dan Financial Modeling Prep. Estimasi dilakukan menggunakan Generalized Method of Moments guna mengatasi dinamika panel dan potensi endogenitas. Penelitian ini menawarkan tiga kontribusi kebaruan. Pertama, pengembangan model terintegrasi yang secara simultan menguji hubungan antara determinan fundamental, struktur modal melalui Equity Multiplier sebagai variabel mediasi, dan kapitalisasi pasar dalam kerangka panel dinamis lintas negara. Kedua, penempatan ESG dan keberagaman gender dewan sebagai variabel kontinjensi yang memoderasi hubungan antara karakteristik perusahaan dan struktur modal sehingga memperluas perspektif tata kelola berkelanjutan dalam literatur struktur modal dan nilai perusahaan. Ketiga, pengujian empiris dampak integrasi Indonesia ke dalam aliansi BRICS menggunakan pendekatan Difference in Differences yang memperkenalkan dimensi integrasi geopolitik dalam analisis pembentukan nilai perusahaan. Hasil empiris menunjukkan bahwa profitabilitas, ukuran perusahaan, dan pertumbuhan berpengaruh positif signifikan terhadap kapitalisasi pasar, sementara likuiditas berpengaruh negatif signifikan. ESG dan inflasi terbukti memengaruhi struktur modal, serta ESG memoderasi secara negatif hubungan antara ukuran perusahaan dan Equity Multiplier. Meskipun Equity Multiplier tidak berfungsi sebagai mediator dominan dalam seluruh model, pengujian Bootstrap mengonfirmasi adanya mediasi parsial pada pengaruh profitabilitas terhadap kapitalisasi pasar. Estimasi Difference in Differences menunjukkan arah positif pasca integrasi Indonesia ke BRICS, meskipun belum signifikan secara statistik. Temuan ini menegaskan bahwa pembentukan nilai perusahaan di emerging markets ditentukan oleh interaksi antara kekuatan fundamental internal, mekanisme leverage, kualitas tata kelola berkelanjutan, dan dinamika integrasi kawasan. ***** This study examines the influence of firm fundamental characteristics, including profitability, size, growth, and liquidity, on corporate market capitalization by incorporating the Equity Multiplier as a structural capital mechanism and considering the moderating roles of Environmental, Social, and Governance and Board Gender Diversity across BRICS countries and Indonesia over the period 2013–2024. Secondary data were obtained from Bloomberg Terminal, World Bank, and Financial Modeling Prep. Empirical estimation employs the Generalized Method of Moments to address dynamic panel properties and potential endogeneity. The study advances three primary novelties. First, it develops an integrated framework that simultaneously examines the linkage between firm fundamentals, capital structure through the Equity Multiplier as a mediating variable, and market capitalization within a cross-country dynamic panel setting. Second, it positions ESG and board gender diversity as contingency variables that moderate the relationship between firm characteristics and capital structure, thereby extending the sustainable governance perspective in the capital structure and firm value literature. Third, it empirically tests the impact of Indonesia’s integration into the BRICS alliance using a Difference in Differences approach, introducing a geopolitical integration dimension into the analysis of corporate value formation. The empirical findings indicate that profitability, firm size, and growth exert a positive and significant effect on market capitalization, whereas liquidity shows a significant negative effect. ESG and inflation significantly influence capital structure, and ESG negatively moderates the relationship between firm size and the Equity Multiplier. Although the Equity Multiplier does not operate as a dominant mediator across all specifications, Bootstrap testing confirms the presence of partial mediation in the relationship between profitability and market capitalization. The Difference in Differences estimation reveals a positive but statistically insignificant effect following Indonesia’s integration into BRICS. Overall, the findings underscore that corporate value formation in emerging markets is shaped by the interaction of internal fundamentals, leverage mechanisms, sustainable governance quality, and regional integration dynamics.

Item Type:	Thesis (Doktor)
Additional Information:	1. Prof. Dr. I Gusti Ketut Agung Ulupui S.E., M.Si., Ak 2. Dr. Etty Gurendrawati, M.Si.Ak.
Subjects:	Manajemen > Manajemen , Business
Divisions:	PASCASARJANA > S3 Ilmu Manajemen
Depositing User:	YATMOKO BAROTO .
Date Deposited:	01 Apr 2026 03:24
Last Modified:	01 Apr 2026 03:24
URI:	http://repository.unj.ac.id/id/eprint/66053

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