This study aims to examine the determinants of firm value with profitability as a mediating variable in pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2023 period. The study investigates the effect of sustainability report disclosure, institutional ownership, and enterprise risk management on firm value, with return on assets (ROA) as a mediating variable. A quantitative approach was applied using panel data regression and path analysis via EViews version 12. The findings reveal that the sustainability report, institutional ownership, enterprise risk management, and ROA all have a significant and positive impact on firm value. Furthermore, institutional ownership and enterprise risk management influence firm value through the mediation of financial performance. This study contributes to the theoretical literature by enhancing insights into the integration of sustainability practices, corporate governance, and financial performance in shaping firm value, particularly in the pharmaceutical sector.
Sari et al. (Wed,) studied this question.
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