Djoko Setyadi

Type of the article: Research Article

Abstract
This study investigates the effects of capital structure, corporate governance, and intangible assets on financial performance and firm value in Indonesia’s chemical industry, while examining the moderating role of firm size. Focusing on the context of an emerging economy, the research explores how internal corporate factors influence firm outcomes. The study uses a quantitative approach based on secondary data collected from the financial statements of nine chemical companies listed on the Indonesia Stock Exchange, covering 108 firm-year observations from 2012 to 2023. Capital structure, corporate governance, intangible assets, and firm size are treated as independent variables, with financial performance and firm value as dependent variables. The relationships between variables are examined using Structural Equation Modeling to capture both direct and moderating effects. The findings show that capital structure and corporate governance significantly and positively influence both financial performance and firm value, aligning with trade-off and agency theories. Intangible assets significantly affect financial performance but do not directly impact firm value. Firm size has a positive effect on financial performance and moderates the relationships between intangible assets and firm value, as well as between financial performance and firm value. However, firm size does not significantly moderate the effects of capital structure or corporate governance on firm value. These results highlight the importance of internal financial strategies and governance practices in enhancing corporate outcomes in Indonesia. The study provides practical implications for managers and policymakers to strengthen firm value through effective resource allocation, governance, and strategic planning.

Type of the article: Research Article

Abstract
This study examines how medium-sized enterprises improve financial performance through environmental awareness and digital financial literacy, with accounting information-based decision making as a mediating mechanism. The study focuses on medium-sized enterprises operating in East Kalimantan, particularly in the cities of Samarinda, Balikpapan, and Bontang, Indonesia, as this region represents a rapidly developing economic area with increasing environmental and digitalization challenges. Data were collected from 244 business owners and managers using stratified random sampling from June 2025 to September 2025. Partial Least Squares Structural Equation Modeling (PLS-SEM) is employed for analysis. The empirical results reveal that digital financial literacy has a stronger influence on financial performance than environmental awareness, emphasizing the dominant role of digital capability in driving firm outcomes. Furthermore, accounting information-based decision making significantly mediates these relationships, confirming its role as a crucial mechanism through which internal capabilities are translated into improved financial outcomes. The model also demonstrates strong explanatory and predictive power, indicating that the proposed framework effectively captures the key determinants of financial performance. The findings show that environmental awareness and digital financial literacy significantly enhance financial performance both directly and indirectly through accounting information-based decision making. The mediating role of decision making emerges as a key mechanism linking internal capabilities to firm performance, while government support does not significantly moderate these relationships. These results highlight the importance of internal behavioral and cognitive capabilities in strengthening the financial performance of medium-sized enterprises.