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The Transmission Mechanism of Borrowing Costs in the Relationship between Sustainable Debt Instruments and Corporate Valuation

Jurnal Dinamika Manajemen · Vol. 17 No. 2 (2026) · hlm. 326–340

DOI
10.15294/jdm.v17i2.54318
ISSN
2337-5434
Terbit
2026-09-01
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

This study examines how sustainable debt instruments affect corporate valuation, specifically by evaluating borrowing costs as a mediating mechanism. Offering a distinct novelty, this research bridges existing empirical gaps by examining the comprehensive transmission mechanism of sustainable debt within the unique context of an emerging market. Theoretically, borrowing costs are expected to mediate this relationship because transparent sustainability commitments reduce information asymmetry, signaling lower risk to creditors and thereby lowering the overall cost of capital. The analysis focuses on public companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This study adopts a causal-associative quantitative design and applies purposive criteria to select a final sample of 46 companies. The analytical procedure employs panel data regression through directional hypothesis testing, supplemented by a Sobel mediation analysis to verify the transmission channel. Empirical findings indicate a direct increase in corporate valuation following the deployment of sustainable debt instruments. Furthermore, sustainable debt instruments successfully reduced borrowing costs, thereby indirectly stimulating further growth in overall corporate valuation. Consequently, this study confirms that borrowing costs serve as a partial mediator linking sustainable debt instruments with increased corporate valuation. These findings provide strategic implications for management to proactively optimize long-tenor sustainable instruments to achieve cost of capital efficiency. For investors, indicators of borrowing costs, ratings, and tenor can be integrated as criteria for assessing investment portfolios. Meanwhile, regulators are expected to provide economic and administrative incentives to accelerate the sustainable financial ecosystem in the capital market.

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  • State University of Semarang
  • Universitas Gadjah Mada
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Rekan penulisOrganisasiArtikel bersama
Siti MursidahAfiliasi tidak diketahui6
Cahya WulandariState University of Semarang3
Ricky Dermawan FauziAfiliasi tidak diketahui3
Lidiadni SeptantriAfiliasi tidak diketahui3
Muhamad Sayuti HassanAfiliasi tidak diketahui2
Ngabiyanto NgabiyantoAfiliasi tidak diketahui1
Margareta RahayuningsihAfiliasi tidak diketahui1
S MartonoAfiliasi tidak diketahui1
Suminar SuminarAfiliasi tidak diketahui1
Tsabit Azinar AhmadAfiliasi tidak diketahui1
Andre Setyo NugrohoAfiliasi tidak diketahui1
Ketut SudarmaAfiliasi tidak diketahui1
Ascariena RafindaAfiliasi tidak diketahui1
Rini Setyo WitiastutiAfiliasi tidak diketahui1
Muhammad Sayuti HassanAfiliasi tidak diketahui1
Mamduh Mahmadah HanafiUniversitas Gadjah Mada1
Hadri KusumaAfiliasi tidak diketahui1
Asma Hakimah Ab HalimAfiliasi tidak diketahui1
Nurma WaddahAfiliasi tidak diketahui1
Andromeda AdrianAfiliasi tidak diketahui1
Sri MuliawatiAfiliasi tidak diketahui1
Srianingsih SrianingsihAfiliasi tidak diketahui1
Ely Pramuji UtamiAfiliasi tidak diketahui1
Diah RahmawatiAfiliasi tidak diketahui1
Eva Rosa Dewi SutinoAfiliasi tidak diketahui1
Muftiai TastaftianAfiliasi tidak diketahui1
Purwaningsih PurwaningsihAfiliasi tidak diketahui1
Muhamad Naufal Nur RidhaAfiliasi tidak diketahui1
Fitriana Dwi PrasetyowatiAfiliasi tidak diketahui1
Indah Roikhatul JannahAfiliasi tidak diketahui1
Rini Listia MugiartiAfiliasi tidak diketahui1
Wiwit Nur MaftuchoAfiliasi tidak diketahui1
Vega Rut HarlinaAfiliasi tidak diketahui1
Karina Chandra DewiAfiliasi tidak diketahui1
Akhmad BandanujiAfiliasi tidak diketahui1
Eva Yuni RisnaeniAfiliasi tidak diketahui1
Helmi Khairunnisa Putri KaylsiAfiliasi tidak diketahui1
Mahardika Dandy NugrahaAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/jdm/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">The Transmission Mechanism of Borrowing Costs in the Relationship between Sustainable Debt Instruments and Corporate Valuation</dc:title>
	<dc:creator xml:lang="en">Nafiah, Yumna Wardatul</dc:creator>
	<dc:creator xml:lang="en">Moh Khoiruddin</dc:creator>
	<dc:subject xml:lang="en">Asymmetric Information</dc:subject>
	<dc:subject xml:lang="en">Borrowing Costs</dc:subject>
	<dc:subject xml:lang="en">Corporate Valuation</dc:subject>
	<dc:subject xml:lang="en">Sustainable Debt Instruments</dc:subject>
	<dc:description xml:lang="en">This study examines how sustainable debt instruments affect corporate valuation, specifically by evaluating borrowing costs as a mediating mechanism. Offering a distinct novelty, this research bridges existing empirical gaps by examining the comprehensive transmission mechanism of sustainable debt within the unique context of an emerging market. Theoretically, borrowing costs are expected to mediate this relationship because transparent sustainability commitments reduce information asymmetry, signaling lower risk to creditors and thereby lowering the overall cost of capital. The analysis focuses on public companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This study adopts a causal-associative quantitative design and applies purposive criteria to select a final sample of 46 companies. The analytical procedure employs panel data regression through directional hypothesis testing, supplemented by a Sobel mediation analysis to verify the transmission channel. Empirical findings indicate a direct increase in corporate valuation following the deployment of sustainable debt instruments. Furthermore, sustainable debt instruments successfully reduced borrowing costs, thereby indirectly stimulating further growth in overall corporate valuation. Consequently, this study confirms that borrowing costs serve as a partial mediator linking sustainable debt instruments with increased corporate valuation. These findings provide strategic implications for management to proactively optimize long-tenor sustainable instruments to achieve cost of capital efficiency. For investors, indicators of borrowing costs, ratings, and tenor can be integrated as criteria for assessing investment portfolios. Meanwhile, regulators are expected to provide economic and administrative incentives to accelerate the sustainable financial ecosystem in the capital market.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2026-09-01</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/jdm/article/view/54318</dc:identifier>
	<dc:identifier>10.15294/jdm.v17i2.54318</dc:identifier>
	<dc:source xml:lang="en">Jurnal Dinamika Manajemen; Vol. 17 No. 2 (2026): September; 326-340</dc:source>
	<dc:source>2337-5434</dc:source>
	<dc:source>10.15294/jdm.v17i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/jdm/article/view/54318/11649</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Jurnal Dinamika Manajemen</dc:rights>
</oai_dc:dc>