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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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22 penulis · 38 tautan kepenulisan bersama · 10 lintas organisasi

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  • State University of Semarang
  • National University of Malaysia
  • Universitas Airlangga
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Rekan penulisOrganisasiArtikel bersama
Siti MursidahState University of Semarang5
Lidiadni SeptantriState University of Semarang3
Cahya WulandariState University of Semarang2
Ricky Dermawan FauziState University of Semarang2
Andre Setyo NugrohoState University of Semarang1
Muhamad Sayuti HassanNational University of Malaysia1
Rini Setyo WitiastutiState University of Semarang1
Ketut SudarmaState University of Semarang1
Ascariena RafindaState University of Semarang1
Muhammad Sayuti HassanNational University of Malaysia1
Andromeda AdrianState University of Semarang1
Sri MuliawatiState University of Semarang1
Ely Pramuji UtamiState University of Semarang1
Eva Rosa Dewi SutinoAfiliasi tidak diketahui1
Muftiai TastaftianAfiliasi tidak diketahui1
Purwaningsih PurwaningsihUniversitas Airlangga1
Muhamad Naufal Nur RidhaState University of Semarang1
Rini Listia MugiartiState University of Semarang1
Vega Rut HarlinaState University of Semarang1
Akhmad BandanujiState University of Semarang1

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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>
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