Pengaruh Environmental, Social, and Governance Disclosure terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi
DOI:
https://doi.org/10.37950/ijd.v8i3.795Abstract
Abstract
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with profitability as a moderating variable and leverage and firm size as control variables. A quantitative approach was employed using panel data regression on 24 energy sector companies listed on the Indonesia Stock Exchange during 2021–2024, resulting in 96 firm-year observations selected through purposive sampling. ESG disclosure was measured using the ESG Disclosure Index (ESG-DI), while firm value was proxied by Price to Book Value (PBV), profitability by Return on Assets (ROA), leverage by Debt to Equity Ratio (DER), and firm size by the natural logarithm of total assets. The Fixed Effect Model with robust standard errors indicates that ESG disclosure has a positive and significant effect on firm value. Profitability significantly strengthens the relationship between ESG disclosure and firm value, whereas leverage has no significant effect and firm size has a significant negative effect on firm value. These findings highlight the importance of ESG disclosure in enhancing firm value, particularly in firms with higher profitability.
Keywords: ESG disclosure, firm value, profitability, leverage, firm size
Abstrak
Penelitian ini bertujuan menganalisis pengaruh Environmental, Social, and Governance (ESG) disclosure terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi serta leverage dan firm size sebagai variabel kontrol. Penelitian menggunakan pendekatan kuantitatif dengan analisis regresi data panel pada 24 perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2021–2024 sehingga diperoleh 96 observasi melalui purposive sampling. ESG disclosure diukur menggunakan ESG Disclosure Index (ESG-DI), sedangkan nilai perusahaan diproksikan dengan Price to Book Value (PBV), profitabilitas dengan Return on Assets (ROA), leverage dengan Debt to Equity Ratio (DER), dan firm size dengan logaritma natural total aset. Hasil Fixed Effect Model dengan robust standard error menunjukkan bahwa ESG disclosure berpengaruh positif dan signifikan terhadap nilai perusahaan. Profitabilitas terbukti memperkuat pengaruh ESG disclosure terhadap nilai perusahaan, sedangkan leverage tidak berpengaruh signifikan dan firm size berpengaruh negatif signifikan terhadap nilai perusahaan. Temuan ini menunjukkan bahwa pengungkapan ESG yang berkualitas mampu meningkatkan nilai perusahaan, terutama pada perusahaan dengan tingkat profitabilitas yang tinggi.
Kata kunci: ESG disclosure, nilai perusahaan, profitabilitas, leverage, firm size.
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