PENGARUH PENGUNGKAPAN ESG TERHADAP NILAI PERUSAHAAN
Keywords:
ESG, Environmental, Social, Governance, nilai perusahaan, kinerja keuangan
Abstract
Penelitian ini bertujuan untuk menguji sampai sejauhmana pengaruh pengungkapan ESG (Environmetal, Social and Governance) terhadap nilai perusahaan. Sampel penelitian menggunakan perusahaan perbankan yang terdaftar di BEI berjumlah 19 bank antara tahun 2020 dan 2022 dengan jumlah data observasi sebanyak 57 digunakan untuk menguji hipotesis penelitian. Temuan yang dihasilkan menggunakan metode estimasi random effect dengan menggunakan aplikasi STATA. Temuan penelitian menujukan bahwa pengungkapan ESG tidak memiliki pengaruh terhadap nilai perusahaan. Selanjutnya temuan lainnya bahwa ROA dan CAR berpengaruh signifikan terhadap nilai perusahaan, sedangkan ukuran perusahaan memiliki pengaruh negatif signifikan terhadap nilai perusahaan. Penelitian ini menggunakan sampel perusahaan perbankan, sehingga mungkin hasil penelitian tidak dapat digeneralisir. Kemudian temuan makalah ini dapat menambah literatur yang ada mengenai hubungan antara pengungkapan ESG dan nilai perusahaan. Temuan ini juga menjadi bukti bahwa pengungkapan ESG tidak memiliki pengaruh terhadap beberapa indikator ukuran nilai perusahaan. Selain itu hasil temuan penelitian ini masih membuka peluang untuk penelitian lebih lanjut bagaimana mekanisme pengungkapan ESG yang lebeih efektif, serta bagaimana meningkatkan kesadaran investor untuk menjadikan praktik ESG menjadi bahan pertimbangan dalam keputusan investasinya. Bagi regulator dan perusahaan, temuan ini dapat menjadikan masukan untuk dapat meningkatkatkan kualitas dan relvansi pengungkapan ESG
References
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Olsen, B. C., Offei, K. A., & Bumblauskas, D. (2021). Setting materiality thresholds for ESG disclosures: A case study of U. S. mine safety disclosures, Vol 70, Article 101. https://doi.org/10.1016/j.resourpol.2020.101914
Sujoko, S., & Soebiantoro, U. (2007). Pengaruh struktur kepemilikan saham, leverage faktor intern dan faktor ekstern terhadap nilai perusahaan (studi empirik pada perusahaan manufaktur dan non manufaktur di bursa efek Jakarta), Jurnal Manajemen dan Kewirausahaan, 9(1), 41-48. https://doi.org/10.9744/jmk.9.1.pp.%2041-48
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Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
Wai Kong Cheung, A. (2011). Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99, 145–165. https://doi.org/ 10.1007/s10551-010-0646-3
Wang, H., Gibson, C., & Zander, U. (2020). In Editors’ comments: Is research on corporate social responsibility undertheorized? (Vol. 45, pp. 1–6). NY: Academy of Management Briarcliff Manor. https://ink.library.smu.edu.sg/lkcsb_research/6570
Wen, H., Ho, K. C., Gao, J., & Yu, L. (2022). The fundamental effects of ESG disclosure quality in boosting the growth of ESG investing. Journal of International Financial Markets, Institutions and Money, 81, Article 101655. https://doi.org/10.1016/j.intfin.2022.101655.
Whelan, T., Atz, U., Holt, T. V., & Clark, C. (2021). ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015-2020. NYU Stern Center for Sustainable Business, Rockefeller Asset Management. NYU-RAM_ESG-Paper
Yoon, B., Lee, J., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10 (10), 3635. https://doi.org/10.3390/su10103635
Al Amosh, H., Khatib, S.F.A. and Ananzeh, H. (2023), "Environmental, social and governance impact on financial performance: evidence from the Levant countries", Corporate Governance, Vol. 23 No. 3, pp. 493-513. https://doi.org/10.1108/CG-03-2022-0105
Almeyda, R., & Darmansya, A. (2019). The influence of environmental, social, and governance (esg) disclosure on firm financial performance. IPTEK Journal of Proceedings Series, 0(5), 278. https://doi.org/10.12962/j23546026.y2019i5.6340
Alshehhi, A., Nobanee, H., & Khare, N. (2018). The impact of sustainability practices on corporate financial performance: Literature trends and future research potential. Sustainability, 10(2), 494. https://doi.org/10.3390/su10020494
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Bansal, P., & Song, H.-C. (2017). Similar but not the same: Differentiating corporate sustainability from corporate responsibility. The Academy of Management Annals, 11 (1), 105–149. https://doi.org/10.5465/annals.2015.0095.
Dalal, K. K., & Thaker, N. (2019). ESG and corporate financial performance: A panel study of Indian companies. Journal of Corporate Governance, 18, 44–59. (researchgate.net)
Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315–334. https://doi.org/10.1007/s10551-019-04177-w
Eccles, R. G., & Youmans, T. (2015). Implied materiality and material disclosures of credit ratings. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2592630
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001.
Freeman, R. E. (1984). Strategic management: A stakeholder approach Cambridge CB2 8RU, UK: Cambridge University Press. The Edinburgh Building.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917.
Fuente, G.d. l., Ortiz, M., & Velasco, P. (2022). The value of a firm’s engagement in ESG practices: Are we looking at the right side? Long Range Planning, 55(4), Article 102143. https://doi.org/10.1016/j.lrp.2021.102143
Garcia-Castro, R., Arino, ˜ M. A., & Canela, M. A. (2010). Does social performance really lead to financial performance? Accounting for endogeneity. Journal of Business Ethics, 92, 107–126. https://doi.org/10.1007/s10551-009-0143-8.
Grewal, J., Hauptmann, C., & Serafeim, G. (2017). Stock price synchronicity and material sustainability information. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2966144.
Khan, M., Serafeim, G., & Yoon, A. (2015). Corporate sustainability: first evidence on materiality. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2575912.
Gujarati, D.N. and Porter, D. C. (2009). Basic Econometrics. McGraw-Hill/Irwin.
Hörisch, J., Freeman, R. E., & Schaltegger, S. (2014). Applying Stakeholder theory in sustainability management: links, similarities, dissimilarities, and a conceptual framework. Organization & Environment, 27(4), 328–346. https://doi.org/10.1177/1086026614535786.
Ioannou, I., & Serafeim, G. (2019). Corporate Sustainability: A Strategy? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3312191
Landi, G. and Sciarelli, M. (2019), "Towards a more ethical market: the impact of ESG rating on corporate financial performance", Social Responsibility Journal, Vol. 15 No. 1, pp. 11-27. https://doi.org/10.1108/SRJ-11-2017-0254
Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts. The Academy of Management Review, 22(4), 853. https://doi.org/10.2307/259247.
Nurlela, R., & Islahuddin, I. (2008). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan prosentase kepemilikan manajemen sebagai variabel moderating. Simposium Nasional Akuntansi (SNA) XI Pontianak.
Olsen, B. C., Offei, K. A., & Bumblauskas, D. (2021). Setting materiality thresholds for ESG disclosures: A case study of U. S. mine safety disclosures, Vol 70, Article 101. https://doi.org/10.1016/j.resourpol.2020.101914
Sujoko, S., & Soebiantoro, U. (2007). Pengaruh struktur kepemilikan saham, leverage faktor intern dan faktor ekstern terhadap nilai perusahaan (studi empirik pada perusahaan manufaktur dan non manufaktur di bursa efek Jakarta), Jurnal Manajemen dan Kewirausahaan, 9(1), 41-48. https://doi.org/10.9744/jmk.9.1.pp.%2041-48
Tanveer Bagh , Jiang Fuwei & Muhammad Asif Khan (2024), Corporate ESG investments and Firm's value under the real-option framework: Evidence from two world-leading economies. Borsa Istanbul Review, Vol. 24 No.2, 324-340. https://doi.org/10.1016/j.bir.2024.01.002
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
Wai Kong Cheung, A. (2011). Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99, 145–165. https://doi.org/ 10.1007/s10551-010-0646-3
Wang, H., Gibson, C., & Zander, U. (2020). In Editors’ comments: Is research on corporate social responsibility undertheorized? (Vol. 45, pp. 1–6). NY: Academy of Management Briarcliff Manor. https://ink.library.smu.edu.sg/lkcsb_research/6570
Wen, H., Ho, K. C., Gao, J., & Yu, L. (2022). The fundamental effects of ESG disclosure quality in boosting the growth of ESG investing. Journal of International Financial Markets, Institutions and Money, 81, Article 101655. https://doi.org/10.1016/j.intfin.2022.101655.
Whelan, T., Atz, U., Holt, T. V., & Clark, C. (2021). ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015-2020. NYU Stern Center for Sustainable Business, Rockefeller Asset Management. NYU-RAM_ESG-Paper
Yoon, B., Lee, J., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10 (10), 3635. https://doi.org/10.3390/su10103635
Published
2024-11-15
Section
Articles
Copyright (c) 2024 Romli Romli, Abdurohim Abdurohim
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