ANALISIS PENGARUH LAPORAN BERKELANJUTAN DAN MANAJEMEN RESIKO TERHADAP NILAI PERUSAHAAN: PERAN MODERASI KEBERAGAMAN GENDER
Keywords:
Keberagaman Gender, Laporan Berkelanjutan, Nilai Perusahaan, Manajemen Resiko
Abstract
Penelitian ini bertujuan untuk menguji secara empiris peran keberagaman gender dalam memoderasi hubungan laporan berkelanjutan dan manajemen resiko terhadap nilai perusahaan pada perusahaan Index ESG Leader di Bursa Efek Indonesia periode 2022. Pengujian dilakukan dengan regresi mengunakan model Hayes Process dan SEM PLS. Hasil pengujian menunjukkan bahwa laporan keberlanjutan dan manajemen resiko berpengaruh signifikan terhadap nilai perusahaan. Sedangkan keberagaman gender tidak mampu memoderasi mediasi laporan berkelanjutan dan manajemen resiko terhadap nilai perusahaan.
References
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He, Y. (2023). ESG Ratings and Corporate Value. SHS Web of Conferences, 169, 01058. https://doi.org/10.1051/shsconf/202316901058
Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795–822.
Husnaint, W., & Basuki, B. (2020). ASEAN Corporate Governance Scorecard: Sustainability Reporting and Firm Value. Journal of Asian Finance, Economics and Business, 7(11). https://doi.org/10.13106/jafeb.2020.vol7.no11.315
Kaspereit, T., & Lopatta, K. (2016). The value relevance of SAM’s corporate sustainability ranking and GRI sustainability reporting in the European stock markets. Business Ethics: A European Review, 25(1), 1–21.
Khan, M., Atan, R. A., & Shukor, S. A. (2016). The impact of sustainability practices on financial performance: A study of the Malaysian banking sector. Sustainability Accounting, Management and Policy Journal, 7(3), 257–272. https://doi.org/10.1108/SAMPJ-03-2016-0024
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Li, F., Liu, Z., & Cao, C. (2021). ESG disclosure and firm value: New evidence from China. Pacific-Basin Finance Journal, 67, 101529. https://doi.org/10.1016/j.pacfin.2021.101529
Liu, X., Li, Q., & Wang, J. (2022). Does ESG performance matter for firm value? Evidence from China. International Journal of Finance & Economics, 27(4), 3216–3234. https://doi.org/10.1002/ijfe.2141
Liu, Y. (2023). ESG, Green Innovation and Corporate Value: A Conditional Process Analysis Moderated by External Pressure. Advances in Economics and Management Research, 7(1), 485. https://doi.org/10.56028/aemr.7.1.485.2023
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Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Whither social initiatives by business? Administrative Science Quarterly, 48(2), 268–305. https://doi.org/10.2307/3556659
Matos, P., Chen, H., & Huang, J. (2020). ESG shareholder engagement and downside risk. European Corporate Governance Institute (ECGI) – Finance Working Paper.
Prashar, A. (2023). Moderating effects on sustainability reporting and firm performance relationships: a meta-analytical review. International Journal of Productivity and Performance Management, 72(4). https://doi.org/10.1108/IJPPM-04-2021-0183
Revelli, C., & Viviani, J. (2015). Financial performance of socially responsible investing: A meta-analysis. International Review of Finance, 15(2), 145–183. https://doi.org/10.1111/irfi.12075
Smithson, C., & Simkins, B. J. (2005). Does risk management add value? A survey of the evidence. Journal of Applied Corporate Finance, 17(3), 8–17.
Sobel, M. E. (1982). Asymptotic Confidence Intervals for Indirect Effects in Structural Equation Models. Sociological Methodology, 13, 290. https://doi.org/10.2307/270723
Velte, P. (2021). Meta-analyses on corporate social responsibility (CSR) and corporate financial performance (CFP): The moderating effect of governance mechanisms. Corporate Social Responsibility and Environmental Management, 28(1), 1–14. https://doi.org/10.1002/csr.1965
Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability (Switzerland), 14(24). https://doi.org/10.3390/su142416940
Zhang, L., Xie, X., & Zheng, J. (2022). The impact of ESG performance on corporate financing and cost of debt: Evidence from global companies. Journal of Business Research, 145, 216–228. https://doi.org/10.1016/j.jbusres.2022.03.051
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. In Borsa Istanbul Review (Vol. 22, pp. S119–S127). Borsa Istanbul Anonim Sirketi. https://doi.org/10.1016/j.bir.2022.11.006
Baker, M., & Gompers, P. (2020). The long-term performance of publicly traded firms: Evidence from the US stock market. Journal of Financial Economics, 135(1), 138–158. https://doi.org/10.1016/j.jfineco.2019.06.001
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Bénabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1–19. https://doi.org/10.1111/j.1468-0335.2009.00890.x
Bhandari, L., Raghunandan, R., & Swain, A. (2022). Financial performance and its impact on the value of listed firms in India. International Journal of Finance & Economics, 27(3), 3895–3911. https://doi.org/10.1002/ijfe.2102
Chen, Y., Xu, W., & Zhang, X. (2021). The impact of financial performance on firm value: Evidence from emerging markets. Emerging Markets Review, 47, 100751. https://doi.org/10.1016/j.ememar.2021.100751
Cohen, G. (2023a). The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting, 60(4), 1451–1468. https://doi.org/10.1007/s11156-023-01135-6
Cohen, G. (2023b). The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting, 60(4), 1451–1468. https://doi.org/10.1007/s11156-023-01135-6
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
De Villiers, C., Hsiao, P. C. K., & Maroun, W. (2022). The impact of sustainability performance on the cost of debt: Evidence from credit ratings. Journal of Business Ethics, 176(3), 415–431.
Dowling, J., & Pfeffer, J. (1975). Organizational Legitimacy: Social Values and Organizational Behavior. The Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014a). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014b). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857.
Eng, L. L., Fikru, M., & Vichitsarawong, T. (2022). Comparing the informativeness of sustainability disclosures versus ESG disclosure ratings. Sustainability Accounting, Management and Policy Journal, 13(2). https://doi.org/10.1108/SAMPJ-03-2021-0095
Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182–192. https://doi.org/10.1016/j.jbankfin.2015.04.028
Fatemi, A., Glaum, M., & Kaiser, S. (2018a). 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
Fatemi, A., Glaum, M., & Kaiser, S. (2018b). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64.
Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499–516. https://doi.org/10.1016/j.jfineco.2021.04.009
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder Theory and the Resource-Based View of the Firm. Journal of Management, 47(7). https://doi.org/10.1177/0149206321993576
Friede, G., Busch, T., & Bassen, A. (2015a). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1119637
Friede, G., Busch, T., & Bassen, A. (2015b). 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
Friede, G., Busch, T., & Bassen, A. (2015c). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233.
Friede, G., Busch, T., & Bassen, A. (2015d). 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
Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
Guenster, N., Bauer, R., Derwall, J., & Koedijk, K. (2011). The Economic Value of Corporate Eco-Efficiency. European Financial Management, 17(4), 679–704. https://doi.org/10.1111/j.1468-036X.2009.00532.x
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer International Publishing. https://doi.org/10.1007/978-3-030-80519-7
Hayes, A. F., Montoya, A. K., & Rockwood, N. J. (2017). The Analysis of Mechanisms and Their Contingencies: PROCESS versus Structural Equation Modeling. Australasian Marketing Journal, 25(1), 76–81. https://doi.org/10.1016/j.ausmj.2017.02.001
He, Y. (2023). ESG Ratings and Corporate Value. SHS Web of Conferences, 169, 01058. https://doi.org/10.1051/shsconf/202316901058
Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795–822.
Husnaint, W., & Basuki, B. (2020). ASEAN Corporate Governance Scorecard: Sustainability Reporting and Firm Value. Journal of Asian Finance, Economics and Business, 7(11). https://doi.org/10.13106/jafeb.2020.vol7.no11.315
Kaspereit, T., & Lopatta, K. (2016). The value relevance of SAM’s corporate sustainability ranking and GRI sustainability reporting in the European stock markets. Business Ethics: A European Review, 25(1), 1–21.
Khan, M., Atan, R. A., & Shukor, S. A. (2016). The impact of sustainability practices on financial performance: A study of the Malaysian banking sector. Sustainability Accounting, Management and Policy Journal, 7(3), 257–272. https://doi.org/10.1108/SAMPJ-03-2016-0024
Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: Evidence from the emerging market of Turkey. Journal of Cleaner Production, 143. https://doi.org/10.1016/j.jclepro.2016.12.153
Li, F., Liu, Z., & Cao, C. (2021). ESG disclosure and firm value: New evidence from China. Pacific-Basin Finance Journal, 67, 101529. https://doi.org/10.1016/j.pacfin.2021.101529
Liu, X., Li, Q., & Wang, J. (2022). Does ESG performance matter for firm value? Evidence from China. International Journal of Finance & Economics, 27(4), 3216–3234. https://doi.org/10.1002/ijfe.2141
Liu, Y. (2023). ESG, Green Innovation and Corporate Value: A Conditional Process Analysis Moderated by External Pressure. Advances in Economics and Management Research, 7(1), 485. https://doi.org/10.56028/aemr.7.1.485.2023
Lundqvist, S. A. (2015). Why firms implement risk governance–Stepping beyond traditional risk management to enterprise risk management. Journal of Accounting and Public Policy, 34(5), 441–466.
Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Whither social initiatives by business? Administrative Science Quarterly, 48(2), 268–305. https://doi.org/10.2307/3556659
Matos, P., Chen, H., & Huang, J. (2020). ESG shareholder engagement and downside risk. European Corporate Governance Institute (ECGI) – Finance Working Paper.
Prashar, A. (2023). Moderating effects on sustainability reporting and firm performance relationships: a meta-analytical review. International Journal of Productivity and Performance Management, 72(4). https://doi.org/10.1108/IJPPM-04-2021-0183
Revelli, C., & Viviani, J. (2015). Financial performance of socially responsible investing: A meta-analysis. International Review of Finance, 15(2), 145–183. https://doi.org/10.1111/irfi.12075
Smithson, C., & Simkins, B. J. (2005). Does risk management add value? A survey of the evidence. Journal of Applied Corporate Finance, 17(3), 8–17.
Sobel, M. E. (1982). Asymptotic Confidence Intervals for Indirect Effects in Structural Equation Models. Sociological Methodology, 13, 290. https://doi.org/10.2307/270723
Velte, P. (2021). Meta-analyses on corporate social responsibility (CSR) and corporate financial performance (CFP): The moderating effect of governance mechanisms. Corporate Social Responsibility and Environmental Management, 28(1), 1–14. https://doi.org/10.1002/csr.1965
Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability (Switzerland), 14(24). https://doi.org/10.3390/su142416940
Zhang, L., Xie, X., & Zheng, J. (2022). The impact of ESG performance on corporate financing and cost of debt: Evidence from global companies. Journal of Business Research, 145, 216–228. https://doi.org/10.1016/j.jbusres.2022.03.051
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2024-10-19
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