PENGARUH ESG DISCLOSURE TERHADAP NILAI PERUSAHAAN DENGAN INTELLECTUAL CAPITAL SEBAGAI VARIABEL MODERASI
DOI:
https://doi.org/10.31539/brn7a712Keywords:
ESG Disclosure, Intellectual Capital, Tobins Q, Firm Value.Abstract
Penelitian ini bertujuan menguji pengaruh pengungkapan Environmental Social Governance (ESG) terhadap nilai perusahaan dengan intellectual capital sebagai variabel moderasi pada perusahaan sektor non-keuangan di Indonesia selama periode 2020-2024. Data sebanyak 205 observasi dari 41 perusahaan dipilih menggunakan purposive sampling berdasarkan kriteria data ESG yang lengkap dari Refinitiv Eikon. Variabel nilai perusahaan diukur menggunakan Tobins Q, sedangkan intellectual capital diproksi dengan Value Added Intellectual Coefficient (VAIC). Analisis regresi data panel digunakan untuk menguji hubungan kausal antara ESG disclosure, intellectual capital, dan nilai perusahaan dengan firm size, leverage, dan umur perusahaan sebagai variabel kontrol. Hasil penelitian menunjukkan bahwa ESG disclosure tidak signifikan terhadap nilai perusahaan. Intellectual capital juga terbukti memperkuat hubungan antara ESG disclosure dan nilai perusahaan secara signifikan. Temuan ini memberikan kontribusi empiris penting dalam literatur akuntansi dan menjadi dasar bagi perusahaan untuk meningkatkan nilai dengan strategi pelaporan ESG yang berkualitas dan pengelolaan aset intelektual yang efektif. Implikasi praktis penelitian ini berupa rekomendasi bagi manajemen, investor, dan regulator agar lebih memprioritaskan kualitas pelaporan keberlanjutan serta pengembangan sumber daya manusia dan inovasi internal.
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