PENGARUH UKURAN PERUSAHAAN DAN KINERJA ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN DENGAN INVESTASI SEBAGAI VARIABEL MODERASI

Ida Tungga; Paulina Yuritha Amtitan; Anthon S.Y Kerihi

doi:10.31539/rygq7145

Authors

Ida Tungga Universitas Nusa Cendana Kupang
Paulina Yuritha Amtitan Universitas Nusa Cendana Kupang
Anthon S.Y Kerihi Universitas Nusa Cendana Kupang

DOI:

https://doi.org/10.31539/rygq7145

Keywords:

Ukuran perusahaan, ESG, Investasi

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh ukuran perusahaan dan kinerja Environmental, Social, and Governance (ESG) terhadap nilai perusahaan dengan investasi sebagai variabel moderasi pada subsektor industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2024. Latar belakang penelitian ini didasari oleh meningkatnya perhatian investor terhadap faktor keberlanjutan dan skala perusahaan dalam menentukan nilai pasar. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi data panel. Sampel penelitian terdiri dari 22 perusahaan yang dipilih melalui teknik purposive sampling berdasarkan kriteria tertentu, seperti ketersediaan skor ESG dan laporan keuangan lengkap selama tiga tahun terakhir. Analisis data dilakukan menggunakan program EViews 12 melalui serangkaian uji model (Chow, Hausman, dan Lagrange Multiplier) untuk menentukan model terbaik, yang dalam penelitian ini adalah Random Effect Model. Penelitian ini menganalisis pengaruh ukuran perusahaan, kinerja Environmental, Social, and Governance (ESG), dan investasi terhadap nilai perusahaan pada subsektor industri makanan dan minuman di Bursa Efek Indonesia. Hasil penelitian menunjukkan bahwa ukuran perusahaan tidak berpengaruh signifikan terhadap nilai perusahaan, sementara kinerja ESG memiliki pengaruh positif dan signifikan. Selain itu, investasi tidak mampu memoderasi pengaruh ukuran perusahaan maupun kinerja ESG terhadap nilai perusahaan. Temuan ini menegaskan bahwa kinerja ESG menjadi faktor utama dalam meningkatkan nilai perusahaan, sedangkan ukuran perusahaan dan investasi memiliki peran yang tidak signifikan.

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