ESG Disclosure dan Dewan Komisaris Independen terhadap Nilai Perusahaan dengan Kualitas Audit sebagai Variabel Moderasi
Abstract
This research aims to evaluate the impact of environmental disclosure, social disclosure, governance disclosure, and the existence of an independent board of commissioners on company value, by considering the role of audit quality as a moderating variable. The research method used is a quantitative causality approach using secondary data. The research results show that environmental disclosure, social disclosure and governance disclosure have a positive influence on company value. However, no significant influence was found from the existence of an independent board of commissioners on company value in the context of this research. In addition, audit quality is proven to strengthen the influence of environmental disclosure on firm value, but does not strengthen the influence of social disclosure and governance disclosure on firm value. The conclusion is that corporate transparency and accountability have a significant role in determining company value.
Keywords: Independent Board of Commissioners, Environmental Disclosure, Governance Disclosure, Audit Quality, Company Value, Social Disclosure
References
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Schoenmaker, D., & Schramade, W. (2023). Corporate Finance for Long-Term Value. Springer International Publishing. https://doi.org/10.1007/978-3-031-35009-2
Sommerer, T., Agné, H., Zelli, F., & Bes, B. (2022). Global Legitimacy Crises. Oxford University PressOxford. https://doi.org/10.1093/oso/9780192856326.001.0001
Weli, W., & Pambudi, R. (2023). Corporate Governance Quality and Company Performance. Australasian Business, Accounting and Finance Journal, 17(2), 61–74. https://doi.org/10.14453/aabfj.v17i2.05
Wenhao, M., Jaidi, J., & Mohidin, R. (2021). Board Independence, Corporate Social Responsibility and Firm Performance: Evidence From China. International Journal of Banking and Finance, 17. https://doi.org/10.32890/ijbf2022.17.1.5
Wijaya, A. L. (2020). The Effect of Audit Quality on Firm Value: A Case in Indonesian Manufacturing Firm. Journal of Accounting Finance and Auditing Studies (JAFAS), 6(1), 1–15. https://doi.org/10.32602/jafas.2020.001
Yawika, M. K., & Handayani, S. (2019). The Effect of ESG Performance on Economic Performance in the High Profile Industry in Indonesia. Journal of International Business and Economics, 7(2). https://doi.org/10.15640/jibe.v7n2a12
Almeyda, R., & Darmansyah, 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
Anwar, K. (2023). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan. INOVASI: Jurnal Ekonomi, Keuangan Dan Manajemen, 19(2), 282–288. https://doi.org/https://doi.org/10.30872/jinv.v19i2.13221
Astuti, P., Chomsatu, Y., & Astungkara, A. (2022). Corporate Social Responbility, Corporate Governance, dan Corporate Risk Disclosure terhadap Nilai Perusahaan. AFRE (Accounting and Financial Review), 5(1), 11–19. https://doi.org/10.26905/afr.v5i1.7072
Bawai, R., & Kusumadewi, H. (2019). Effect of Corporate Governance, Firm Characteristic, Disclosure of Corporate Social Responsibility (CSR) on Firm Value. In Jurnal Economia (Vol. 14, Issue 1). https://journal.uny.ac.id/index.php/economia
Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
Deegan, C. (2000). Financial Accounting Theory. McGraw-Hill Book Company.
El-Deeb, M. S., Ismail, T. H., & El Banna, A. A. (2023). Does audit quality moderate the impact of environmental, social and governance disclosure on firm value? Further evidence from Egypt. Journal of Humanities and Applied Social Sciences, 5(4), 293–322. https://doi.org/10.1108/jhass-11-2022-0155
Godfrey, J., Hodgson, A., Tarca, A., Hamilton, J., & Holmes, S. (2010). Accounting Theory. Wiley & Sons.
Hendriani, M. (2019). Opini Audit Sebagai Pemoderasi Pengaruh Intellectual Capital, Profitabilitas dan Leverage Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Properti, Real Estate dan Kontruksi Bangunan Yang Terdaftar di Bursa Efek Indonesia Pada Tahun 2014-2017). Eqien: Jurnal Ekonomi Dan Bisnis, 6(2), 137–147. https://doi.org/10.34308/eqien.v6i2.103
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt to Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Jeanice, J., & Kim, S. S. (2023). Pengaruh Penerapan ESG Terhadap Nilai Perusahaan di Indonesia. Owner, 7(2), 1646–1653. https://doi.org/10.33395/owner.v7i2.1338
Kao, M. F., Hodgkinson, L., & Jaafar, A. (2019). Ownership structure, board of directors and firm performance: evidence from Taiwan. Corporate Governance (Bingley), 19(1), 189–216. https://doi.org/10.1108/CG-04-2018-0144
Kim, S. J., Kim, H., & Atukeren, E. (2023). Effects of Board Independence on Greenhouse Gas Emissions and Financial Consequences: Evidence from South Korea. Environments - MDPI, 10(3). https://doi.org/10.3390/environments10030056
M, T., & Sasidharan, A. (2020). Does board independence enhance firm value of state-owned enterprises? Evidence from India and China. European Business Review, 32(5), 785–800. https://doi.org/10.1108/EBR-09-2019-0224
Margono, F. P., & Gantino, R. (2021). Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007
Melinda, A., & Wardhani, R. (2020). The Effect of Environmental, Social, Governance, and Controversies on Firms’ Value: Evidence from Asia. International Symposia in Economic Theory and Econometrics, 147–173. https://doi.org/10.1108/S1571-038620200000027011
Nicolescu, O., & Nicolescu, C. (2022). Stakeholder Management and Social Responsibility. In Stakeholder Management and Social Responsibility. Routledge. https://doi.org/10.4324/9781003217701
Potharla, S., & Amirishetty, B. (2021). Non-linear relationship of board size and board independence with firm performance – evidence from India. Journal of Indian Business Research, 13(4), 503–532. https://doi.org/10.1108/JIBR-06-2020-0180
Samans, R., & Nelson, J. (2022). Sustainable Enterprise Value Creation. In Sustainable Enterprise Value Creation. Springer International Publishing. https://doi.org/10.1007/978-3-030-93560-3
Schoenmaker, D., & Schramade, W. (2023). Corporate Finance for Long-Term Value. Springer International Publishing. https://doi.org/10.1007/978-3-031-35009-2
Sommerer, T., Agné, H., Zelli, F., & Bes, B. (2022). Global Legitimacy Crises. Oxford University PressOxford. https://doi.org/10.1093/oso/9780192856326.001.0001
Weli, W., & Pambudi, R. (2023). Corporate Governance Quality and Company Performance. Australasian Business, Accounting and Finance Journal, 17(2), 61–74. https://doi.org/10.14453/aabfj.v17i2.05
Wenhao, M., Jaidi, J., & Mohidin, R. (2021). Board Independence, Corporate Social Responsibility and Firm Performance: Evidence From China. International Journal of Banking and Finance, 17. https://doi.org/10.32890/ijbf2022.17.1.5
Wijaya, A. L. (2020). The Effect of Audit Quality on Firm Value: A Case in Indonesian Manufacturing Firm. Journal of Accounting Finance and Auditing Studies (JAFAS), 6(1), 1–15. https://doi.org/10.32602/jafas.2020.001
Yawika, M. K., & Handayani, S. (2019). The Effect of ESG Performance on Economic Performance in the High Profile Industry in Indonesia. Journal of International Business and Economics, 7(2). https://doi.org/10.15640/jibe.v7n2a12
Published
2024-04-27
Section
Articles
Copyright (c) 2024 Hasna Shafira, Christina Dwi Astuti
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