ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) AS A PRIMARY FACTOR IN FINANCIAL PERFORMANCE AND FIRM VALUE ASSESMENT: REGRESSION APPROACH

Dea Ananda Putri, Lismawati Lismawati

Abstract


Riset ini menyelidiki dengan secara empiris pengaruh Environmental, Social, and Governance (ESG) terhadap kinerja keuangan yang diproksikan yaitu dengan Return on Asset (ROA) dan nilai perusahan yang diproksikan dengan Tobin's Q. Riset ini dilaksanakan pada insatnsi maupun organisasi yang atau terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019-2023 yang mengungkapkan Kinerja ESG Score. Penelitian ini mencakup 80 data dari 26 sampel instansi yang dapat masuk dalam kriteria riset ini. Hasil analisis yang dilakukan dengan menggunakan teknik pemilihan maupun mengkaji dengan regresi linear berganda, sehingga hasil yang didapatkan bahwa skor ESG tinggi tidak selalu berdampak positif. Hubungan negatif ditemukan antara skor ESG dan Return on Assets (ROA), menandakan ROA yang lebih rendah pada perusahaan dengan skor ESG tinggi. Leverage dan ukuran perusahaan juga mempengaruhi ROA. Value dari instansi yang diproksikan dengan Tobin's Q juga dipengaruhi oleh negatif dengan skor ESG tinggi. Hasil ini menyoroti kompleksitas faktor-faktor yang memengaruhi kinerja dan penilaian nilai perusahaan dalam konteks ESG. Leverage tidak signifikan memengaruhi Tobin’s Q, sementara ukuran perusahaan memiliki pengaruh negatif. Model mampu menjelaskan sekitar 45,3% variasi dalam ROA dan 26% variasi dalam Tobin’s Q
Kata Kunci: Environmental, Social, and Governance (ESG), Kinerja Keuangan, Nilai Perusahaan

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References


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DOI: http://dx.doi.org/10.29040/jie.v8i2.11920

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