PENGARUH ESG DISCLOSURE TREHADAP FIRM VALUE: THE MODERATING OF SUSTAINABLE GROWTH RATE

Alfa Vivianita; Indira Januarti; RR  Karlina Aprilia Kusumadewi

doi:10.32534/jpk.v10i4.5052

Authors

Alfa Vivianita Fakultas Ekonomi dan Bisnis, Universitas Diponegoro
Indira Januarti Fakultas Ekonomi dan Bisnis, Universitas Diponegoro
RR Karlina Aprilia Kusumadewi Fakultas Ekonomi dan Bisnis, Universitas Diponegoro

DOI:

https://doi.org/10.32534/jpk.v10i4.5052

Abstract

ESG adalah salah satu faktor yang mempengaruhi nilai perusahaan. Investor saat ini sangat mempertimbangkan pengungkapan ESG perusahaan untuk melakukan investasi, khususnya di Indonesia. Bloomberg database menunjukkan bahwa perusahaan di Indonesia yang melakukan pengungkapan ESG memiliki nilai perusahaan yang tinggi. Namun, database ini tidak selaras dengan hasil penelitian terdahulu, yang mana beberapa penelitian sebelumnya menunjukkan ada pengaruh terhadap ESG dan ada yang tidak berpengaruh. Ketidakselarasan ini membuat penelitian ini menambahkan variabel moderating, yaitu sustainable growth rate.Tujuan dari penelitian ini adalah menganalisis pengaruh ESG terhadap nilai perusahaan dengan sustainable growth rate sebagai variabel moderasi. Penelitian dilakukan dengan menginvestasigasi seluruh perusahaan di Indonesia yang terdaftar di IDX tahun 2017-2021. Analisis penelitian menggunakan moderating regression analysis. Hasil penelitian menunjukkan bahwa pengungkapan ESG berpengaruh positif terhadap nilai perusahaan. Sustainable growth rate mampu memperkuat pengaruh pengungkapan ESG terhadap nilai perusahaan. Moderasi penelitian termasuk pure moderasi. Penelitian ini berkontribusi memberikan model penelitian baru, dan secara praktis memberikan pengetahuan kepada perusahaan bahwa saat ini peningkatan dan pengungkapan ESG dan sustainable growth rate sangat penting karena memberikan sinyal positif kepada nilai perusahaan.

Keywords:

Pengungkapan ESG, Sustainable Growth Rate, Nilai Perusahaan

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