ESG and Capital Structure: A Moderation Analysis of Firm Size
DOI:
https://doi.org/10.32534/jpk.v12i1.6823Kata Kunci:
ESG, Debt to Asset Ratio , Debt to Equity Ratio, Firm Size, Indonesian ESG IndexAbstrak
Perusahaan semakin menyadari bahwa praktik bisnis berkelanjutan tidak hanya sebatas tanggung jawab sosial, melainkan juga merupakan investasi yang menguntungkan secara finansial. Hubungan antara ESG dan struktur modal, telah menjadi topik yang semakin menarik perhatian para investor dan pemangku kepentingan lainnya dapat mempengaruhi keputusan perusahaan dalam menentukan komposisi utang dan ekuitas. Studi ini ingin melihat seberapa besar efek praktik ESG terhadap struktur modal perusahaan, dengan ukuran perusahaan sebagai variabel moderasi. Studi ini menerapkan analisis regresi moderasi dengan SPSS. Sampel penelitian diambil dari perusahaan yang terdaftar dalam indeks IDXESGL di Bursa Efek Indonesia selama periode 2020-2023. Perusahaan dengan skor ESG yang lebih tinggi cenderung memiliki debt-to-asset ratio dan debt-to-equity ratio yang lebih rendah. Ukuran perusahaan dapat memoderasi hubungan antara ESG dan struktur modal. Penelitian ini menganalisis perusahaan-perusahaan yang terdaftar dalam indeks ESG di Indonesia, sehingga hasil penelitian lebih relevan dengan konteks lokal. Penelitian dapat memberikan rekomendasi kebijakan yang lebih spesifik untuk mendorong perusahaan menerapkan praktik ESG yang baik dan meningkatkan akses perusahaan ke pendanaan.
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Hak Cipta (c) 2025 Yenny Wati, Achmad Tavip Junaedi, Harry Patuan Panjaitan, Nyoto Nyoto, Astri Ayu Purwati
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