Pengaruh Pengungkapan Environmental, Social, Governance dan Struktur Modal Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Sebagai Variabel Mediasi (Studi Kasus Pada Perusahaan Sektor Energi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2020-2024)
DOI:
https://doi.org/10.38035/jafm.v7i2.3352Keywords:
ESG Disclosure, Struktur Modal, Nilai Perusahaan, Kinerja KeuanganAbstract
Penelitian ini bertujuan untuk mengetahui pengaruh pengungkapan Environmental, Social, and Governance (ESG) dan struktur modal terhadap nilai perusahaan melalui kinerja keuangan sebagai variabel mediasi pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Metode penelitian menggunakan pendekatan kuantitatif deskriptif dan verifikatif dengan data sekunder dari laporan keuangan, laporan tahunan, dan laporan keberlanjutan. Sampel ditentukan melalui purposive sampling, sehingga diperoleh 18 perusahaan dengan 90 observasi. Variabel nilai perusahaan diukur menggunakan PBV, kinerja keuangan menggunakan ROE, pengungkapan ESG menggunakan indeks GRI, dan struktur modal menggunakan DER. Analisis data dilakukan dengan regresi data panel model Random Effect Model dan uji Sobel. Hasil penelitian menunjukkan bahwa pengungkapan ESG dan struktur modal berpengaruh positif signifikan terhadap kinerja keuangan. Namun, pengungkapan ESG dan struktur modal tidak berpengaruh signifikan terhadap nilai perusahaan, sedangkan kinerja keuangan berpengaruh positif signifikan terhadap nilai perusahaan. Kinerja keuangan tidak memediasi pengaruh ESG terhadap nilai perusahaan, tetapi memediasi pengaruh struktur modal terhadap nilai perusahaan. Temuan ini menunjukkan bahwa perusahaan sektor energi perlu memprioritaskan penguatan kinerja keuangan dan pengelolaan struktur modal yang efektif, serta tetap meningkatkan kualitas pengungkapan ESG sebagai strategi keberlanjutan jangka panjang.
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