GUSTANTO, RUSLI (2025) PENGARUH ENVIRONMENTAL, SOCIAL, GOVERNANCE DAN SUSTAINABLE GROWTH RATE TERHADAP NILAI PERUSAHAAN DIMODERASI KEPEMILIKAN ASING (Studi Pada Perusahaan di Indeks IDX ESG Leaders). S2 thesis, Universitas Mercu Buana Jakarta - Menteng.
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Abstract
Penelitian ini bertujuan untuk mengkaji pengaruh pengungkapan Environmental, Social, dan Governance (ESG) serta Sustainable Growth Rate (SGR) terhadap Nilai Perusahaan, dengan Kepemilikan Asing sebagai variabel moderasi. Populasi dalam penelitian ini adalah 30 perusahaan dalam indeks IDX ESG Leaders pada periode 2015 hingga 2023. Dengan menggunakan teknik purposive sampling, terpilih 10 perusahaan dengan total 90 observasi data panel. Nilai Perusahaan diukur menggunakan rasio Price-to-Earnings dan data dianalisis menggunakan model regresi data panel, dengan model terbaik adalah Fixed Effect Model (FEM). Hasil penelitian menunjukkan bahwa pengungkapan Environmental, Social, dan Governance (Lingkungan, Sosial, dan Tata Kelola) serta kepemilikan asing tidak berpengaruh signifikan terhadap Nilai Perusahaan, sementara SGR memiliki pengaruh negatif yang signifikan. Kepemilikan Asing terbukti secara signifikan memoderasi hubungan antara SGR dan Nilai Perusahaan, namun tidak memoderasi pengaruh pengungkapan ESG. Temuan ini mengindikasikan bahwa praktik ESG belum sepenuhnya diakui oleh investor di pasar modal Indonesia dalam jangka pendek. Penelitian ini berkontribusi pada literatur ESG di pasar negara berkembang dan memberikan rekomendasi bagi pembuat kebijakan dan perusahaan untuk meningkatkan strategi keberlanjutan dan kepercayaan investor.This study examines the effect of Environmental, Social, and Governance (ESG) disclosures and Sustainable Growth Rate (SGR) on firm value, with Foreign Ownership as a moderating variable. The population includes 30 companies in the IDX ESG Leaders index from 2015 to 2023. Using purposive sampling, 10 companies were selected, resulting in 90 panel data observations. Firm Value is measured by the Price- to-Earnings Ratio and data are analyzed using panel data regression models, including the Fixed Effect Model (FEM). The findings show that Environmental, Social and Governance disclosure and Foreign Ownership do not have a significant effect on Firm Value, while SGR has a significant negative effect. Foreign Ownership significantly moderates the relationship between SGR and Firm Value, but does not moderate the effect of Environmental, Social, and Governance disclosures. These results suggest that ESG practices have yet to be fully recognized by investors in the Indonesian capital market in the short term. This study contributes to ESG research in emerging markets and provides recommendations for policymakers and companies to enhance sustainability strategies and investor trust.
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