DETERMINAN RETURN SAHAM DENGAN ENVIRONMENTAL SOCIAL GOVERNANCE SEBAGAI VARIABEL MODERATOR DI INDUSTRI PROPERTI DAN REAL ESTATE

AGUSTINO, DENI (2025) DETERMINAN RETURN SAHAM DENGAN ENVIRONMENTAL SOCIAL GOVERNANCE SEBAGAI VARIABEL MODERATOR DI INDUSTRI PROPERTI DAN REAL ESTATE. S2 thesis, Universitas Mercu Buana Jakarta.

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Abstract

This study aims to analyze the effect of liquidity (CR), leverage (DER), profitability (ROA), and sales growth (SG) on stock returns, with Environmental Social and Governance (ESG) as a moderator variable. The research data is panel data from 13 companies listed on the Indonesia Stock Exchange and have reports related to ESG scores during the 2020-2023 period. Data analysis was carried out descriptively and inferentially. Inferential analysis uses a panel data regression approach, this analysis involves moderating variables into the regression model to test the interaction between independent and moderating variables whether they have a significant influence on the dependent variable.ESG as a moderator variable is used to moderate the independent variable against the dependent variable whether it strengthens or weakens. The results of the model selection test show that the common effect model (CEM) is the best model. The results of the study found that CR, ROA, and SG have a positive and significant effect on stock returns, while DER and ESG do not have a significant effect on stock returns. In addition, ESG does not act as a moderator variable in the relationship between CR, DER, ROA, and SG with stock returns. Keywords: Stock Return, Leverage, Liquidity, Profitability, Sales growth, ESG, Property and Real Estate, Panel Data Regression Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas (CR), leverage (DER), profitabilitas (ROA), dan pertumbuhan penjualan (SG) terhadap return saham, dengan Environmental Social and Governance (ESG) sebagai variabel moderator. Data penelitian merupakan data panel dari 13 perusahaan yang terdaftar di Bursa Efek Indonesia dan memiliki laporan terkait skor ESG selama periode 2020-2023. Analisis data dilakukan secara deskriptif dan inferensial. Analisis inferensial menggunakan pendekatan regresi data panel, analisis ini melibatkan variabel moderasi ke dalam model regresi untuk menguji interaksi antara variabel independen dan moderasi apakah memiliki pengaruh yang signifikan terhadap variabel dependen. ESG sebagai variabel moderator digunakan untuk memoderasi variabel bebas terhadap variabel terikat apakah memperkuat atau memperlemah. Hasil uji pemilihan model menunjukkan bahwa model efek umum (Common Effect Model/CEM) merupakan model terbaik. Hasil penelitian menemukan bahwa CR, ROA, dan SG berpengaruh positif dan signifikan terhadap return saham, sedangkan DER dan ESG tidak memiliki pengaruh yang signifikan terhadap return saham. Selain itu, ESG tidak berperan sebagai variabel moderator dalam hubungan antara CR, DER, ROA, dan SG dengan return saham. Kata Kunci: Return Saham, Leverage, Likuiditas, Profitabilitas, Pertumbuhan Penjualan, ESG, Properti dan Real Estate, Regresi Data Panel

Item Type:	Thesis (S2)
Call Number CD:	CD/551. 25 058
NIM/NIDN Creators:	55122120064
Uncontrolled Keywords:	Return Saham, Leverage, Likuiditas, Profitabilitas, Pertumbuhan Penjualan, ESG, Properti dan Real Estate, Regresi Data Panel
Subjects:	100 Philosophy and Psychology/Filsafat dan Psikologi > 150 Psychology/Psikologi > 155 Differential and Developmental Psychology/Psikologi Diferensial dan Psikologi Perkembangan > 155.9 Environmental Psychology/Psikologi Lingkungan > 155.92 Influence of Social Environment/Pengaruh Lingkungan Sosial 300 Social Science/Ilmu-ilmu Sosial > 340 Law/Ilmu Hukum > 343 Military, Defense, Public Property, Public Finance, Tax, Trade (Commerce), Industrial Law/Militer, Pertahanan, Properti Publik, Keuangan Publik, Perpajakan, Perdagangan (Perdagangan), Hukum Industri 600 Technology/Teknologi > 650 Management, Public Relations, Business and Auxiliary Service/Manajemen, Hubungan Masyarakat, Bisnis dan Ilmu yang Berkaitan > 657 Accounting/Akuntansi 600 Technology/Teknologi > 650 Management, Public Relations, Business and Auxiliary Service/Manajemen, Hubungan Masyarakat, Bisnis dan Ilmu yang Berkaitan > 657 Accounting/Akuntansi > 657.4 Specific Fields of Accounting/Bidang Akuntansi Tertentu > 657.48 Analytical (Financial) Accounting/Analisis (Keuangan) Akuntansi
Divisions:	Pascasarjana > Magister Manajemen
Depositing User:	khalimah
Date Deposited:	09 Oct 2025 03:53
Last Modified:	09 Oct 2025 03:53
URI:	http://repository.mercubuana.ac.id/id/eprint/98932

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