LISTIANAH, SEVI (2025) PERAN MODERASI FIRM SIZE ATAS PENGARUH ESG DISCLOSURE, KEBIJAKAN DIVIDEN, DAN EFISIENSI TERHADAP NILAI PERUSAHAAN PADA SEKTOR ENERGI DI INDONESIA. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure, Dividend Policy (DPR), and Efficiency (TATO) on firm value, as well as to examine the moderating role of Firm Size in the energy sector companies listed on the Indonesia Stock Exchange (IDX). The research employs panel data regression on 9 energy sector companies over a 4-year period from 2021 to 2024. The results indicate that ESG disclosure has a negative and significant effect on firm value, DPR has a positive but insignificant effect, and TATO has a positive and significant effect. Furthermore, Firm Size is proven to moderate the effects of ESG disclosure and TATO on firm value, but does not moderate the effect of DPR on firm value. These findings highlight that firm size plays a role in strengthening or altering the impact of sustainability factors and asset efficiency on firm value, but does not influence the relationship between dividend policy and firm value. Keywords: ESG Disclosure, Dividend Payout Ratio, Total Asset Turnover, Firm Value, Firm Size Penelitian ini bertujuan untuk menganalisis pengaruh Environmental, Social, and Governance (ESG) disclosure, Kebijakan Dividen (DPR), dan Efisiensi (TATO) terhadap nilai perusahaan, serta menguji peran moderasi Firm Size pada sektor energi yang terdaftar di Bursa Efek Indonesia (BEI). Metode penelitian menggunakan regresi data panel pada 9 perusahaan sektor energi selama 4 tahun dari 2021–2024. Hasil penelitian menunjukkan bahwa ESG berpengaruh negatif dan signifikan terhadap nilai perusahaan, DPR berpengaruh positif namun tidak signifikan, sedangkan TATO berpengaruh positi f signifikan. Firm Size terbukti memoderasi pengaruh ESG dan TATO terhadap nilai perusahaan namun tidak memoderasi pengaruh DPR terhadap Nilai Perusahaan. Temuan ini menegaskan bahwa ukuran perusahaan berperan dalam memperkuat atau mengubah pengaruh faktor keberlanjutan dan efisiensi aset terhadap nilai perusahaan, namun tidak memengaruhi hubungan kebijakan dividen dengan nilai perusahaan. Kata Kunci: ESG Disclosure, Dividen Payout Ratio, Total Asset Turnover , Nilai Perusahaan, Firm Size.
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