Analisis Pengaruh Kinerja Keberlanjutan dan Kinerja Keuangan terhadap Nilai Perusahaan (Studi Empiris pada IDX ESG Leaders 2020–2024)

Maanana, Nova Audrey (2026) Analisis Pengaruh Kinerja Keberlanjutan dan Kinerja Keuangan terhadap Nilai Perusahaan (Studi Empiris pada IDX ESG Leaders 2020–2024). S1 thesis, Universitas Kristen Indonesia.

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keberlanjutan dan kinerja keuangan terhadap nilai perusahaan pada emiten yang tergabung dalam indeks IDX ESG Leaders (IDXESGL) periode 2020–2024. Kinerja keberlanjutan diukur menggunakan Environmental, Social, and Governance (ESG) Score dan Sustainable Investment (Sinv), sedangkan kinerja keuangan diproksikan melalui Return on Assets (ROA) dan Debt to Assets Ratio (DAR). Nilai perusahaan diukur menggunakan rasio Tobin’s Q, sementara Firm Size digunakan sebagai variabel moderasi. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi data panel. Sampel penelitian terdiri atas 16 perusahaan yang secara konsisten terdaftar dalam indeks IDXESGL periode 2020–2024, dengan total 80 observasi. Analisis data dilakukan menggunakan perangkat lunak EViews12 dengan model estimasi Fixed Effect Model (FEM). Pengembangan model dilakukan dengan menggunakan seluruh observasi penelitian tanpa penghapusan outlier dan tanpa melibatkan variabel moderasi Firm Size. Hasil penelitian menunjukkan bahwa secara parsial, SInv dan ROA berpengaruh positif dan signifikan terhadap nilai perusahaan. Sementara itu, ESG Score dan DAR tidak berpengaruh signifikan terhadap nilai perusahaan. Secara simultan, ESG Score, SInv, ROA, dan DAR berpengaruh signifikan terhadap nilai perusahaan. Temuan ini menunjukkan bahwa pasar tidak hanya memertimbangkan skor ESG dalam menilai perusahaan. Oleh karena itu, perusahaan perlu mengintergrasikan komitmen keberlanjutan ke dalam alokasi sumber daya dengan tetap mempertahankan kinerja keuangan yang sehat. Kata kunci: ESG Score, Sustainable Investment, Return on Assets, Debt to Assets Ratio, Firm size, Nilai Perusahaan, IDX ESG Leaders. / This study aims to analyze the effects of sustainability performance and financial performance on firm value among companies included in the IDX ESG Leaders (IDXESGL) index during the 2020–2024 period. Sustainability performance is measured using the Environmental, Social, and Governance (ESG) Score and Sustainable Investment (SInv), while financial performance is proxied by Return on Assets (ROA) and the Debt to Assets Ratio (DAR). Firm value is measured using Tobin’s Q. This study employs a quantitative approach using panel data regression. The sample consists of 16 companies consistently listed in the IDXESGL index during the 2020–2024 period, resulting in a total of 80 observations. Data analysis was conducted using EViews 12, with the Fixed Effect Model (FEM) selected as the most appropriate estimation model. The model was further developed by utilizing all observations without outlier removal and excluding Firm Size as a moderating variable. The results show that, partially, SInv and ROA have positive and significant effects on firm value, whereas ESG Score and DAR have no significant effects. Simultaneously, ESG Score, SInv, ROA, and DAR have a significant effect on firm value. These findings indicate that the market does not consider ESG scores alone when evaluating firms. Therefore, companies need to integrate sustainability commitments into resource allocation while maintaining sound financial performance. Keywords: ESG Score, Sustainable Investment, Return on Assets, Debt to Assets Ratio, Firm size, Firm Value, IDX ESG Leaders.

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