Pengaruh ESG terhadap Nilai Perusahaan dengan Kepemilikan Pemerintah dan Sensitivitas Industri Sebagai Variabel Pemoderasi
(Studi Empiris pada Perusahaan LQ45 di Bursa Efek Indonesia)
Abstract
The research aims to determine whether environmental, social, and governance (ESG) scores influence company value with government ownership and industry sensitivity as moderating variables by testing moderated regression analysis (MRA Test) using the eviews version 12 application. The population is companies included in the LQ45 index on the Indonesia Stock Exchange from 2020-2022. The sampling technique used was purposive sampling, there were 26 companies used as research samples. The data used is secondary data in the form of ESG scores from Revinitif Eikon, equity market value, total liabilities, and total assets obtained from the official website of the Indonesia Stock Exchange, namely www.idx.co.id and the official websites of related companies. The results show that the ESG of companies included in the LQ45 index on the IDX has negative effect on firm value. Government ownership weakens the relationship between ESG and the value of companies included in the LQ45 index on the IDX. Industry sensitivity strengthens the relationship between ESG and the value of companies included in the LQ45 index on the IDX. Hopefully, this research can provide an overview of considering aspects that need to be taken into account in investment that are not only seen in monetary measures.
References
Adiasih, P., & Lianawati, V. (2019). Asymmetry and Governance of Corporate Social Responsible Disclosure in Indonesia. KnE Social Sciences, Vol 3(No. 11), 151–169.
Ainy, R. N., & Barokah, Z. (2019). Corporate Governance, Environmental Responsibility and Firm Value: An Empirical Study in Indonesia and Malaysia. Journal of Accounting and Investment, 2(2).
Alipour, M. (2013). An investigation of the association between ownership structure and corporate performance: Empirical evidence from Tehran Stock Exchange (TSE). Management Research Review, 36(11), 1137–1166.
Anwar, M. (2022). Green Economy Sebagai Strategi dalam Menangani Masalah Ekonomi dan Multilateral. Jurnal Pajak Dan Keuangan Negara, Vol. 4(No. 1S), 343–356.
Aouadi, A., & Marsat, S. (2018). Do ESG Controversies Matter for Firm Value? Evidence from International Data. J. Bus. Ethics, 151, 1027–1047.
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. In Borsa Istanbul Review (Vol. 22, pp. S119–S127). Borsa Istanbul Anonim Sirketi. https://doi.org/10.1016/j.bir.2022.11.006
Bing, T., & Li, M. (2019). Does CSR signal the firm value? Evidence from China. Sustainability (Switzerland), 11(15). https://doi.org/10.3390/su11154255
Branco, M. C., & Rodrigues, L. L. (2008). Factors influencing social responsibility disclosure by Portuguese companies. Journal of Business Ethics, 83(4), 685–701.
Du, J., Bai, T., & Chen, S. (2019). Integrating corporate social and corporate political strategies: Performance implications and institutional contingencies in China. J. Bus. Res, 98, 299–316.
Friedman, M. (1970). The Social Responsibility of Business is To Increase Its Profits. New YorkTimes Magazine, 13 September.
Gamerschlag, R., Moller, K., & Verbeeten, F. (2011). Determinants of voluntary CSR disclosure: Empirical evidence from Germany. Review of Managerial Science, 5(2), 233–262.
Ghozali, I. (2016). Penerapan Analisis Multivariat Menggunakan Program IBM SPSS 23 (Edisi 8). Badan Penerbitan Universitas Diponegoro.
Holder-Webb, L., Cohen, J. R., Nath, L., & Wood, D. (2009). The supply of corporate social responsibility disclosures among US firms. Journal of Business Ethics, 84(4), 497–527.
Jasni, N. S., Yusoff, H., Zain, M. M., Md Yusoff, N., & Shaffee, N. S. (2020). Business strategy for environmental social governance practices: evidence from telecommunication companies in Malaysia. Social Responsibility Journal, 16(2), 271–289.
Kementrian Keuangan Republik Indonesia. (2020). SDGs, ESG dan Infrastruktur. Kpbu.Kemenkeu.Go.Id.
Laporan Keberlanjutan Bank Central Asia 2021. (2021).
Masruroh, A., & Makaryanawati, M. (2020). Pengaruh Pengungkapan Tanggung Jawab Sosial terhadap Nilai Perusahaan pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Aktual, Vol 7(No.1), 67–80.
Melinda, A., & Wardhani, R. (2020). The Effect of Environmental, Social, Governance, and Controversies on Firms’ Value: Evidence from Asia. In International Symposia in Economic Theory and Econometrics (Vol. 27, pp. 147–173). Emerald Publishing. https://doi.org/10.1108/S1571-038620200000027011
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Gonçalves, L. M. V. (2018). The value relevance of environmental, social, and governance performance: The Brazilian case. Sustainability (Switzerland), 10(3). https://doi.org/10.3390/su10030574
Nanang, M. (2015). Metode Penelitian Social : Konsep-konsep Kunci. Raja Grafindo Persada.
Natanagara, D. M. (2015). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Respon Nilai Perusahaan pada Subsektor Semen, Keramik, Plastik, dan Kimia. Business Accounting Review, 3(1), 271–280.
Prabawati, P. I., & Rahmawati, I. P. (2022). The effects of Environmental, Social, and Governance (ESG) scores on firm values in ASEAN member countries. Jurnal Akuntansi Dan Auditing Indonesia, 26(2), 2022. https://doi.org/10.20885/jaai.vol26.i
Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199–1214. https://doi.org/10.1002/bse.2427
Revinka, S., Keuangan, P., & Stan, N. (2021). Pengaruh Pandemi Covid-19 terhadap Nilai Perusahaan pada Sebelas Sektor di Bursa Efek Indonesia. Jurnal Ilmiah Bidang Keuangan Negara Dan Kebijakan Publik, 1.
Șerban, R. A., Mihaiu, D. M., & Țichindelean, M. (2022). Environment, Social, and Governance Score and Value Added Impacts on Market Capitalization: A Sectoral‐ Based Approach. Sustainability (Switzerland), 14(4).
Shiyu Wu, Xinyi Li, Xiaosen Du, & Zexin Li. (2022). The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure. Sustainability, 14(21), 14507.
Srivastava, A., & Anand. (2023). ESG performance and firm value: The moderating role of ownership concentration. Corporate Ownership & Control.
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Journal, Vol. 20(No. 3), 571–610.
Tagesson, T., Blank, V., Broberg, P., & Collin, S. O. (2009). What explains the extent and content of social and environmental disclosures in corporate websites: A study of social and environmental reporting in Swedish listed corporations. Corporate Social Responsibility and Environmental Management, 16, 352–364.
Tihanyi, L., Aguilera, R. V, Heugens, P., Van Essen, M., Sauerwald, S., Duran, P., & Turturea, R. (2019). State ownership and political connections. Journal of Management, 45(6), 2293–2321.
Wang, Z., Reimsbach, D., & Braam, G. J. M. (2018). Political embeddedness and the diffusion of corporate social responsibility practices in China: A trade-of between financial and CSR performance? J. Clean. Prod, 198, 1185–1197.
Whitelock, V. G. (2017). Relationship between Environmental Social Governance (ESG) Management and Performence - The Role of Collaboration in the Supply Chain. In ProQuest LLC , Ohio: 2.
Yin, J. (2017). Institutional drivers for corporate social responsibility in an emerging economy: A mixed-method study of chinese business executives. Bus. Soc, 56, 672–704.
Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability (Switzerland), 10(10). https://doi.org/10.3390/su10103635
Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability (Switzerland), 14(24). https://doi.org/10.3390/su142416940
Yunina, & Eftiana, N. (2017). Pengaruh Ukuran Perusahaan, Ukuran Dewan Komisaris dan Sensitivitas Industri Terhadap Pengungkapan Corporate Social Responsibility. Jurnal Akuntansi Dan Keuangan, 5(2), 119–136.
Zhou, K. Z., Gao, G. Y., & Zhao, H. (2017). State ownership and firm innovation in China: An integrated view of institutional and efficiency logics. Administrative Science Quarterly, 62(2), 375–404.
1.png)
