Pengaruh Environmental Performance terhadap Firm Value: Peran ESG Disclosure sebagai Variabel Moderasi

Fachrul A Siregar

doi:10.31004/riggs.v5i2.11096

Authors

Fachrul A Siregar Universitas Battuta

DOI:

https://doi.org/10.31004/riggs.v5i2.11096

Keywords:

Environmental Performance, Firm Value, ESG Disclosure

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Environmental Performance terhadap Firm Value serta menguji peran ESG Disclosure sebagai variabel moderasi pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2021 sampai 2025. Penelitian menggunakan pendekatan kuantitatif dengan desain eksplanatori dan memanfaatkan data sekunder yang diperoleh dari laporan tahunan, sustainability report, laporan PROPER Kementerian Lingkungan Hidup dan Kehutanan, serta laporan keuangan perusahaan. Sampel penelitian ditentukan menggunakan teknik purposive sampling berdasarkan kriteria yang telah ditetapkan sehingga diperoleh 150 observasi. Analisis data dilakukan menggunakan regresi data panel dengan bantuan perangkat lunak EViews 13 melalui tahapan analisis statistik deskriptif, uji multikolinearitas, pemilihan model regresi data panel, serta pengujian hipotesis. Hasil penelitian menunjukkan bahwa Environmental Performance berpengaruh positif dan signifikan terhadap Firm Value. ESG Disclosure juga terbukti berpengaruh positif dan signifikan terhadap Firm Value. Selain itu, hasil pengujian variabel interaksi menunjukkan bahwa ESG Disclosure mampu memperkuat pengaruh Environmental Performance terhadap Firm Value, sehingga perusahaan dengan kinerja lingkungan yang baik dan tingkat pengungkapan ESG yang tinggi cenderung memperoleh apresiasi pasar yang lebih besar. Nilai koefisien determinasi sebesar 69,3% menunjukkan bahwa model memiliki kemampuan penjelasan yang baik terhadap variasi nilai perusahaan. Temuan penelitian memberikan implikasi bahwa peningkatan kualitas pengelolaan lingkungan dan transparansi pengungkapan ESG dapat menjadi strategi untuk meningkatkan kepercayaan investor, memperkuat reputasi perusahaan, menciptakan nilai perusahaan yang berkelanjutan, serta mendukung implementasi praktik bisnis berorientasi keberlanjutan pada sektor pertambangan di Indonesia.

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