Pengaruh Kinerja ESG terhadap Nilai Prusahaan Dengan Profitabilitas Sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2020-2024

Fauzan Ubaidillah Yaira; Widya Rizki Eka Putri

doi:10.31004/riggs.v5i2.12087

Authors

Fauzan Ubaidillah Yaira Universitas Lampung
Widya Rizki Eka Putri Universitas Lampung

DOI:

https://doi.org/10.31004/riggs.v5i2.12087

Keywords:

Kinerja ESG, Nilai Perusahaan, Profitabilitas, Firm Size

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh kinerja Environmental, Social, and Governance (ESG) terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2024. Populasi penelitian meliputi seluruh perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2024. Penentuan sampel menggunakan metode purposive sampling, sehingga diperoleh 20 perusahaan dengan total 94 observasi. Penelitian ini menggunakan pendekatan kuantitatif dengan metode Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa kinerja ESG tidak berpengaruh signifikan terhadap nilai perusahaan. Sementara itu, profitabilitas terbukti mampu memoderasi hubungan antara kinerja ESG dan nilai perusahaan secara positif dan signifikan. Hasil tersebut mengindikasikan bahwa perusahaan dengan tingkat profitabilitas yang tinggi memiliki kemampuan yang lebih besar dalam mengoptimalkan implementasi praktik ESG sehingga manfaatnya lebih mampu meningkatkan nilai perusahaan. Sebaliknya, pada perusahaan dengan tingkat profitabilitas yang rendah, penerapan ESG belum mampu memberikan pengaruh yang optimal terhadap peningkatan nilai perusahaan. Penelitian ini mengimplikasikan bahwa keberhasilan implementasi ESG dalam meningkatkan nilai perusahaan tidak hanya ditentukan oleh kualitas praktik keberlanjutan, tetapi juga dipengaruhi oleh kemampuan perusahaan dalam menghasilkan laba sebagai sumber pendanaan bagi aktivitas keberlanjutan. Oleh karena itu, penelitian ini diharapkan dapat menjadi bahan pertimbangan bagi manajemen perusahaan dan investor dalam mengintegrasikan aspek ESG dan kinerja keuangan sebagai bagian dari strategi untuk meningkatkan nilai perusahaan secara berkelanjutan.

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