PENGARUH PENGUNGKAPAN ESG DAN NILAI TUKAR TERHADAP NILAI PERUSAHAAN MELALUI KINERJA KEUANGAN PADA PERUSAHAAN PERTAMBANGAN DI BEI
DOI:
https://doi.org/10.70248/jakpt.v4i1.4698Abstract
Penelitian ini dilatarbelakangi oleh pentingnya nilai perusahaan sebagai indikator penilaian pasar serta adanya tuntutan terhadap pengungkapan Environmental, Social, and Governance (ESG) dan perubahan kondisi ekonomi global yang dapat memengaruhi perusahaan pertambangan. Namun, pengaruh pengungkapan ESG dan nilai tukar terhadap nilai perusahaan belum menunjukkan hasil yang konsisten, termasuk peran kinerja keuangan dalam hubungan tersebut. Penelitian ini bertujuan menganalisis pengaruh pengungkapan Environmental, Social, and Governance (ESG) dan nilai tukar terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel mediasi pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan teknik purposive sampling terhadap 18 perusahaan dengan 90 observasi awal. Setelah 20 observasi ekstrem dikeluarkan, diperoleh 70 observasi untuk analisis akhir. Data dianalisis menggunakan regresi linear berganda dan uji Sobel. Hasil penelitian menunjukkan bahwa pengungkapan ESG berpengaruh positif tetapi tidak signifikan terhadap ROA (p = 0,095) dan PBV (p = 0,189). Nilai tukar berpengaruh negatif dan signifikan terhadap ROA (p = 0,022) dan PBV (p < 0,001), sedangkan ROA berpengaruh positif dan signifikan terhadap PBV (p < 0,001). ROA tidak memediasi pengaruh ESG terhadap PBV (p = 0,098), tetapi memediasi secara parsial pengaruh nilai tukar terhadap PBV (p = 0,025). Implikasi praktisnya, perusahaan pertambangan perlu menerapkan lindung nilai dan mencocokkan mata uang pendapatan dengan mata uang utang untuk mengurangi risiko nilai tukar.
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