SKOR RISIKO ESG, PROFITABILITAS, STRUKTUR MODAL, DAN NILAI PERUSAHAAN: ANALISIS EFEK LANGSUNG DAN MODERASI PADA KONSTITUEN IDX ESG LEADERS DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.70248/jakpt.v4i1.4771Abstract
Hubungan Environmental, Social, and Governance (ESG) dengan nilai perusahaan masih menunjukkan temuan yang beragam, antara lain karena perbedaan pengukuran ESG, karakteristik sampel, dan kondisi keuangan perusahaan. Penelitian ini menganalisis hubungan skor risiko ESG, yang semakin tinggi nilainya menunjukkan risiko ESG yang semakin tinggi, dengan nilai perusahaan serta peran moderasi profitabilitas dan struktur modal pada konstituen IDX ESG Leaders di Bursa Efek Indonesia periode 2021–2024. Kebaruan penelitian terletak pada pengujian simultan profitabilitas dan struktur modal sebagai faktor kontinjensi. Penelitian kuantitatif ini menggunakan purposive sampling dengan sampel 18 perusahaan (72 observasi) dan regresi data panel dengan Moderated Regression Analysis (MRA). Nilai perusahaan diukur dengan Tobin's Q, profitabilitas dengan Return on Assets (ROA), dan struktur modal dengan Debt to Equity Ratio (DER); ukuran perusahaan dan pertumbuhan penjualan digunakan sebagai variabel kontrol. Pada model efek langsung, skor risiko ESG tidak berasosiasi signifikan dengan Tobin's Q, ROA berpengaruh positif dan signifikan, sedangkan DER tidak signifikan. Pada model moderasi, interaksi skor risiko ESG dengan ROA bernilai negatif dan signifikan (p < 0.001), sedangkan interaksi dengan DER tidak signifikan. Analisis kemiringan sederhana menunjukkan bahwa arah asosiasi risiko ESG dengan nilai perusahaan berubah menurut tingkat ROA. Temuan ini mengindikasikan bahwa hubungan skor risiko ESG dengan nilai perusahaan bersifat kondisional terhadap profitabilitas dan tidak dapat dibaca hanya dari koefisien langsungnya. Secara teoretis, penelitian ini menempatkan profitabilitas sebagai faktor kontinjensi; secara praktis, investor dan manajemen perlu menilai risiko ESG bersama kemampuan perusahaan menghasilkan laba. Hasil bersifat asosiatif dan terbatas pada sampel yang kecil.
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