Pengaruh Environmental, Social and Governance dan Profitabilitas Terhadap Nilai Perusahaan dengan Kepemilikan Institusional sebagai Moderasi
DOI:
https://doi.org/10.38035/dar.v4i1.3779Keywords:
ESG, Kepemilikan Institusional, Nilai Perusahaan, ProfitabilitasAbstract
Penerapan ESG semakin menjadi perhatian perusahaan karena tingginya tuntutan terhadap praktik bisnis yang berkelanjutan. Meskipun demikian, hasil studi terdahulu masih menunjukkan inkonsistensi temuan dan umumnya mengkaji ESG serta profitabilitas secara terpisah. Selain itu, penelitian mengenai peranan kepemilikan institusional sebagai moderator hubungan ESG, profitabilitas, dan nilai perusahaan, terutama pada sektor energi belum dieksplorasi secara memadai. Studi ini bertujuan menguji keterkaitan ESG dan profitabilitas terhadap nilai perusahaan dengan kepemilikan institusional dalam memoderasi perusahaan sektor energi yang tercatat di Bursa Efek Indonesia tahun 2019-2023. Metode kuantitatif diterapkan berdasarkan data yang bersumber pada laporan keuangan tahunan. Sampel didapat dengan metode purposive sampling memperoleh 165 observasi. Analisi data dilakukan melalui SPSS 27. Berdasarkan hasil regresi linear berganda, ESG tidak menunjukkan pengaruh terhadap nilai perusahaan, profitabilitas dan leverage memberikan pengaruh positif terhadap nilai perusahaan, sementara ukuran perusahaan berpengaruh negatif. Hasil Moderated Regression Analysis menunjukkan kepemilikan institusional turut memperkuat ESG serta profitabilitas terhadap nilai perusahaan. Temuan tersebut menghasilkan kontribusi empiris terkait peran kepemilikan institusional pada keterkaitan ESG, profitabilitas, dan nilai perusahaan serta dapat dijadikan acuan oleh perusahaan dan investor ketika menerapkan praktik tata kelola dan keberlanjutan guna meningkatkan nilai perusahaan.
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