Pengaruh Kinerja Lingkungan, Sosial, Dan Tata Kelola Terhadap Nilai Perusahaan

Sahputra, M. Azka (2026) Pengaruh Kinerja Lingkungan, Sosial, Dan Tata Kelola Terhadap Nilai Perusahaan. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Isu keberlanjutan melalui penerapan Environmental, Social, and Governance (ESG) kini menjadi perhatian utama dalam dunia bisnis dan investasi, terutama di kawasan ASEAN yang sedang memperkuat regulasi pelaporan keberlanjutan. Namun, bukti empiris mengenai pengaruh ESG terhadap nilai perusahaan masih menunjukkan hasil yang tidak konsisten. Penelitian ini bertujuan untuk menganalisis pengaruh masing-masing pilar ESG (Lingkungan, Sosial, dan Tata Kelola) terhadap Nilai Perusahaan (Tobin’s Q) pada perusahaan non-keuangan di negara ASEAN-5 selama periode 2011-2023. Model penelitian diperkuat dengan memasukkan variabel kontrol keuangan yang komprehensif, yaitu leverage, asset growth, dan Altman Z-Score. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari basis data Refinitiv. Teknik pengambilan sampel menggunakan purposive sampling yang menghasilkan total 2.398 observasi. Pengujian hipotesis dilakukan menggunakan regresi data panel model Fixed Effect dengan Cluster Robust Standard Errors untuk mengatasi masalah heteroskedastisitas dan autokorelasi. Hasil penelitian menunjukkan bahwa kinerja Lingkungan (Environmental) berpengaruh negatif dan signifikan terhadap nilai perusahaan, yang mendukung Trade-off Theory di mana pasar merespons biaya lingkungan sebagai beban yang mengurangi profitabilitas jangka pendek. Sebaliknya, kinerja Sosial (Social) dan Tata Kelola (Governance) tidak berpengaruh signifikan, mengindikasikan terjadinya fenomena isomorfisme institusional. Selain itu, variabel kontrol Altman Z-Score terbukti berpengaruh positif signifikan, sementara Leverage berpengaruh negatif signifikan. Penelitian ini menyarankan implikasi manajerial berupa penerapan strategi eko-efisiensi dan prioritas pada stabilitas fundamental keuangan dalam penerapan strategi keberlanjutan.
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Sustainability issues through the implementation of Environmental, Social, and Governance (ESG) have become a primary concern in business and investment, particularly in the ASEAN region, which is currently strengthening sustainability reporting regulations. However, empirical evidence regarding the effect of ESG on firm value remains inconsistent. This study aims to analyze the effect of each ESG pillar (Environmental, Social, and Governance) on Firm Value (projected by Tobin's Q) in non-financial companies across ASEAN-5 countries during the 2011-2023 period. The research model is strengthened by incorporating comprehensive financial control variables: leverage, asset growth, and Altman Z-Score. This study employs a quantitative approach using secondary data obtained from the Refinitiv database. The sampling technique used purposive sampling, resulting in a total of 2,398 observations. Hypothesis testing was conducted using panel data regression with a Fixed Effect model and Cluster Robust Standard Errors to address heteroscedasticity and autocorrelation issues. The results show that Environmental performance has a significant negative effect on firm value, supporting the Trade-off Theory, where the market responds to environmental costs as a burden that reduces short-term profitability. Conversely, Social and Governance performance do not have a significant effect, indicating the phenomenon of institutional isomorphism. Additionally, the Altman Z-Score control variable proved to have a significant positive effect, while Leverage has a significant negative effect. This study suggests managerial implications in the form of applying eco-efficiency strategies and prioritizing financial fundamental stability in implementing sustainability strategies.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	ASEAN-5, Kinerja ESG, Nilai Perusahaan, Tobin's Q, Trade-off Theory, ASEAN-5, ESG Performance, Firm Value, Tobin's Q, Trade-off Theory
Subjects:	H Social Sciences > HG Finance > HG4028.V3 Valuation. Economic value
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	M. Azka Sahputra
Date Deposited:	28 Jan 2026 01:31
Last Modified:	28 Jan 2026 01:31
URI:	http://repository.its.ac.id/id/eprint/130675

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