Peran Mediasi ESG Disclosure dalam Pengaruh Struktur Kepemilikan terhadap Kinerja Perusahaan: Studi pada Perusahaan Energi dan Basic Materials

Putra, Irgi Maulana (2026) Peran Mediasi ESG Disclosure dalam Pengaruh Struktur Kepemilikan terhadap Kinerja Perusahaan: Studi pada Perusahaan Energi dan Basic Materials. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh struktur kepemilikan terhadap Tobin's Q sebagai market-based firm performance dengan mempertimbangkan peran ESG Disclosure Score sebagai variabel mediasi. Struktur kepemilikan diproksikan melalui Institutional Ownership, Foreign Ownership, dan Ownership Concentration, sedangkan kinerja perusahaan diukur menggunakan Tobin’s Q. Penelitian ini berfokus pada perusahaan sektor energi dan Basic Materials yang terdaftar di Bursa Efek Indonesia. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan, laporan keuangan, dan data ESG Disclosure Score dari Bloomberg. Sampel penelitian terdiri dari 22 perusahaan selama periode 2020 sampai 2025, sehingga menghasilkan 132 observasi. Teknik analisis yang digunakan adalah regresi data panel dan uji mediasi dengan metode bootstrap. Hasil penelitian menunjukkan bahwa Institutional Ownership dan Foreign Ownership berpengaruh positif signifikan terhadap Tobin's Q sebagai market-based firm performance. Sebaliknya, Ownership Concentration berpengaruh negatif signifikan terhadap Tobin's Q sebagai market-based firm performance. Namun, Institutional Ownership, Foreign Ownership, dan Ownership Concentration tidak berpengaruh signifikan terhadap ESG Disclosure Score. Hasil penelitian juga menunjukkan bahwa ESG Disclosure Score tidak berpengaruh signifikan terhadap kinerja perusahaan. Selanjutnya, hasil uji mediasi menggunakan bootstrap dengan 5.000 replikasi menunjukkan bahwa ESG Disclosure Score tidak memediasi pengaruh Institutional Ownership, Foreign Ownership, dan Ownership Concentration terhadap kinerja perusahaan. Temuan ini menunjukkan bahwa pengaruh struktur kepemilikan terhadap kinerja perusahaan lebih dominan terjadi melalui mekanisme tata kelola langsung, bukan melalui peningkatan ESG Disclosure Score. Penelitian ini memberikan kontribusi pada literatur corporate governance dan ESG di pasar negara berkembang, khususnya pada sektor energi dan Basic Materials di Indonesia.
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This study examines the effect of ownership structure on firm performance by considering ESG Disclosure Score as a mediating variable. Ownership structure is proxied by Institutional Ownership, Foreign Ownership, and Ownership Concentration, while firm performance is measured using Tobin’s Q. This study focuses on energy and Basic Materials companies listed on the Indonesia Stock Exchange. A quantitative approach is applied using secondary data obtained from annual reports, financial statements, and Bloomberg ESG Disclosure Score data. The sample consists of 22 companies during the 2020 to 2025 period, resulting in 132 firm-year observations. The data are analyzed using panel data regression and mediation testing with the bootstrap method. The results show that Institutional Ownership and Foreign Ownership have a positive and significant effect on firm performance. In contrast, Ownership Concentration has a negative and significant effect on firm performance. However, Institutional Ownership, Foreign Ownership, and Ownership Concentration do not have a significant effect on ESG Disclosure Score. The findings also indicate that ESG Disclosure Score does not significantly affect firm performance. Furthermore, the mediation test using 5,000 bootstrap replications shows that ESG Disclosure Score does not mediate the effect of Institutional Ownership, Foreign Ownership, and Ownership Concentration on firm performance. These findings suggest that ownership structure affects firm performance more through direct corporate governance mechanisms rather than through ESG disclosure. This study contributes to the corporate governance and ESG literature in emerging markets, particularly in the Indonesian energy and Basic Materials sectors.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	ESG Disclosure Score, Foreign Ownership, Institutional Ownership, Kinerja Perusahaan, Ownership Concentration, Tobin’s Q, ESG Disclosure Score, Firm Performance, Foreign Ownership, Institutional Ownership, Ownership Concentration, Tobin’s Q.
Subjects:	H Social Sciences > HJ Public Finance > HJ9103 Local finance. Municipal finance Including the revenue, budget, expenditure, etc. of counties, boroughs, communes, municipalities, etc.
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > (S2) Master Thesis
Depositing User:	Irgi Maulana Putra
Date Deposited:	30 Jul 2026 01:32
Last Modified:	30 Jul 2026 01:32
URI:	http://repository.its.ac.id/id/eprint/140198

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