Syachputra, Daffa Hafizh (2025) Pengaruh Skor ESG Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Kontrol: Studi Pada Perusahaan Energi di BEI (2022-2023). Other thesis, Institut Teknologi Sepuluh Nopember.
![[thumbnail of 5031211044-Undergraduate_Thesis.pdf]](http://repository.its.ac.id/style/images/fileicons/text.png) |
Text
5031211044-Undergraduate_Thesis.pdf - Accepted Version Restricted to Repository staff only Download (1MB) | Request a copy |
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh skor Environmental, Social, dan Governance (ESG) terhadap nilai perusahaan yang diukur dengan Price to Book Value (PBV), dengan mempertimbangkan variabel kontrol Return on Equity (ROE), ukuran perusahaan (firm size), dan leverage. Penelitian ini menggunakan pendekatan kuantitatif eksplanatori dengan teknik regresi data panel metode Generalized Least Square (GLS) serta uji robust standard errors. Sampel penelitian terdiri dari 16 perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) dan memiliki data ESG lengkap dari Bloomberg selama periode 2021–2023. Hasil penelitian menunjukkan bahwa skor ESG secara agregat tidak berpengaruh signifikan terhadap nilai perusahaan dalam jangka pendek. Pilar Environmental menunjukkan pengaruh signifikan terhadap PBV sebelum dilakukan uji robust, namun menjadi tidak signifikan setelah robust, meskipun tetap menunjukkan arah hubungan positif. Sementara itu, pilar Social dan Governance tidak menunjukkan pengaruh signifikan terhadap PBV. Di sisi lain, leverage memiliki pengaruh negatif yang signifikan terhadap nilai perusahaan, yang menegaskan pentingnya pengelolaan struktur pendanaan yang hati-hati. Sebaliknya, ROE dan firm size tidak menunjukkan pengaruh signifikan terhadap nilai perusahaan. Temuan ini memberikan kontribusi empiris dalam memahami peran ESG terhadap valuasi perusahaan di sektor energi Indonesia serta memberikan implikasi strategis bagi perusahaan, investor, dan regulator dalam merumuskan kebijakan keberlanjutan yang lebih adaptif dan berbasis bukti.
================================================================================================================================
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) scores on firm value, as measured by the Price to Book Value (PBV) ratio, while considering control variables such as Return on Equity (ROE), firm size, and leverage. The research adopts a quantitative explanatory approach using panel data regression with the Generalized Least Squares (GLS) method and robust standard errors. The sample consists of 16 energy sector companies listed on the Indonesia Stock Exchange (IDX) with complete ESG data available from Bloomberg for the period 2021–2023. The findings reveal that the aggregate ESG score does not have a significant impact on firm value in the short term. The Environmental pillar initially shows a significant effect on PBV, but the effect becomes statistically insignificant after applying robust standard errors, although it maintains a positive direction. Meanwhile, the Social and Governance pillars show no significant impact on PBV. On the other hand, leverage exhibits a significant negative effect on firm value, highlighting the importance of prudent capital structure management. In contrast, ROE and firm size do not have a significant influence on firm value. These findings contribute empirically to the understanding of ESG's role in corporate valuation within Indonesia's energy sector and offer strategic implications for companies, investors, and regulators in formulating more adaptive and evidence-based sustainability policies.
| Item Type: | Thesis (Other) |
|---|---|
| Uncontrolled Keywords: | Environmental, ESG, Firm Size, Governance, Kinerja Keuangan, Leverage, Price to Book Value, Regresi Panel, ROE, Sektor Energi, Social, Energy Sector, Environmental, ESG, Financial Performance, Firm Size, Governance, Leverage, Panel Regression, Price to Book Value, ROE, Social. |
| Subjects: | H Social Sciences > HJ Public Finance |
| Divisions: | Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis |
| Depositing User: | Daffa Hafizh Syachputra |
| Date Deposited: | 28 Jul 2025 02:03 |
| Last Modified: | 28 Jul 2025 02:03 |
| URI: | http://repository.its.ac.id/id/eprint/121894 |
Actions (login required)
 |
View Item |