Pengaruh Pengungkapan ESG dan Mekanisme Corporate Governance terhadap Nilai Perusahaan dengan profitabilitas sebagai Variabel Moderasi
DOI:
https://doi.org/10.46975/Aliansi280Abstract
Evaluasi terhadap nilai perusahaan melalui interaksi transparansi Environmental, Social,
and Governance (ESG) serta tata kelola korporasi dengan profitabilitas sebagai variabel
moderasi menjadi fokus utama dalam studi ini. Emiten berkategori high-profile di Bursa
Efek Indonesia (BEI) sepanjang kurun waktu 2021-2024 dipilih sebagai objek pengamatan.
Melalui teknik purposive sampling, diperoleh sampel 25 perusahaan di sektor energi,
barang konsumsi, bahan baku, dan pertambangan yang menghasilkan 100 total observasi.
Pengukuran ESG dikuantifikasi via ESG Disclosure Index berbasis standar GRI 2021, nilai
perusahaan menggunakan Tobin’s Q, profitabilitas melalui Return on Assets (ROA), serta
tata kelola lewat kepemilikan institusional dan rasio komisaris independen. Analisis data
menerapkan metode Structural Equation Modeling Partial Least Squares (SEM-PLS)
menggunakan SmartPLS 3. Konfirmasi empiris membuktikan bahwa pengungkapan ESG,
kepemilikan institusional, dan komisaris independen tidak memicu pengaruh nyata
terhadap nilai perusahaan. Sebaliknya, profitabilitas berkontribusi positif dan signifikan
dalam mendongkrak valuasi pasar. Dalam fungsi moderasi, profitabilitas terbukti gagal
memoderasi dampak pengungkapan ESG maupun komisaris independen terhadap nilai
ekuitas, namun secara meyakinkan mampu memperkuat pengaruh kepemilikan
institusional. Hasil ini mengonfirmasi bahwa pemodal pasar saham masih memprioritaskan
fundamental keuangan sebagai basis keputusan investasi utama ketimbang pelaporan
keberlanjutan dan tata kelola di Indonesia.
Kata kunci : Pengungkapan ESG, Mekanisme Tata Kelola Perusahaan,
Profitabilitas, Nilai Perusahaan, Kepemilikan Institusional, Komisaris Independen.
ABSTRACT
Evaluating firm value through the interaction of Environmental, Social, and Governance
(ESG) transparency and corporate governance with profitability acting as a moderating
variable is the primary focus of this study. High-profile issuers listed on the Indonesia Stock
Exchange (IDX) throughout the 2021-2024 period were selected as the observation objects.
Using a purposive sampling technique, 25 companies within the energy, consumer goods,
basic materials, and mining sectors were obtained, yielding 100 total observations. ESG
disclosure is quantified via the ESG Disclosure Index based on GRI 2021 standards, firm
value is measured using Tobin’s Q, profitability through Return on Assets (ROA), and
corporate governance via institutional ownership and the independent commissioner ratio.
Data analysis applies the Structural Equation Modeling-Partial Least Squares (SEM-PLS)
method using SmartPLS 3. Empirical confirmation proves that ESG disclosure,
institutional ownership, and independent commissioners exert no significant impact on firm
value. Conversely, profitability contributes positively and significantly to driving market
valuation. In its moderating function, profitability fails to moderate the effects of both ESG
disclosure and independent commissioners on equity value, yet convincingly strengthens
the impact of institutional ownership. These results confirm that stock market investors still
prioritize financial fundamentals as their primary investment decision base rather than
sustainability reporting and corporate governance in Indonesia.
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