Pengaruh Pengungkapan ESG dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi
DOI:
https://doi.org/10.21067/jrma.v14i2.14892Keywords:
Leverage, Nilai Perusahaan, Pengungkapan ESG, ProfitabilitasAbstract
Penelitian ini dirancang sebagai penelitian kuantitatif dengan pendekatan kausal guna mengukur keterkaitan pengungkapan ESG dan leverage mengenai nilai perusahaan melalui peran moderasi profitabilitas. Data penelitian berasal dari laporan tahunan perusahaan sektor energi yang menjadi bagian emiten di BEI sepanjang periode 2021–2024. Sampel ditentukan melalui seleksi teknik purposive sampling dengan mengacu pada kriteria penelitian hingga diperoleh 39 perusahaan yang memenuhi persyaratan. Data dianalisis menggunakan regresi linier berganda dan Moderated Regression Analysis (MRA). Perolehan simultan, jika nilai perusahaan terpengaruhi oleh pengungkapan ESG, leverage, dan profitabilitas sebagai variabel moderasi. Perolehan parsial, nilai perusahaan tidak terpengaruhi oleh pengungkapan ESG dan leverage. Sedangkan peran profitabilitas tidak mampu memperkuat hubungan antara pengungkapan ESG dan nilai perusahaan karena hasil pengujian menunjukkan arah moderasi yang berbeda dari hipotesis yang diajukan. Selain itu, hubungan leverage dan nilai perusahaan tidak mampu dimoderasi oleh profitabilitas. Perolehan ini menggambarkan jika pengungkapan ESG maupun tingkat leverage bukan menjadi pertimbangan utama bagi investor untuk menilai perusahaan sektor energi, sehingga keputusan investasi diduga lebih dipengaruhi oleh banyak faktor lain.
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