PERAN LEVERAGE DALAM MEMODERASI PENGARUH KEBIJAKAN DIVIDEN, NILAI PERUSAHAAN DAN ESG TERHADAP PROFITABILITAS
Abstract
Dalam memutuskan untuk berinvestasi, investor cenderung melihat kinerja keuangan, di mana investor dapat mengetahui sejauh mana tingkat perkembangan keberhasilan suatu perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan dividen, nilai perusahaan dan ESG dan di moderasi oleh leverage pada perusahaan indeks papan utama pada Bursa Efek Indonesia (BEI) periode 2018-2023. Penelitian ini menggunakan data sekunder yang diakses melalui website resmi Bursa Efek Indonesia dengan jumlah populasi sebanyak 206 perusahaan dan sampel berjumlah 104 perusahaan yang diseleksi menggunakan metode purposive sampling. Moderated Regression Analysis (MRA) untuk data panel digunakan sebagai metode analisis data untuk mencapai tujuan penelitian. Hasil penelitian menunjukkan bahwa kebijakan dividen tidak berpengaruh terhadap profitabilitas, nilai perusahaan dan ESG berpengaruh positif terhadap profitabilitas. Leverage dapat memperlemah pengaruh nilai perusahaan terhadap profitabilitas yang menggambarkan bahwa jika perusahaan memprioritaskan pembayaran utang atau bunga utang, hal ini bisa mengurangi sumber daya yang tersedia untuk investasi atau pengembangan usaha yang lebih menguntungkan. Namun leverage tidak dapat memoderasi pengaruh kebijakan dividen dan ESG terhadap profitabilitas.
References
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Whitelock, V. G. (2015). Relationship between Environmental Social Governance (ESG) Management and Performance – The Role of Collaboration in the Supply Chain. December 2015, 1–23.
Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286–300. https://doi.org/10.1002/bse.2224
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas , Ukuran Perusahaan , Struktur Makanan Dan Minuman. E-Jurnal Manajemen, 8(4), 2297–2324.
Yoo, S., & Managi, S. (2022). Disclosure or action: Evaluating ESG behavior towards financial performance. Finance Research Letters, 44, 102108. https://doi.org/https://doi.org/10.1016/j.frl.2021.102108
Yuliana, L. A., & Sulistyowati, E. (2023). Pengaruh Kebijakan Dividen, Kebijakan Hutang, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan. Jurnal Ilmiah Akuntansi Dan Keuangan (JIAKu), 2(2), 110–125. https://doi.org/10.24034/jiaku.v2i2.5756
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Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Anisa, N., & Muid, D. (2017). Analisis Pengaruh Agresivitas Pajak Terhadap Cash Holding dan Nilai Perusahaan. Diponegoro Journal Of Accounting, 6(2003), 1–9. http://ejournal-s1.undip.ac.id/index.php/accounting
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Barman, E. (2018). Doing Well by Doing Good: A Comparative Analysis of ESG Standards for Responsible Investment. In Sustainability, Stakeholder Governance, and Corporate Social Responsibility (Vol. 38, pp. 289–311). Emerald Publishing Limited. https://doi.org/10.1108/S0742-332220180000038016
Chairani, C., & Siregar, S. V. (2021). The effect of enterprise risk management on financial performance and firm value: the role of environmental, social and governance performance. Meditari Accountancy Research, 29(3), 647–670. https://doi.org/10.1108/MEDAR-09-2019-0549
Dalal, K. K., & Thaker, N. (2019). ESG and Corporate Financial Performance : A Panel Study of Indian Companies. XVIII(1), 2019.
De Lucia, C., Pazienza, P., & Bartlett, M. (2020). Does good ESG lead to better financial performances by firms? Machine learning and logistic regression models of public enterprises in Europe. Sustainability (Switzerland), 12(13), 1–26. https://doi.org/10.3390/su12135317
Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics, 168, 315–334.
Erawati, T., Ayem, S., & Tokan, M. M. (2022). Pengaruh Ukuran Perusahaan, Likuiditas dan Kebijakan Dividen Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmiah Akuntansi, 13(1), 85.
Garcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272. https://doi.org/10.1002/bse.2570
Gordon, M. J. (1963). OPTIMAL INVESTMENT AND FINANCING POLICY. Journal of Finance, 18(2), 264–272. https://econpapers.repec.org/RePEc:bla:jfinan:v:18:y:1963:i:2:p:264-272
Hussainey, K., Oscar Mgbame, C., & Chijoke-Mgbame, A. M. (2011). Dividend policy and share price volatility: UK evidence. Journal of Risk Finance, 12(1), 57–68. https://doi.org/10.1108/15265941111100076
Kamran, K., Lamrani, H. C., & Khalid, S. (2019). The impact of dividend policy on firm performance: A case study of the industrial sector. Risk Governance and Control: Financial Markets and Institutions, 9(3), 23–31. https://doi.org/10.22495/rgcv9i3p2
Lintner, J. (1962). Dividends, Earnings, Leverage, Stock Prices and the Supply of Capital to Corporations. The Review of Economics and Statistics, 44(3), 243–269. http://www.jstor.org/stable/1926397
Moridu, I., Fadlilah, A. H., Ernayani, R., Nurlia, N., & Mere, K. (2022). Dampak Kebijakan Dividen Terhadap Kinerja Keuangan Perusahaan: Literature Review. Jurnal Darma Agung, 30(3), 931. https://doi.org/10.46930/ojsuda.v30i3.2165
Mutmainah, M., & Akhmadi, A. (2024). See The Potential of Dividend Policy and Profitability in Increasing Company Value. Indonesian Journal of Innovation Multidisipliner Research, 2(3), 118–130. https://doi.org/10.69693/ijim.v2i3.155
Ngadiman, N., & Puspitasari, C. (2017). Pengaruh Leverage, Kepemilikan Institusional, Dan Ukuran Perusahaan Terhadap Penghindaran Pajak (Tax Avoidance) Pada Perusahaan Sektor Manufaktur Yang Terdaftar Di Bursa Efek Indonesia 2010-2012. Jurnal Akuntansi, 18(3), 408–421. https://doi.org/10.24912/ja.v18i3.273
Noviyanti, D., & Ruslim, H. (2021). Pengaruh Struktur Modal, Profitabilitas, Rasio Aktivitas Terhadap Nilai Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 3(1), 34. https://doi.org/10.24912/jmk.v3i1.11285
Nurzaeni, Z. A., Wiyono, G., & Kusumawardhani, R. (2022). Pengaruh Likuiditas, Aktivitas dan Kebijakan Dividen terhadap Kinerja Keuangan pada Industri Sub Sektor Telekomunikasi di Bursa Efek Indonesia. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(2), 575–591. https://doi.org/10.47467/alkharaj.v5i2.1221
Palupi, A., Nalurita, F., & Hady, H. (2024). The Influence of Dividend Policy, ESG Score, Profitability, and Leverage on the Stock Liquidity of IDX 80 Companies on the Indonesia Stock Exchange. Eduvest - Journal of Universal Studies, 4(1), 142–157. https://doi.org/10.59188/eduvest.v4i1.1004
Pambudi, A. S., Ahmad, G. N., & Mardiyati, U. (2022). Pengaruh Profitabilitas, Likuiditas dan Kebijakan Dividen Terhadap Nilai Perusahaan: Studi pada Industri Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. Jurnal Bisnis, Manajemen, Dan Keuangan, 3(1), 356–363.
Purnama, H. (2020). Pengaruh Struktur Modal, Kebijakan Deviden, dan Keputusan Investasi terhadap Profitabilitas (Studi Kasus Perusahaan Manufaktur yang Go Publik di Bursa Efek Indonesia) Periode 2012 -2016. Akmenika: Jurnal Akuntansi Dan Manajemen, 15(2), 122–134. https://doi.org/10.31316/akmenika.v15i2.1002
Putri, S. R., & Mayangsari, S. (2024). Pengaruh Pertanggungjawaban Environmental, Social dan Governance (ESG), Likuiditas, dan Leverage Terhadap Kinerja Keuangan Perusahaan Publik. Ekonomi Digital, 2(2), 129–144. https://doi.org/10.55837/ed.v2i2.108
Ridha, A., Astuti, I. N., & Sijabat, F. N. (2021). Debt maturity, kebijakan dividen dan kepemilikan institusional serta pengaruhnya terhadap kinerja keuangan pada perusahaan terindeks LQ45 di bursa efek Indonesia. Si-Men (Akuntansi Dan Manajemen) STIES, 12(2), 1–7.
Ross, S. A. ., Westerfield, & Jaffe. (2013). Corporate Finance. McGraw-Hill: Irwin.
Saldi, W. A. I., Adrianto, F., & Hamidi, M. (2023). Esg and Dividend Policy in Indonesia. Journal of Social Research, 2(3), 724–734. https://doi.org/10.55324/josr.v2i3.596
Schoenmaker, D., & Schramade, Wi. (2020). Principles of sustainable finance. Journal of Sustainable Finance & Investment, 10(3), 311–313. https://doi.org/10.1080/20430795.2020.1717241
Septiana, W. R., & Puspawati, D. (2022). Analisis good corporate governance terhadap pengungkapan ESG di Indonesia tahun 2016-2020. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(10), 4274–4283. https://doi.org/10.32670/fairvalue.v4i10.1642
Susanto, E., & Indrabudiman, A. (2023). Pengaruh Good Corporate Governance dan Corporate Social Responsibility terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening. Jurnal Keuangan Dan Perbankan, 19(2), 69–80. https://doi.org/10.35384/jkp.v19i2.386
Taher, A. (2023). Do corporate values have value? The impact of corporate values on financial performance. Future Business Journal, 9(1). https://doi.org/10.1186/s43093-023-00254-9
Tiffany, T., & Sufiyati, S. (2023). The Analysis of Factors Affecting Profitability. International Journal of Application on Economics and Business, 1(1), 603–612. https://doi.org/10.24912/v1i1.603-612
W.A, E. N., Mukhzarudfa, M., & Yudi, Y. (2021). Determinan Kepemilikan Asing, Kepemilikan Manajerial, Kebijakan Hutang, Dan Kebijakan Dividen Terhadap Kinerja Keuangan. Jurnal Akuntansi & Keuangan Unja, 6(1), 45–60. https://doi.org/10.22437/jaku.v6i1.13302
Wahyuni, E. S. (2021). Pengaruh Leverage, Likuiditas, Profitabilitas Dan Pertumbuhan Perusahaan Terhadap Kebijakan Dividen. Jurnal Ekonomika Dan Manajemen, 10(1), 46. https://doi.org/10.36080/jem.v10i1.1770
Whitelock, V. G. (2015). Relationship between Environmental Social Governance (ESG) Management and Performance – The Role of Collaboration in the Supply Chain. December 2015, 1–23.
Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286–300. https://doi.org/10.1002/bse.2224
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas , Ukuran Perusahaan , Struktur Makanan Dan Minuman. E-Jurnal Manajemen, 8(4), 2297–2324.
Yoo, S., & Managi, S. (2022). Disclosure or action: Evaluating ESG behavior towards financial performance. Finance Research Letters, 44, 102108. https://doi.org/https://doi.org/10.1016/j.frl.2021.102108
Yuliana, L. A., & Sulistyowati, E. (2023). Pengaruh Kebijakan Dividen, Kebijakan Hutang, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan. Jurnal Ilmiah Akuntansi Dan Keuangan (JIAKu), 2(2), 110–125. https://doi.org/10.24034/jiaku.v2i2.5756
Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability (Switzerland), 10(8), 1–18. https://doi.org/10.3390/su10082607
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Published
2025-03-05
How to Cite
Saputro, F., & Gusni, G. (2025). PERAN LEVERAGE DALAM MEMODERASI PENGARUH KEBIJAKAN DIVIDEN, NILAI PERUSAHAAN DAN ESG TERHADAP PROFITABILITAS. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(1), 1181-1199. https://doi.org/10.31955/mea.v9i1.5167
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