PERAN KINERJA ESG DALAM MENDORONG NILAI PERUSAHAAN: STUDI EMPIRIS PADA SEKTOR PERBANKAN DI INDONESIA

Anto Andreawan; Rafie Akbar Sumarno; Muhammad Husni; Kurniawan HB

doi:10.31955/mea.v9i3.6639

Anto Andreawan Politeknik Negeri Tanah Laut
Rafie Akbar Sumarno Politeknik Negeri Tanah Laut
Muhammad Husni Politeknik Negeri Tanah Laut
Kurniawan HB Politeknik Negeri Tanah Laut

DOI: https://doi.org/10.31955/mea.v9i3.6639

Abstract

Penelitian ini bertujuan menguji pengaruh kinerja Environmental, Social, and Governance (ESG) terhadap nilai perusahaan pada sektor perbankan di Indonesia. Variabel ESG diukur melalui tiga dimensi, yaitu Environment Score (ES), Social Score (SS), dan Governance Score (GS), dengan Age dan Size sebagai variabel kontrol. Populasi penelitian mencakup seluruh perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021–2024, sedangkan pemilihan sampel menggunakan metode purposive sampling. Analisis data dilakukan dengan regresi data panel menggunakan tiga pendekatan model, yaitu Common Effect Model, Fixed Effect Model, dan Random Effect Model. Hasil uji Chow, Hausman, dan Lagrange Multiplier menunjukkan bahwa Random Effect Model merupakan model paling tepat. Temuan penelitian mengungkap bahwa ESG Score memiliki pengaruh negatif terhadap nilai perusahaan perbankan. Temuan ini dapat dijelaskan melalui perspektif teori keagenan, di mana investor menilai bahwa penerapan ESG belum memberikan efisiensi atau keuntungan finansial yang jelas, melainkan menimbulkan biaya tambahan apabila tidak dikelola secara strategis. Hal ini menunjukkan bahwa pasar belum sepenuhnya melihat ESG sebagai alat penciptaan nilai. Implikasi penelitian menegaskan bahwa manajemen perlu mengintegrasikan ESG ke dalam strategi bisnis utama, bukan sekadar memenuhi pelaporan. Investor perlu mengevaluasi ESG secara kontekstual dan berbasis dampak, sementara regulator harus merancang kebijakan ESG yang adaptif terhadap karakteristik industri dan berbasis materialitas. Penelitian selanjutnya disarankan menambahkan variabel seperti kinerja keuangan, tata kelola perusahaan, dan faktor regulasi untuk memperkuat pemahaman peran ESG terhadap nilai perusahaan.

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