LITERATUR REVIEW : MEKANISME HUBUNGAN ANTARA ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) DISCLOSURE DAN NILAI PERUSAHAAN DI NEGARA BERKEMBANG

Fitriyah Fitriyah; Putri Putri; Naila Karim; Mohammad Djasuli

doi:10.31955/mea.v9i3.6642

Fitriyah Fitriyah Universitas Trunojoyo Madura, Bangkalan
Putri Putri Universitas Trunojoyo Madura, Bangkalan
Naila Karim Universitas Trunojoyo Madura, Bangkalan
Mohammad Djasuli Universitas Trunojoyo Madura, Bangkalan

DOI: https://doi.org/10.31955/mea.v9i3.6642

Abstract

Pengungkapan ESG (Environmental, Social, and Governance) kini diakui sebagai faktor penentu dalam investasi, sejalan dengan evolusi kapitalisme yang kini turut mempertimbangkan pemangku kepentingan. Di negara maju, manfaat ESG terbilang jelas. Namun, hubungan ini menjadi jauh lebih kompleks di negara berkembang. Di wilayah ini, tantangan seperti tata kelola yang belum optimal, kuatnya desakan pemegang saham untuk laba instan, dan regulasi yang masih dalam tahap pengembangan secara kolektif berkontribusi pada terciptanya keterkaitan yang tidak konsisten dan tidak pasti antara pengungkapan ESG dan nilai yang dimiliki oleh perusahaan. (Arayssi et al. , 2020). Penelitian ini bertujuan untuk mengevaluasi dan menganalisis cara ESG mempengaruhi nilai perusahaan, serta menekankan jalur mediasi dan moderasi yang relevan di negara yang sedang berkembang. Hasil pengkajian literatur menunjukkan bahwa hubungan antara ESG dan nilai perusahaan terutama dimediasi oleh penurunan biaya modal (Nguyen et al. , 2021; El Ghoul et al. , 2021) serta peningkatan citra perusahaan, sementara faktor kualitas tata kelola (Ali et al. , 2022) dan kepemilikan institusional berperan sebagai moderasi. Namun, seberapa efektif pengungkapan ESG sangat tergantung pada transparansi, keandalan laporan, dan pengintegrasian aspek keberlanjutan dalam strategi bisnis. Penerapan teori Legitimasi, Sinyal, dan Resource-Based View (RBV) memberikan wawasan yang lebih dalam tentang bagaimana ESG berfungsi sebagai alat strategis dan sumber daya yang dapat meningkatkan daya saing perusahaan di pasar berkembang seperti Indonesia.

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