PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL DAN GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN YANG DIPROKSIKAN MENGGUNAKAN RETURN ON ASSETS (ROA) SEBAGAI VARIABEL MODERASI
STUDI EMPIRIS PERUSAHAAN TAMBANG DI BEI PERIODE 2021-2024
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan Environmental, Social, and Governance (ESG) terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel moderasi pada perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Pendekatan penelitian yang digunakan adalah kuantitatif dengan metode kausal. Sampel penelitian terdiri dari 23 perusahaan yang dipilih menggunakan purposive sampling sehingga terkumpul 92 sampel. Data yang digunakan merupakan data sekunder yang diperoleh dari laporan keuangan dan laporan keberlanjutan perusahaan. Teknik analisis data menggunakan Moderated Regression Analysis (MRA) melalui Aplikasi IBM SPSS Statistics. Hasil analisis menunjukan
References
Aalin. (2018). Pengaruh corporate social responsibility terhadap nilai perusahaan. Deepublish.
Aiken, L. S., & West, S. G. (1991). Multiple regression: Testing and interpreting interactions. Sage Publications.
Baltagi, B. H. (2021). Econometric analysis of panel data (6th ed.). Springer.
Brigham, E. F., & Houston, J. F. (2022). Fundamentals of financial management (15th ed.). Cengage Learning.
Brogi, M., & Lagasio, V. (2023). Environmental, social, and governance disclosure and market performance. Journal of Financial Studies, 15(2), 45–62.
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's Q. Financial Management, 23(3), 70–74.
Climate Action Tracker. (2023). Indonesia: Climate targets and policies.
Creswell, J. W., & Creswell, J. D. (2023). Research design: Qualitative, quantitative, and mixed methods approaches (6th ed.). Sage Publications.
Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific Sociological Review, 18(1), 122–136.
Fahmi, I. (2012). Analisis kinerja keuangan. Alfabeta.
Fionasari, D., Savitri, E., & Andreas. (2017). Pengaruh pengungkapan corporate social responsibility terhadap agresivitas pajak (Studi pada perusahaan yang listing di Bursa Efek Indonesia). Jurnal SOROT, 12(2), 95–105. https://doi.org/10.31258/sorot.12.2.4557
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (10th ed.). Badan Penerbit Universitas Diponegoro.
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Gujarati, D. N., & Porter, D. C. (2022). Basic econometrics (6th ed.). McGraw-Hill Education.
Habibulloh, R., & Buchory, H. A. (2025). Sustainable performance and financial metrics: The impact of ESG scores on profitability and market valuation on the Indonesia Stock Exchange. COSTING: Journal of Economic, Business and Accounting, 9(1).
Husnah. (2023). Pengaruh ESG disclosure terhadap nilai perusahaan pada sektor pertambangan. Jurnal Akuntansi dan Keuangan Indonesia, 20(2), 115–130.
Intergovernmental Panel on Climate Change. (2023). Climate change 2023: Synthesis report. IPCC.
Kasmir. (2016). Analisis laporan keuangan. PT RajaGrafindo Persada.
Munawir. (2012). Analisis laporan keuangan. Liberty.
Nahavandi, S. (2019). Industry 5.0—A human-centric solution. Sustainability, 11(16), 4371. https://doi.org/10.3390/su11164371
Organisation for Economic Co-operation and Development. (2022). ESG investing and climate transition: Market practices, issues and policy considerations. OECD Publishing.
Oktadewi, R., & Diantini, N. N. (2023). ESG disclosure and investor response in emerging markets. Jurnal Manajemen Indonesia, 23(1), 55–68.
Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan.
Otoritas Jasa Keuangan. (2021). Roadmap keuangan berkelanjutan tahap II (2021–2025).
Prasetyo, A., & Utami, S. (2022). Legitimacy theory and corporate sustainability disclosure. Jurnal Akuntansi Multiparadigma, 13(3), 420–435.
Rahmadita, N., & Amri, A. (2024). Pengaruh financial leverage dan ukuran perusahaan terhadap kinerja keuangan Bank Umum Syariah periode 2018–2022. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (JIMEA), 8(2).
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2019). Corporate finance (12th ed.). McGraw-Hill Education.
Safana, R., et al. (2024). ESG performance and firm value: Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 11(1), 33–48.
Sekaran, U., & Bougie, R. (2019). Research methods for business: A skill-building approach (8th ed.). Wiley.
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–374.
Sugiyono. (2023). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Tanjaya, F., & Ratmono, D. (2024). Pengaruh environmental, social, and governance (ESG) terhadap kinerja perusahaan dengan board size sebagai variabel moderasi. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (JIMEA), 8(2).
Tobin, J. (1982). Asset accumulation and economic activity. University of Chicago Press.
Triyani, N., et al. (2020). ESG disclosure and stakeholder response. Jurnal Akuntansi dan Auditing Indonesia, 24(2), 89–102.
United Nations Framework Convention on Climate Change. (2015). Paris agreement.
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroan Terbatas.
Velte, P. (2023). Meta-analyses on corporate social responsibility (CSR), environmental, social and governance (ESG), and financial performance. Management Review Quarterly, 73(4), 1245–1285. https://doi.org/10.1007/s11301-022-00263-7
Wati, L. N. (2019). Model corporate social responsibility (CSR). Myria Publisher.
Wooldridge, J. M. (2019). Introductory econometrics: A modern approach (7th ed.). Cengage Learning.
Aiken, L. S., & West, S. G. (1991). Multiple regression: Testing and interpreting interactions. Sage Publications.
Baltagi, B. H. (2021). Econometric analysis of panel data (6th ed.). Springer.
Brigham, E. F., & Houston, J. F. (2022). Fundamentals of financial management (15th ed.). Cengage Learning.
Brogi, M., & Lagasio, V. (2023). Environmental, social, and governance disclosure and market performance. Journal of Financial Studies, 15(2), 45–62.
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's Q. Financial Management, 23(3), 70–74.
Climate Action Tracker. (2023). Indonesia: Climate targets and policies.
Creswell, J. W., & Creswell, J. D. (2023). Research design: Qualitative, quantitative, and mixed methods approaches (6th ed.). Sage Publications.
Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific Sociological Review, 18(1), 122–136.
Fahmi, I. (2012). Analisis kinerja keuangan. Alfabeta.
Fionasari, D., Savitri, E., & Andreas. (2017). Pengaruh pengungkapan corporate social responsibility terhadap agresivitas pajak (Studi pada perusahaan yang listing di Bursa Efek Indonesia). Jurnal SOROT, 12(2), 95–105. https://doi.org/10.31258/sorot.12.2.4557
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (10th ed.). Badan Penerbit Universitas Diponegoro.
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Gujarati, D. N., & Porter, D. C. (2022). Basic econometrics (6th ed.). McGraw-Hill Education.
Habibulloh, R., & Buchory, H. A. (2025). Sustainable performance and financial metrics: The impact of ESG scores on profitability and market valuation on the Indonesia Stock Exchange. COSTING: Journal of Economic, Business and Accounting, 9(1).
Husnah. (2023). Pengaruh ESG disclosure terhadap nilai perusahaan pada sektor pertambangan. Jurnal Akuntansi dan Keuangan Indonesia, 20(2), 115–130.
Intergovernmental Panel on Climate Change. (2023). Climate change 2023: Synthesis report. IPCC.
Kasmir. (2016). Analisis laporan keuangan. PT RajaGrafindo Persada.
Munawir. (2012). Analisis laporan keuangan. Liberty.
Nahavandi, S. (2019). Industry 5.0—A human-centric solution. Sustainability, 11(16), 4371. https://doi.org/10.3390/su11164371
Organisation for Economic Co-operation and Development. (2022). ESG investing and climate transition: Market practices, issues and policy considerations. OECD Publishing.
Oktadewi, R., & Diantini, N. N. (2023). ESG disclosure and investor response in emerging markets. Jurnal Manajemen Indonesia, 23(1), 55–68.
Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan.
Otoritas Jasa Keuangan. (2021). Roadmap keuangan berkelanjutan tahap II (2021–2025).
Prasetyo, A., & Utami, S. (2022). Legitimacy theory and corporate sustainability disclosure. Jurnal Akuntansi Multiparadigma, 13(3), 420–435.
Rahmadita, N., & Amri, A. (2024). Pengaruh financial leverage dan ukuran perusahaan terhadap kinerja keuangan Bank Umum Syariah periode 2018–2022. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (JIMEA), 8(2).
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2019). Corporate finance (12th ed.). McGraw-Hill Education.
Safana, R., et al. (2024). ESG performance and firm value: Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 11(1), 33–48.
Sekaran, U., & Bougie, R. (2019). Research methods for business: A skill-building approach (8th ed.). Wiley.
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–374.
Sugiyono. (2023). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Tanjaya, F., & Ratmono, D. (2024). Pengaruh environmental, social, and governance (ESG) terhadap kinerja perusahaan dengan board size sebagai variabel moderasi. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (JIMEA), 8(2).
Tobin, J. (1982). Asset accumulation and economic activity. University of Chicago Press.
Triyani, N., et al. (2020). ESG disclosure and stakeholder response. Jurnal Akuntansi dan Auditing Indonesia, 24(2), 89–102.
United Nations Framework Convention on Climate Change. (2015). Paris agreement.
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroan Terbatas.
Velte, P. (2023). Meta-analyses on corporate social responsibility (CSR), environmental, social and governance (ESG), and financial performance. Management Review Quarterly, 73(4), 1245–1285. https://doi.org/10.1007/s11301-022-00263-7
Wati, L. N. (2019). Model corporate social responsibility (CSR). Myria Publisher.
Wooldridge, J. M. (2019). Introductory econometrics: A modern approach (7th ed.). Cengage Learning.
Published
2026-08-25
How to Cite
Purnama, R., & Fadjar, A. (2026). PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL DAN GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN YANG DIPROKSIKAN MENGGUNAKAN RETURN ON ASSETS (ROA) SEBAGAI VARIABEL MODERASI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(2), 2102-2119. https://doi.org/10.31955/mea.v10i2.7714
Section
Articles
Copyright (c) 2026 Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
