The Effect of ESG Disclosure, Investment Decision, Funding Decision, and Dividend Policy on Firm Value (Study on SRI-KEHATI Index Companies Period 2019-2022)
Keywords:
Firm Value, ESG Disclosure, Investment Decision, Funding Decision, Dividend PolicyAbstract
New companies that continue to grow every time require all companies, both existing and new companies to survive and compete to be the most superior through increasing firm value. This research aims to analyze the effect of ESG disclosure, investment decisions, funding decisions, and dividend policy on firm value. The population used in this research is companies that has been listed on SRI-KEHATI index on the Indonesia Stock Exchange in 2019-2022. This research used purposive sampling method, total sample for this research is 17 companies with 68 observation data from annual report and companies sustainability report for 4 years. The analytical method used in this research is multiple linier regressions analysis and hypothesis testing with using to help of SPSS 25 version. The result of this research showed that simultaneously ESG disclosure, investment decisions, funding decisions, and dividend policy affect firm value. ESG disclosure has a significant negative effect on firm value. Investment decisions has no effect on firm value. Funding decisions has a significant negative effect on firm value. Dividend policy has no effect on firm value. The implementation of ESG over a long period of time is able to provide great benefits for the company in the future, to increase company value and reduce the risks that may be experienced by the company due to poor environmental, social and governance management. Based on the result, for further research it would be better to use more period, so the development of ESG disclosure by the companies can be seen over a longer period of time.
References
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Agustini, M. Y. D. H. (2018). Ekonomi Manajerial Pembuatan Keputusan Berdasarkan Teori Ekonomi. Semarang: Universitas Katolik Soegijapranata.
Apriyanto, A., Rinofah, R., & Cahya, A. D. (2021). Pengaruh Debt Equity Ratio, Return On Assets dan Price Book Value Terhadap Stock Return. JURNAL MANAJEMEN, 13(4), 766–774. https://doi.org/10.29264/jmmn.v13i4.10358
Arizki, A., Masdupi, E., & Zulvia, Y. (2019). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan pada Perusahaan Manufaktur. Jurnal Kajian Manajemen Dan Wirausaha, 01(01), 73–82. https://doi.org/dx.doi.org/10.24036/jkmw0254310
Bahrun, M. F., & Firmansyah, A. (2020). Pengaruh Keputusan Pendanaan, Keputusan Investasi, Kebijakan Dividen, Dan Arus Kas Bebas Terhadap. Jurnal Ilmiah Akuntansi Kesatuan JIAKES, 8(3), 263–276. https://doi.org/https://doi.org/10.37641/jiakes.v8i3.358
Bhandari, A., & Javakhadze, D. (2017). Corporate Social Responsibility and Capital Allocation Efficiency. Journal of Corporate Finance, 43(33), 354–377. https://doi.org/10.1016/j.jcorpfin.2017.01.012
Ernest, & Young. (2022). Trending: Sustainable responsible investment in Malaysia and the region. https://assets.ey.com/content/dam/ey-sites/ey-com/en_my/topics/climate-change/ey-trending-sri-in-malaysia-and-the-region-final-22022022.pdf
Fauziah, A., & Asandimitra, N. (2018). Pengaruh Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividen, dan Profitabilitas terhadap Nilai Perusahaan (Studi pada Perusahaan Industri Dasar dan Kimia yang Terdaftar di BEI Periode Tahun 2012-2016). Jurnal Ilmu Manajemen, 6(3), 84–92. https://ejournal.unesa.ac.id/index.php/jim/article/view/23845
Ghazali, A., & Zulmaita. (2020). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) Terhadap Tingkat Profitabilitas Perusahaan (Studi pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia). Prosiding SNAM PNJ (2020). https://prosiding-old-pnj.ac.id/index.php/snampnj/article/view/5533
Hariyanur, R., Septiyanti, R., & Idris, A. Z. (2022). The Effect of Investment and Financing Decision, Dividend Policy and Cost of Capital On Indonesian Firm Value. Asian Journal of Economics and Business Management, 1(2), 73–81. https://doi.org/doi.org/10.53402/ajebm.v1i2.121
Idx.com. (2023). Indeks Saham. Indonesia Stock Exchange. http://www.idx.co.id
Indriyani, E. (2017). Pengaruh Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan. Akuntabilitas: Jurnal Ilmu Akuntansi, 10(2), 333–348. https://doi.org/10.15408/akt.v10i2.4649
Juwita, J., Harjadi, D., & Purnama, D. (2021). Total Aset, Risiko Bisnis, Pertumbuhan Aset Dan Profitabilitas Terhadap Harga Saham. MEDIKONIS: Jurnal Media Komunikasi Dan Bisnis, 12(2), 33–41. https://doi.org/10.52659/medikonis.v12i2.46
Kehati.or.id. (2023). Investasi Hijau. Yayasan Kehati Indonesia. https://kehati.or.id/investasi-hijau/
KPMG. (2022). Big shifts, small steps Survey of Sustainability Reporting 2022 (Issue October). http://kpmg.com/xx/en/home/insights/2022/09/survey-of-sustainability-reporting-2022.html
Kulo, C., Saerang, I. S., & Rumokoy, L. J. (2023). Pengaruh Kepemilikan Manajerial, Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Perbankan yang Go Public di Bei. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 11(4), 44–57. https://doi.org/10.35794/emba.v11i4.51504
Lumbangaol, I. S., Pasaribu, D., Silitonga, I. M., Simanjuntak, A., & Damanik, D. P. P. (2023). Pengaruh Keputusan Investasi dan Keputusan Pendanaan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi Pada Perusahaan Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021. Jurnal Bisnis Mahasiswa, 3(4), 394–414. https://doi.org/10.60036/jbm.v3i4.art9
Marantika, A. (2012). Nilai Perusahaan (Firm Value) Konsep dan Implikasi. Lampung: Anugrah Utama Raharja (AURA) Printing & Publishing.
Maria, G., & Birawan, I. G. K. (2022). Pengaruh Keputusan Investasi dan Keputusan Pendanaan Terhadap Nilai Perusahaan (Studi Kasus Pada Sektor Manufaktur Periode 2017-2021). Jurnal Economina, 1(2), 85–94. https://doi.org/https://doi.org/10.55681/economina.v1i2.46
Mubarokah, F., & Indah, N. P. (2021). Pengaruh Keputusan Investasi, Pendanaan, dan Dividen Terhadap Nilai Perusahaan Periode 2014-2018. Jurnal Ilmiah Manajemen, 12(2), 163–180. https://doi.org/10.32670/coopetition.v12i2.148
Mulyanti, D. (2017). Manajemen Keuangan Perusahaan. Jurnal Ilmiah Akuntansi AKURAT, 8(2), 62–71. https://ejournal.unibba.ac.id/index.php/akurat/article/view/74/75
Murniati, S., Mus, A. R., Semmaila, B., & Nur, A. N. (2019). Effect of Investment Decisions, Financing Decisions and Dividend Policy on Profitability and Value of The Firm. International Journal of Accounting & Finance in Asia Pacific (IJAFAP), 2(1), 1–10. https://doi.org/doi.org/10.32535/ijafap.v2i1.359
Prabawati, P. I., & Rahmawati, I. P. (2022). The effects of Environmental, Social, and Governance (ESG) scores on firm values in ASEAN member countries. Jurnal Akuntansi Dan Auditing Indonesia, 26(2), 120–129. https://doi.org/https://doi.org/10.20885/jaai.vol26.i ss2.art2
PwC. (2023). Sustainability Counts II: Situasi Pelaporan Keberlanjutan di Asia Pasifik.
Sarif, U., & Suprajitno, D. (2021). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Profitabilitas Terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Intervening. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi, 3(4), 239–250. https://doi.org/doi.org/10.32639/jimmba.v3i2.782
Sugiyono. (2013). Metode Penelitian Kuantitatif, Kualitatif, dan R & D. Alfabeta.
Susanto, A., & Tirok, J. (2013). Dividend Payout Ratio: Factors That Affect It, and Subsequent Earning Growth. Journal of Applied Finance And Accounting, 6(1), 97–111. https://doi.org/doi.org/10.21512/jafa.v6i1.838
Xaviera, A., & Rahman, A. (2023). Pengaruh Kinerja ESG Terhadap Nilai Perusahaan Dengan Siklus Hidup Sebagai Moderasi: Bukti Dari Indonesia. Jurnal Akuntansi Bisnis, 16(2), 226–247. https://doi.org/http://dx.doi.org/10.30813/jab.v16 i2.4382
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Published
2024-11-16
How to Cite
Husnia, A., & Isbanah, Y. (2024). The Effect of ESG Disclosure, Investment Decision, Funding Decision, and Dividend Policy on Firm Value (Study on SRI-KEHATI Index Companies Period 2019-2022). International Student Conference on Business, Education, Economics, Accounting, and Management (ISC-BEAM), 2(1), 166–175. Retrieved from https://journal.unj.ac.id/unj/index.php/isc-beam/article/view/46534
