Determinasi Nilai Perusahaan Siklikal dan Nonsiklikal Berbasis Moderasi Kepemilikan Asing 2020-2024
DOI:
https://doi.org/10.21009/wahana.21.011Keywords:
ESG Score, Firm Value, Consumer Sector, Foreign OwnershipAbstract
This research seeks to examine how the environmental, social, and governance (ESG) score on firm value (Tobin's Q) considering foreign ownership as a moderating variable. The control variables used are ROA, DER, and firm size. The population includes consumer sector companies (cyclical and non-cyclical) on the Indonesia Stock Exchange for the 2020-2024 period. Using purposive sampling, a sample of 16 companies (80 observations) was obtained. Data analysis used panel data regression via EViews, with the Fixed Effect Model (FEM) selected based on Chow and Hausman tests. Partial testing results show that ESG score and foreign ownership have no significant effect on firm value. The interaction variable also indicates that foreign ownership cannot moderate the effect of ESG score on firm value. Among control variables, only firm size has a significant negative effect, while ROA and DER have no effect. Simultaneously, all variables significantly affect firm value with an Adjusted R-squared of 22.1%. In conclusion, consumer sector investors prioritize operational stability over sustainability or foreign ownership structures.
Riset ini bertujuan mengeksplorasi dampak environmental, social, and governance (ESG) score atas nilai perusahaan (Tobin's Q) dengan kepemilikan asing berperan sebagai variabel moderasi. ROA, DER, dan firm size dimanfaatkan sebagai variabel kontrol. Objek riset terdiri dari perusahaan sektor konsumen (cyclical dan non-cyclical) di Bursa Efek Indonesia rentang waktu 2020-2024. Pendekatan Purposive sampling memperoleh 16 perusahaan (80 observasi) yang layak dijadikan unit amatan. Regresi data panel dimanfaatkan sebagai Pendekatan analisis data melalui software Eviews, model yang dimanfaatkan adalah Fixed Effect Model (FEM) mengacu pada hasil Uji Chow dan Hausman. Hasil pengujian parsial mengungkapkan bahwa ESG score dan kepemilikan asing tidak berdampak signifikan atas nilai perusahaan. Variabel interaksi juga memaparkan kepemilikan asing tidak efektif memoderasi pengaruh ESG score atas Firm Value. Di antara variabel kontrol, hanya firm size yang berdampak negatif, sedangkan ROA dan DER tidak berdampak. Secara simultan, seluruh variabel berdampak dengan nilai Adjusted R-squared sebesar 22,1%. Kesimpulannya, investor sektor konsumen lebih mempertimbangkan skala stabilitas operasional dibandingkan isu keberlanjutan atau struktur kepemilikan asing.
References
Al-Tarawneh, A., Tayeh, M., Iskandrani, M., & Obeidat, M. (2024). The impact of ESG scores on corporate financial performance: A study of non-financial firms listed in the UK. Asian Economic and Financial Review, 14(11), 852–867. https://doi.org/10.55493/5002.v14i11.5229
Ananda, T. Y. (2025). Pengaruh ESG Score Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Variabel Moderasi Board Size: Studi Empiris Pada Perusahaan Yang Terdaftar Di Indeks KOMPAS100. Equator Journal of Management and Entrepreneurship (EJME), 13(3), 308–328. https://doi.org/10.26418/ejme.v13i3.98290
Azaare, J., Wu, Z., Kwadwo Modzi, S., Li, P., & Mintah Ampaw, E. (2023). Examining the Impact of Environmental, Social and Governance Scores on Financial Performance of Listed Companies on the German Stock Exchange (XETRA). Science Journal of Business and Management. https://doi.org/10.11648/j.sjbm.20231102.12
Cipto, N. S., & Hersugondo. (2024). Pengaruh ESG (Environmental, Social, and Governance) 1 terhadap Kinerja dan Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi (Vol. 2, Number 2).
Al-Tarawneh, A., Tayeh, M., Iskandrani, M., & Obeidat, M. (2024). The impact of ESG scores on corporate financial performance: A study of non-financial firms listed in the UK. Asian Economic and Financial Review, 14(11), 852–867. https://doi.org/10.55493/5002.v14i11.5229
Ananda, T. Y. (2025). Pengaruh ESG Score Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Variabel Moderasi Board Size: Studi Empiris Pada Perusahaan Yang Terdaftar Di Indeks KOMPAS100. Equator Journal of Management and Entrepreneurship (EJME), 13(3), 308–328. https://doi.org/10.26418/ejme.v13i3.98290
Azaare, J., Wu, Z., Kwadwo Modzi, S., Li, P., & Mintah Ampaw, E. (2023). Examining the Impact of Environmental, Social and Governance Scores on Financial Performance of Listed Companies on the German Stock Exchange (XETRA). Science Journal of Business and Management. https://doi.org/10.11648/j.sjbm.20231102.12
Cipto, N. S., & Hersugondo. (2024). Pengaruh ESG (Environmental, Social, and Governance) 1 terhadap Kinerja dan Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi (Vol. 2, Number 2).
Desai, R. (2024). Analysing the Firm Value Effects of Environmental, Social and Governance Disclosure: Empirical Study of Indian Firms. NMIMS Management Review, 32(1), 58–67. https://doi.org/10.1177/09711023241264679
Ervina, N., Sudirman, A., & Silitonga, H. P. (2020). Pengaruh Informasi Akuntansi terhadap Harga Saham serta Dampaknya terhadap PBV pada Subsektor Farmasi yang Terdaftar di BEI. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 3(2), 426–435. https://doi.org/10.36778/jesya.v3i2.226
Mechtildis Christiani, A., & Elvira Maratno, S. F. (2026). Analisis Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) terhadap Nilai Perusahaan dengan Pendekatan Tobin’s Q.
Prabawati, P. I., & Rahmawati, I. P. (2022a). The effects of Environmental, Social, and Governance (ESG) scores on firm values in ASEAN member countries. Jurnal Akuntansi Dan Auditing Indonesia, 26(2), 2022. https://doi.org/10.20885/jaai.vol26.i
Prabawati, P. I., & Rahmawati, I. P. (2022b). The effects of Environmental, Social, and Governance (ESG) scores on firm values in ASEAN member countries. Jurnal Akuntansi Dan Auditing Indonesia, 26(2), 2022. https://doi.org/10.20885/jaai.vol26.i
Reynaldo Hutauruk, J., & Mentari, T. (2025). Analysis of ESG Disclosure on the Firm Value in Banking Sector IDX 2020-2023 (Vol. 7, Number 1).
SUPARJONO. (2026). Environmental, Social, and Governance Disclosure dan Implikasinya terhadap ROE, ROA, dan Tobin’s Q pada Perusahaan Manufaktur Suparjono. Journal of Economis and Business, 3(2), 273–281. http://jurnal.dokicti.org/index.php/ECONIS/index
Tanjaya, F., & Ratmono, D. (2024a). PENGARUH ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP KINERJA PERUSAHAAN DENGAN VARIABEL MODERASI BOARD SIZE.
Tanjaya, F., & Ratmono, D. (2024b). pengaruh esg terhadap kinerja perusahaan dengan variabel moderasi board size.
Tőzsér, D., Lakner, Z., Sudibyo, N. A., & Boros, A. (2024). Disclosure Compliance with Different ESG Reporting Guidelines: The Sustainability Ranking of Selected European and Hungarian Banks in the Socio-Economic Crisis Period. Administrative Sciences, 14(3). https://doi.org/10.3390/admsci14030058
Downloads
Published
How to Cite
Issue
Section
License
Jurnal Ilmiah Wahana Akuntansi is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Articles in Jurnal Ilmiah Wahana Akuntansi are Open Access articles published under the Creative Commons CC BY-NC-SA License. This license permits use, distribution and reproduction in any medium for non-commercial purposes only, provided the original work and source is properly cited. Any derivative of the original must be distributed under the same license as the original.
