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 study aims to analyze the effect of environmental, social, and governance (ESG) score on firm value (Tobin's Q) with 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.
Penelitian ini bertujuan menganalisis pengaruh environmental, social, and governance (ESG) score terhadap nilai perusahaan (Tobin's Q) dengan kepemilikan asing sebagai variabel moderasi. Variabel kontrol yang digunakan adalah ROA, DER, dan firm size. Populasi penelitian meliputi perusahaan sektor konsumen (cyclical dan non-cyclical) di Bursa Efek Indonesia periode 2020-2024. Menggunakan purposive sampling, diperoleh sampel 16 perusahaan (80 observasi). Analisis data menggunakan regresi data panel melalui program EViews dengan model terpilih Fixed Effect Model (FEM) berdasarkan Uji Chow dan Hausman. Hasil pengujian parsial menunjukkan bahwa ESG score dan kepemilikan asing tidak berpengaruh signifikan terhadap nilai perusahaan. Variabel interaksi juga menunjukkan kepemilikan asing tidak mampu memoderasi pengaruh ESG score terhadap nilai perusahaan. Di antara variabel kontrol, hanya firm size yang berpengaruh negatif signifikan, sedangkan ROA dan DER tidak berpengaruh. Secara simultan, seluruh variabel berpengaruh signifikan dengan nilai Adjusted R-squared sebesar 22,1%. Kesimpulannya, investor sektor konsumen lebih mempertimbangkan skala stabilitas operasional dibandingkan isu keberlanjutan atau struktur kepemilikan asing.
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