Pengaruh Environmental, Social, And Governance (ESG) Terhadap Nilai Perusahaan: Studi Pada Perusahaan LQ45 Di Bursa Efek Indonesia
Keywords:
ESG Risk Rating, Firm Value, ROA, ROE, DER, Panel Data RegressionAbstract
This study aims to analyze the effect of ESG Risk Rating on firm value, proxied by Price-to-Book Value (PBV), with Return on Assets (ROA), Return on Equity (ROE), and Debt-to-Equity Ratio (DER) as control variables, among LQ45 companies listed on the Indonesia Stock Exchange during the 2022–2025 period. This study employs a quantitative approach using secondary data obtained from companies’ financial statements and the Indonesia Stock Exchange. The sample consists of 31 LQ45 companies over the 2022–2025 period, yielding 124 observations selected using purposive sampling. The analysis was conducted using panel data regression. Based on the results of the Chow test, Hausman test, and Lagrange Multiplier test, the Fixed Effects Model (FEM) was selected as the best model. Due to the presence of heteroscedasticity, the final estimation used the Fixed Effects Model with Cluster Robust Standard Error. The results of the study indicate that the ESG Risk Rating does not have a significant impact on firm value. This study makes an empirical contribution by using the ESG Risk Rating from IDX Company Profile Factsheet as an ESG proxy, thereby focusing the measurement on a company’s level of sustainability risk rather than on performance scores or ESG disclosure levels, which were more commonly used in previous studies. These findings are expected to serve as a consideration for investors, company management, and future researchers in understanding the factors that influence corporate value in the Indonesian capital market.
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