ANALISIS PERAN ESG DALAM MODERASI HUBUNGAN KINERJA KEUANGAN DAN NILAI PERUSAHAAN SEKTOR INDUSTRI DI BEI
DOI:
https://doi.org/10.22437/jmk.v15i01.52611Abstract
Penelitian ini bertujuan menganalisis pengaruh kinerja keuangan terhadap nilai perusahaan dengan peran mediasi Return on Assets (ROA) dan moderasi Environmental, Social, and Governance (ESG) pada perusahaan sektor industri yang terdaftar di Bursa Efek Indonesia periode 2022–2024. Variabel independen meliputi Current Ratio, Debt to Equity Ratio, dan Total Assets Turnover, dengan Firm Size dan Firm Age sebagai variabel kontrol. Metode yang digunakan adalah regresi data panel menggunakan Stata melalui pemilihan model Common, Fixed, dan Random Effect. Hasil penelitian menunjukkan bahwa likuiditas berdampak negatif terhadap nilai perusahaan, leverage menurunkan profitabilitas, dan efisiensi aset berpengaruh positif terhadap profitabilitas serta nilai perusahaan. ROA berpengaruh negatif terhadap nilai perusahaan, namun ESG terbukti memoderasi hubungan tersebut secara positif. ROA memediasi secara selektif pengaruh leverage dan efisiensi aset terhadap nilai perusahaan. Temuan ini menegaskan pentingnya integrasi kinerja keuangan dan praktik ESG dalam meningkatkan nilai perusahaan.
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