Implikasi ESG dan CSRDI Terhadap Nilai Perusahaan dengan Komitmen Publik sebagai Variabel Mediasi Pada Perusahaan Sektor Pertambangan
Main Article Content
Abstract
Penelitian ini bertujuan menganalisis pengaruh Environmental, Social, and Governance (ESG) dan Corporate Social Responsibility Disclosure Index (CSRDI) terhadap Nilai Perusahaan dengan Komitmen Publik sebagai variabel mediasi pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Studi menggunakan pendekatan kuantitatif kausal dengan data sekunder dari laporan tahunan dan keberlanjutan. Analisis dilakukan melalui statistik deskriptif, uji asumsi klasik, dan path analysis menggunakan SPSS 27.0. Kelayakan model diuji dengan koefisien determinasi (R2) serta uji Sobel untuk mengonfirmasi peran mediasi. Hasil menunjukkan nilai R2 sebesar 60,3% yang mengindikasikan kemampuan prediksi model tergolong kuat. ESG dan CSRDI terbukti berpengaruh positif dan signifikan terhadap Nilai Perusahaan pada taraf 5%. Keduanya juga berpengaruh signifikan dalam membangun Komitmen Publik sebagai bentuk legitimasi sosial. Analisis jalur memperlihatkan bahwa Komitmen Publik berperan sebagai full mediator, di mana pengaruh tidak langsung kinerja keberlanjutan terhadap nilai perusahaan melalui kepercayaan publik lebih dominan dibandingkan pengaruh langsung. Temuan ini menegaskan bahwa pada sektor pertambangan, investasi pada ESG dan CSR bukan sekadar biaya, melainkan strategi peningkatan nilai. Komitmen publik berfungsi sebagai mekanisme penyangga risiko yang dikonversi pasar menjadi peningkatan valuasi saham serta stabilitas ekonomi perusahaan.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Ai, J. (2024). Teaching Strategies and Student Performance in Combining Mathematics Teaching and Data Mining Techniques in Higher Education. Applied Mathematics and Nonlinear Sciences, 9(1). https://doi.org/10.2478/amns-2024-2431
Assakaf, E. A. A., Qasem, A., Qaderi, S., & Alaskar, M. Z. (2025). Corporate Social Responsibility and Intellectual Capital: The Moderating Role of Institutional Ownership in an Emerging Market. Sustainability. https://doi.org/10.3390/su17114852
Chung, C. Y., Jo, H., & Lee, J. (2025). A pathway to local legitimacy: the impact of corporate governance on corporate social responsibility in chaebol-affiliated firms. Financial Innovation, 11. https://doi.org/10.1186/s40854-025-00784-x
Darsono, D., Ratmono, D., Lee, S., Cahyonowati, N., & Lianawati, L. (2024). ESG and Environmental Performance: Multiple Mediation Models of Green Accounting and CSR Disclosure. International Journal of Energy Economics and Policy, 14(5), 365–371. https://doi.org/10.32479/ijeep.16682
Denisa, S. E., & Sulfitri, V. (2025). Pengaruh ESG, CSR, dan Keputusan Investasi terhadap Nilai Perusahaan. Ekonomi Digital, 3(2), 117–126. https://doi.org/10.55837/ed.v3i2.125
He, M., Zhang, W., Du, X., Zhang, Y., Cui, X., Huang, J., Chen, X., & Gao, H. (2025). A study on accelerate the hydrogen energy industry adjustment and regain investment confidence—Based on Econ-ESG insight. Renewable Energy, 245. https://doi.org/10.1016/j.renene.2025.122768
Isaksson, L. E. (2025). Corporate Social Responsibility Trajectory: Mining Reputational Capital. Administrative Sciences, 15(3). https://doi.org/10.3390/admsci15030095
Kozakiewicz, R. (2025). Indirect environmental aspects in ESG reporting for mining operations. IOP Conference Series: Earth and Environmental Science, 1457(1). https://doi.org/10.1088/1755-1315/1457/1/012021
Lu, J., & Wang, J. (2020). Corporate governance, law, culture, environmental performance and CSR disclosure: A global perspective. Journal of International Financial Markets, Institutions and Money, 70, 101264. https://doi.org/10.1016/j.intfin.2020.101264
Mahmood, A., Mehmood, A., Terzani, S., De Luca, F., & Djajadikerta, H. (2025). The effect of ESG disclosure on firm value in the European context. Management Decision. https://doi.org/10.1108/md-10-2024-2480
Morea, D., Mango, F., Cardi, M., Paccione, C., & Bittucci, L. (2022). Circular Economy Impact Analysis on Stock Performances: An Empirical Comparison with the Euro Stoxx 50® ESG Index. Sustainability (Switzerland), 14(2). https://doi.org/10.3390/su14020843
Mudimu, G. (2025). From the Sullivan Principles to Unilateral Codes of Conduct by Mining Companies: Assessing the Effectiveness of Codes of Conduct in Regulating Labour Standards and Bringing Sustainability in the South African Mining. In CSR, Sustainability, Ethics and Governance: Vol. Part F1014. https://doi.org/10.1007/978-3-031-96205-9_7
Najwah, J., & Chasanah, A. N. (2023a). Pengaruh Viral Marketing, Online Consumer Reviews, Harga, Dan Brand Ambassador Terhadap Keputusan Pembelian Secara Online Di Tokopedia. BISECER (Business Economic Entrepreneurship).
Olateju, D. J., Olateju, O. A., Adeoye, S. V., & Ilyas, I. S. (2021). A critical review of the application of the legitimacy theory to corporate social responsibility. International Journal of Managerial Studies and Research. https://doi.org/10.20431/2349-0349.0903001
Pamungkas, A., Elysiyah, I., Mahardhika, G. R., Mauludya, Y. E. J., Rahmawati, D., & Wahyuni, S. (2024). Rapid Assessment for Emergency Infrastructures in Responding Flood related to Mining Activity: Case Study of Banjarasri and Kedungbanteng Flood, Sidoarjo, Indonesia. BIO Web of Conferences, 89. https://doi.org/10.1051/bioconf/20248908001
Park, J., Park, K., Noh, H., & Kim, Y. (2023). Characterization of CSR, ESG, and Corporate Citizenship through a Text Mining-Based Review of Literature. Sustainability (Switzerland), 15(5). https://doi.org/10.3390/su15053892
Prihanum, A., & Fadillah, D. (2024). Analisis Sentimen Tanggapan Publik di Media Sosial Instagram Terhadap Program CSR “ESG Existance (EXIST)” PT Telkom. Jurnal Audiens, 5(4), 565–580. https://doi.org/10.18196/jas.v5i4.469
Putri, F. A., Bagus, I., & Bayangkara, K. (2025). Analisis Environmental, Social, dan Governance (ESG) Terhadap Nilai Perusahaan Pada PT Antam Tbk. Jurnal Publikasi Ekonomi Dan Akuntansi, 5, 185–194. https://doi.org/10.55606/jupea.v5i2.3946
Sahat Pangihutan Sidabutar, R., Yovita, L., Oktavia, V., & Zakaria, F. (2025). Analisis Faktor Keuangan terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi. Jurnal Cendekia Ilmiah, 4(4).
Setiawan, D., Wira, T., Suryawijaya, E., Anugrah, M. I., Pearl, J., & Chasanah, A. N. (2024). Optimizing Banking Stock Price Prediction: Deep Learning Based Approach. International Journal of Accounting, Management and Economics Research, 2(1), 111–125. https://ijamer.feb.dinus.ac.id/index.php/ijamer/
Setyahuni, S. W. (2024). How CSR Performance and Financial Report Quality Affect Corporate Share Prices? Case of Indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 14(1), 281–293. https://doi.org/10.22219/jrak.v14i1.27557
Shahid, S. (2025). Shadows of Corporate Social Responsibility: An Experimental Study on Intensity, Motives, and Legitimacy in Organizational Reputation. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.3139
Shinta Yunari, S., & Ketut Bayangkara, I. B. (2025). Analisis Pengungkapan Global Reporting Initiative Standard (GRI Standard) pada Laporan Keberlanjutan Perusahaan yang Bergerak pada Sektor Pertambangan yang Terdaftar pada Asia Sustainability Reporting Rating (Asrrat) Tahun 2024. https://doi.org/10.32585/jbfe.v6i1.6562
Stitou, O., & Benouakrim, H. (2025). Evaluating sustainability reporting in Morocco: A focus on publicly traded mining companies (pp. 31–63). https://doi.org/10.4018/979-8-3693-8719-1.ch002
Triyani, A., Setyahuni, S. W., & Makwuna, F. D. (2021). Pengaruh Kinerja Non Keuangan (Environmental, Social, Governance) terhadap Resiko Investasi Perusahaan. JURNAL AKUNTANSI DAN BISNIS : Jurnal Program Studi Akuntansi, 7(2), 155–165. https://doi.org/10.31289/jab.v7i2.5602
Widhi, O., Maria Safitri, Usman Usman, & Amalia Nur Chasanah. (2024). Comparation Of Bankruptcy Prediction At Retail Companies In Indonesia Using Altman, Zmijewski and Springate Methods. Finance : International Journal of Management Finance, 2(2), 1–10. https://doi.org/10.62017/finance.v2i2.55
Xue, S., Xu, Y., & Chen, H. (2024). Corporate social performance feedback and corporate social responsibility decoupling in China: The salience of legitimacy and/or efficiency. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.2738
Yu, T., Horng, J. S., Chang, I. C., Liu, C., Chou, S., & Tai-Yi, Y. (2025). Exploration of the relationship between SDGs and CSR reports with text mining techniques for stock exchange companies in Taiwan. Discover Computing, 28(1). https://doi.org/10.1007/s10791-025-09831-8
Zakaria, F., & Setyahuni, S. W. (2023). What Factors Affect The Fraud Detection? The Role of Red Flags and Auditor Experience. In Jurnal Akuntansi dan Perpajakan (Vol. 9, Issue 1). http://jurnal.unmer.ac.id/index.php/ap
Zhao, M. (2025). Performance Analysis of Japanese Electric Vehicle Manufacturers in Environmental, Social, and Governance Using Text Mining and Predictive Methods †. Engineering Proceedings, 92(1). https://doi.org/10.3390/engproc2025092035