Dewan Komisaris, Kinerja Keuangan, Pengungkapan Keberlanjutan, dan Nilai Perusahaan pada Perusahaan yang Terdaftar di IDX80
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Abstract
Peningkatan nilai perusahaan dipengaruhi oleh sinergi tata kelola, kinerja keuangan, dan transparansi keberlanjutan. Penelitian ini bertujuan menganalisis pengaruh ukuran dewan komisaris dan kinerja keuangan terhadap nilai perusahaan dengan pengungkapan keberlanjutan sebagai variabel moderasi. Populasi penelitian mencakup perusahaan indeks IDX80 di Bursa Efek Indonesia periode 2022–2024. Sampel penelitian terdiri dari 39 perusahaan atau 117 observasi yang dipilih menggunakan purposive sampling. Data dianalisis menggunakan regresi data panel dengan estimasi Random Effect Model. Hasil penelitian menunjukkan bahwa kinerja keuangan berpengaruh positif dan signifikan terhadap nilai perusahaan, sedangkan pengungkapan keberlanjutan berpengaruh negatif terhadap nilai perusahaan. Sementara itu, ukuran dewan komisaris tidak berpengaruh signifikan terhadap nilai perusahaan. Hasil moderasi menunjukkan bahwa pengungkapan keberlanjutan tidak mampu memoderasi pengaruh ukuran dewan komisaris maupun kinerja keuangan terhadap nilai perusahaan. Temuan ini mengindikasikan bahwa investor pada perusahaan IDX80 masih lebih berorientasi pada fundamental keuangan dan memandang praktik pelaporan keberlanjutan sebagai beban biaya jangka pendek.
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