Which ESG Dimension Drives Market Valuation? Bukti Empiris Pada Perusahaan Consumer Non-Cyclicals di Indonesia
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Abstract
Penelitian ini mengkaji pengaruh dimensi-dimensi pengungkapan ESG (Environmental, Social, dan Governance) secara individual terhadap market valuation perusahaan sektor Consumer Non-Cyclicals yang terdaftar di Bursa Efek Indonesia pada periode 2022-2025. Dengan menggunakan regresi data panel dengan sampel 25 perusahaan (100 pengamatan perusahaan-tahun), penelitian ini mengukur pengungkapan ESG melalui standar GRI dan market valuation melalui Tobin’s Q. Hasil penelitian menunjukkan bahwa Environmental Disclosure berpengaruh negatif dan signifikan terhadap market valuation (koefisien: -0,758067, p<0,05). Sementara itu, Social Disclosure dan Governance Disclosure menunjukkan pengaruh positif namun tidak signifikan menjelaskan 81,72% variasi market valuation (p<0,001). Temuan ini menunjukkan bahwa respons pasar terhadap pengungkapan ESG masih bervariasi antar dimensi. Penelitian ini berkontribusi pada pemahaman hubungan antara ESG dan market valuation di negara berkembang serta memberikan wawasan untuk meningkatkan strategi pelaporan keberlanjutan.
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