Pengaruh Environmental Disclosure, Social Disclosure, dan Governance Disclosure Terhadap Nilai Perusahaan Dengan Proposi Komisaris Independen Sebagai Variabel Moderasi Pada Sektor Energi di BEI 2022-2024
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Abstract
Penelitian ini bertujuan menganalisis pengaruh Environmental, Social, and Governance (ESG) disclosure terhadap nilai perusahaan dengan proporsi komisaris independen sebagai variabel moderasi pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2024. Penelitian menggunakan metode kuantitatif dengan teknik analisis regresi linier berganda dan Moderate Regression Analysis (MRA). Sampel penelitian berjumlah 147 perusahaan yang dipilih melalui purposive sampling berdasarkan kriteria perusahaan sektor energi yang terdaftar di BEI dan memiliki laporan tahunan serta laporan keberlanjutan yang dapat diakses selama periode penelitian. Hasil penelitian menunjukkan bahwa Environmental disclosure, Social disclosure, Governance disclosure, dan proporsi komisaris independen secara simultan berpengaruh signifikan terhadap nilai perusahaan. Secara parsial, Environmental disclosure berpengaruh positif signifikan terhadap nilai perusahaan, Social disclosure berpengaruh negatif signifikan, sedangkan Governance disclosure tidak berpengaruh signifikan. Proporsi komisaris independen juga berpengaruh signifikan terhadap nilai perusahaan. Namun, komisaris independen tidak mampu memoderasi pengaruh Environmental dan Social disclosure terhadap nilai perusahaan, serta justru memperlemah pengaruh Governance disclosure terhadap nilai perusahaan. Temuan ini mendukung Agency Theory bahwa mekanisme pengawasan dapat meningkatkan nilai perusahaan, tetapi pengawasan yang berlebihan berpotensi menurunkan efektivitas tata kelola perusahaan.
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