Saputro, Tri Hijrah (2025) PERINGKAT RISIKO ESG (ESG RISK RATING) DAN NILAI PERUSAHAAN: ANALISIS MEDIASI PEMANFAATAN ASET DAN MODERASI PROFITABILITAS (Studi Empiris pada Perusahaan yang Terdaftar di IDXESGL periode 2020-2023). Master thesis, UNIVERSITAS SULTAN AGENG TIRTAYASA.
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Abstract
This study examines the impact of ESG Risk Rating on firm value, with asset utilization efficiency as a mediator and profitability as a moderator. The sample includes 13 non-financial companies consistently listed in IDXESGL during 2020–2023. A hierarchical modeling approach is applied using a combination of the baseline model (simple linear regression) and Hayes PROCESS Models 4, 7, 14, and 58. Results show that ESG does not directly affect firm value but has an indirect effect through efficiency, depending on profitability levels. Profitability significantly strengthens the efficiency–value relationship but does not moderate the ESG–efficiency path. Model 58, as the most comprehensive, indicates that the ESG–value relationship is nonlinear and context-specific. Results remain robust under sensitivity tests and additional analyses. This study supports Stakeholder and RBV theory, showing that ESG contributes to firm value only when aligned with internal efficiency and the firm’s ability to generate profits.
| Item Type: | Thesis (Master) | |||||||||
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| Additional Information: | Penelitian ini menguji pengaruh ESG Risk Rating terhadap nilai perusahaan dengan efisiensi pemanfaatan aset sebagai mediator dan profitabilitas sebagai moderator. Sampel terdiri dari 13 perusahaan non-keuangan yang secara konsisten terdaftar di IDXESGL selama 2020–2023. Pendekatan hierarchical modeling digunakan melalui gabungan model baseline (regresi linier sederhana) dan Hayes PROCESS Model 4, 7, 14, dan 58. Hasil menunjukkan bahwa ESG tidak berpengaruh langsung terhadap nilai perusahaan, tetapi memiliki efek tidak langsung melalui efisiensi operasional, tergantung tingkat profitabilitas. Profitabilitas secara signifikan memperkuat hubungan efisiensi terhadap nilai perusahaan, namun tidak memoderasi hubungan ESG terhadap efisiensi. Model 58 sebagai model paling komprehensif menunjukkan bahwa hubungan ESG dan nilai tidak linier dan bersifat kontekstual. Hasil tetap konsisten pada uji ketahanan dan analisis tambahan. Penelitian ini mendukung teori Stakeholder dan RBV dengan menegaskan bahwa ESG memberikan nilai tambah hanya ketika dikombinasikan dengan efisiensi internal dan kemampuan perusahaan dalam menghasilkan laba. | |||||||||
| Uncontrolled Keywords: | Asset Efficiency, ESG Risk Rating, Firm Value, IDXESGL, Profitability Efisiensi Aset, ESG Risk Rating, IDXESGL, Nilai Perusahaan, Profitabilitas | |||||||||
| Subjects: | H Social Sciences > HG Finance | |||||||||
| Divisions: | 05-Fakultas Ekonomi dan Bisnis 08-Pascasarjana > 61101-Magister Manajemen |
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| Depositing User: | SP Tri Hijrah Saputro | |||||||||
| Date Deposited: | 23 Jun 2025 01:32 | |||||||||
| Last Modified: | 23 Jun 2025 01:32 | |||||||||
| URI: | http://eprints.untirta.ac.id/id/eprint/49795 |
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