JEJAK AUDIT DAN LABA DI ERA TRANSISI ENERGI: ANALISIS NILAI PERUSAHAAN BERBASIS ESG DISCLOSURE
Main Article Content
Abstract
Penelitian ini bertujuan untuk menguji pengaruh environmental, social, governance (ESG) disclosure, kualitas audit, dan profitabilitas terhadap nilai perusahaan pada sektor energi dan barang baku yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2020–2023. Metode penelitian menggunakan pendekatan kuantitatif dengan menggunakan data sekunder berupa annual report dari 112 sampel data perusahaan dengan teknik pengambilan sampel purpose sampling. Data dianalisis menggunakan software SPSS 25 dengan metode analisis yang digunakan pada penelitian ini yaitu uji statistic deskriptif, uji asumsi klasik (normalitas, multikoliearitas, heteroskedastisitas), analisis linear berganda, uji statistic (t), uji simultan (F), dan koefisien determinasi (R2). Hasil penelitian menunjukkan bahwa kualitas audit dan profitabilitas berpengaruh positif signifikan terhadap nilai perusahaan, sedangkan governance disclosure berpengaruh negatif signifikan. Sementara itu, environmental dan social disclosure tidak terbukti berpengaruh signifikan. Secara simultan variabel environmental, social, governance (ESG) disclosure, kualitas audit, dan profitabilitas terbukti terdapat pengaruh terhadap nilai perusahaan. Temuan ini menegaskan bahwa faktor keuangan internal dan kredibilitas audit lebih dipertimbangkan investor dibandingkan pengungkapan ESG di pasar modal Indonesia. Implikasi praktis dari penelitian ini adalah perusahaan perlu meningkatkan profitabilitas dan menjaga kualitas audit eksternal sebagai sinyal kredibilitas kepada investor, sekaligus melakukan pengungkapan ESG yang lebih substantif agar memiliki nilai tambah. Kebaharuan penelitian terletak pada kombinasi analisis ESG disclosure, kualitas audit, dan profitabilitas secara simultan pada sektor energi dan barang baku di tengah periode krisis dan transisi energi 2020–2023, serta pada temuan berbeda bahwa governance disclosure justru berdampak negatif terhadap nilai perusahaan.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
![<a rel="license" href="http://creativecommons.org/licenses/by/4.0/"><img alt="Creative Commons License" style="border-width:0" src="https://i.creativecommons.org/l/by/4.0/88x31.png" /></a><br />This work is licensed under a <a rel="license" href="http://creativecommons.org/licenses/by/4.0/">Creative Commons Attribution 4.0 International License</a>.](http://jurnal.unprimdn.ac.id/index.php/JAPRI/management/settings/<a rel="license" href="http:/creativecommons.org/licenses/by/4.0/"><img alt="Creative Commons License" style="border-width:0" src="https:/i.creativecommons.org/l/by/4.0/88x31.png" /></a><br />This work is licensed under a <a rel="license" href="http:/creativecommons.org/licenses/by/4.0/">Creative Commons Attribution 4.0 International License</a>.){kind=link}
References
Abdi, Y., Li, X., & Càmara-Turull, X. 2022. Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w
Alareeni, B. A., & Hamdan, A. 2020. ESG Impact on Performance of US S&P 500-Listed Firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409–1428. https://doi.org/10.1108/CG-06-2020-0258
Al-Issa, N., Khaki, A. R., Jreisat, A., Al-Mohamad, S., Fahl, D., & Limani, E. 2022. Impact of environmental, social, governance, and corporate social responsibility factors on firm’s marketing expenses and firm value: A panel study of US companies. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2135214
Aprillando, D., & Mujiyati, M. 2022. Pengaruh Tax Avoidance, Profitabilitas, Sales Growth, Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang Tergabung Dalam Indeks Lq45 Di Bei Periode 2018-2020). Accounting Global Journal, 6(1), 12–27. https://doi.org/10.24176/agj.v6i1.7464
Arofah, S. N., & Khomsiyah. 2023. Pengaruh Good Corporate Governance dan Environmental Social Governance terhadap Nilai Perusahaan dengan Kinerja Keuangan Sebagai Moderasi. Jurnal Informatika Ekonomi Bisnis, 5, 125–133.
https://doi.org/10.37034/infeb.v5i1.208
Astuti, I. N., Mediyanti, S., Eliana, E., & Ridha, A. 2023. Menuju Sustainability: Apakah Lingkungan, Sosial dan Tata Kelola berdampak pada Kinerja Keuangan? Jurnal Akademi Akuntansi, 5(4), 579–594. https://doi.org/10.22219/jaa.v5i4.23017
Aydoğmuş, M., Gülay, G., & Ergun, K. 2022. Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127.
https://doi.org/10.1016/j.bir.2022.11.006
Ayuningtias, M. P., Putri, M. C., Hadi, C. R., & Diniati, B. T. 2025. Pengaruh ROA, ROE, EPS, dan DER terhadap Nilai Perusahaan Sektor Perbankan pada Emiten LQ45 (2019-2024). INNOVATIVE: Journal Of Social Science Research, 5(3), 5472–5485. https://journal.budiluhur.ac.id/akeu/article/viewFile/396/336
Azahra, A., & Hasnawati. 2024. The Effect of ESG Disclosure, Audit Quality, Internal Audit, on Company Value. Jurnal Indonesia Sosial Sains, 5(2), 150–164.
Beloskar, V. D., & Rao, S. V. D. N. 2023. Did ESG Save the Day? Evidence From India During the COVID-19 Crisis. In Asia-Pacific Financial Markets (Vol. 30, Issue 1). Springer Japan. https://doi.org/10.1007/s10690-022-09369-5
Chang, Y. J., & Lee, B. H. 2022. The Impact of ESG Activities on Firm Value: Multi-Level Analysis of Industrial Characteristics. Sustainability (Switzerland), 14(21). https://doi.org/10.3390/su142114444
Christy, E., & Sofie. 2023. Pengaruh Pengungkapan Environmental, Social, Dan Governance Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3899–3908. https://doi.org/10.25105/jet.v3i2.18233
Difa, A. P. S., & Larasati, A. Y. 2024. Enhancing Value: The Impact of Environmental, Social, and Governance Disclosure on Indonesian Basic Materials Sector Companies. Jurnal Akuntansi, 16(1), 27–40. https://doi.org/10.28932/jam.v16i1.8140
Dincă, M. S., Vezeteu, C. D., & Dincă, D. 2022. The relationship between ESG and firm value. Case study of the automotive industry. Frontiers in Environmental Science, 10(December), 1–10. https://doi.org/10.3389/fenvs.2022.1059906
Firmansyah, A., Husna, M. C., & Putri, M. A. 2021. Corporate Social Responsibility Disclosure, Corporate Governance Disclosures, and Firm Value In Indonesia Chemical, Plastic, and Packaging Sub-Sector Companies. Accounting Analysis Journal, 10(1), 9–17.https://doi.org/10.15294/aaj.v10i1.42102
Gutierrez, L. G. 2023. The Value Relevance of Repetitive Information—Is the Expected Social and Environmental Disclosure Informational? Journal of Management and Sustainability, 13(1), 1. https://doi.org/10.5539/jms.v13n1p1
GRI. 2024. Global Reporting Initiative Standards. https://www.globalreporting.org/how-to use-the-gri-standards/gri-standards-bahasa-indonesia-translations/
Hidayat, I., & Herdiansyah, H. 2022. Pengaruh Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Industri Dasar dan Kimia Yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020). Bongaya Journal for Research in Accounting (BJRA), 5(1), 36–47.
https://doi.org/10.37888/bjra.v5i1.323
Holly, A., Jao, R., & Thody, N. 2023. Pengaruh Kualitas Audit Dan Manajemen Laba Terhadap Nilai Perusahaan. Journal of Financial and Tax, 3(2), 92–104.
https://doi.org/10.52421/fintax.v3i2.416
Jeanice, J., & Kim, S. S. 2023. Pengaruh Penerapan ESG Terhadap Nilai Perusahaan di Indonesia. Owner, 7(2), 1646–1653. https://doi.org/10.33395/owner.v7i2.1338
Kartikasary, M., Paramastri Hayuning Adi, M., Marojahan Sitinjak, M., Hardiyansyah, & Yolanda Sari, D. 2023. Environmental, Social and Governance (ESG) Report Quality and Firm Value in Southeast Asia. E3S Web of Conferences, 426. https://doi.org/10.1051/e3sconf/202342602087
KESDM. 2022. laporan Kementerian Energi dan Sumber Daya Mineral.
Luthfiyah, S. H., & Mardiana, M. 2024. Pengaruh Pertumbuhan Perusahaan, Profitabilitas, dan Kinerja Lingkungan terhadap Nilai Perusahaan pada Perusahaan Sektor Barang Baku. Ijacc, 5(1), 43–47. https://doi.org/10.33050/ijacc.v5i1.3105
Melinda, A., & Wardhani, R. 2020. The Effect of Environmental, Social, Governance, and Controversies on Firms’ Value: Evidence From Asia.104 International Symposia in Economic Theory and Econometrics, 27, 147–173. https://doi.org/10.1108/S1571-038620200000027011
Michelle, M., Yuniana, Y., Rajagukguk, R. H., & Siahaan, S. B. 2024. Pengaruh Ukuran Perusahaan, KAP, Kualitas Audit, dan Inflasi terhadap Nilai Perusahaan Sektor Transportasi dan Pergudangan di BEI. Journal of Education, Humaniora and Social Sciences (JEHSS), 7(2), 486–498. https://doi.org/10.34007/jehss.v7i2.2409
Nafiah, Z., & Sopi, S. 2020. Pengaruh Kepemilikan Internal, Kualitas Audit Dan Kebijakan Hutang Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Stie Semarang, 12(1), 69–78.
https://doi.org/10.33747/stiesmg.v12i1.397
Negara, N. G. P., Ishak, G., & Priambodo, R. E. A. 2024. Impact of ESG Disclosure Score on Firm Value: Empirical Evidence From ESG Listed Company in Indonesia Stock Exchange. European Journal of Business and Management Research, 9(2), 114–118. https://doi.org/10.24018/ejbmr.2024.9.2.2064
Paramitha, I. A. Y., & Sudana, I. P. 2021. Pengungkapan Corporate Social Responsibility, Kinerja Lingkungan dan Nilai Perusahaan. E-Jurnal Akuntansi, 31(3), 615–634.
Prabawati, P. I., & Rahmawati, I. P. 2022. The Effects of Environmental, Social,and Governance (ESG) Scores on Firm Values in ASEAN Member Countries. Jurnal Akuntansi Dan Auditing Indonesia, 26(2), 119–129.
https://doi.org/10.20885/jaai.vol26.i
Rahman, A., & Astuti, A. T. 2022. Apakah Profitabilitas Memoderasi Pengaruh Penghindaran Pajak Terhadap Nilai Perusahaan? Bukti Empiris dari Indonesia. E-Jurnal Akuntansi, 32(3), 606. https://doi.org/10.24843/eja.2022.v32.i03.p04
Rohmatulloh, A. 2023. Pengaruh likuiditas, leverage, ukuran perusahaan, dan profitabilitas melalui kebijakan dividen terhadap nilai perusahaan pada perusahaan sektor infrastruktur, utilitas, dan transportasi. Jurnal Ilmu Manajemen, 11(2017), 753–769.
https://doi.org/10.26740/jim.vn.p753-769
Safriani, D. C. U. 2024. Pengaruh Environmental, Social dan Governance (ESG) Disclosure terhadap Kinerja Perusahaan. Bandung Conference Series: Accountancy, 4(1), 300–306. https://doi.org/10.29313/bcsa.v4i1.11584
Samy El-Deeb, M., Ismail, T. H., & El Banna, A. A. 2023. Does audit quality moderate the impact of environmental, social and governance disclosure on firm value? Further evidence from Egypt. Journal of Humanities and Applied Social Sciences, 5(4), 293–322. https://doi.org/10.1108/jhass-11-2022-0155
Sari, K. W., & Sudarsi, S. 2024. Pengaruh Struktur Modal, Keputusan Investasi, dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2019-2022. J-MAS (Jurnal Manajemen Dan Sains), 9(1), 564.
https://doi.org/10.33087/jmas.v9i1.1707
Sihono, A. 2024. Does Dividend Policy, Audit Quality, Capital Structure and Profitability Affect Firm Value? Klabat Accounting Review, 5(1), 12.
https://doi.org/10.60090/kar.v5i1.1046.12-23
Suretno, F., Adrianto, F., & Alfarisi, M. F. 2022. Effect of Environment, Social and Governance Disclosure on Firm Value. JBTI : Jurnal Bisnis : Teori Dan Implementasi, 13(2), 121–128. https://doi.org/10.18196/jbti.v13i2.14458
Susesti, D. A., & Wahyuningtyas, E. T. 2022. Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Lq45 Pada Bursa Efek Indonesia Periode 2018-2020. Accounting and Management Journal, 6(1), 36–49. https://doi.org/https://doi.org/10.33086/amj.v6i1.2821
Widianto, R., & Astuti, C. D. 2024. Pengaruh Enterprise Risk Management, Kualitas Audit Eksternal, Dan ESG Disclosure Terhadap Nilai Perusahaan. Journal of Economic, Bussines and Accounting (COSTING), 7(3), 4307–4318.
https://doi.org/10.31539/costing.v7i3.9125
Xaviera, A., & Rahman, A. 2023. Pengaruh Kinerja Esg Terhadap Nilai Perusahaan Dengan Siklus Hidup Perusahaan Sebagai Moderasi : Bukti Dari Indonesia. Jurnal Akuntansi Bisnis, 16(2), 226. https://doi.org/10.30813/jab.v16i2.4382
Yu, X., & Xiao, K. 2022. Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability (Switzerland), 14(24), 1–40. https://doi.org/10.3390/su142416940
Zulfikar et al. 2020. Teori,Metode dan Praktik Penelitian Kualitatif. In Jurnal Ilmu Pendidikan (Vol. 7, Issue 2).