Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 8 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

PENGARUH LEVERAGE, PROFITABILITAS, DAN ENVIRONMENTAL SOCIAL AND GOVERNANCE TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN ENERGI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021-2024

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  • Annisa Puspadewi,
  • Muhammad Edo Suryawan Siregar,
  • Destria Kurnianti
Annisa Puspadewi
Universitas Negeri Jakarta
Muhammad Edo Suryawan Siregar
Universitas Negeri Jakarta
Destria Kurnianti
Universitas Negeri Jakarta
DOI: https://doi.org/10.5281/zenodo.21272802

Published 2026-07-09

Keywords

  • Leverage,
  • Profitabilitas,
  • ESG Disclosure,
  • Nilai Perusahaan,
  • Tobin's Q,
  • Sektor Energi
    • ...More
    Less

How to Cite

PENGARUH LEVERAGE, PROFITABILITAS, DAN ENVIRONMENTAL SOCIAL AND GOVERNANCE TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN ENERGI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021-2024 . (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(8). https://doi.org/10.5281/zenodo.21272802

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Leverage (Debt to Equity Ratio/DER), Profitabilitas (Return on Assets/ROA), dan ESG Disclosure terhadap nilai perusahaan (Tobin's Q) pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan perusahaan dan ESGI Dataset. Teknik pengambilan sampel menggunakan purposive sampling sehingga diperoleh 43 perusahaan dengan total 172 observasi. Analisis data dilakukan menggunakan regresi data panel dengan pendekatan Random Effects Model (REM) dan Cluster Robust Standard Errors (CRSE), serta Price to Book Value (PBV) sebagai uji ketahanan (robustness check). Hasil penelitian menunjukkan bahwa Leverage (DER) tidak berpengaruh signifikan terhadap nilai perusahaan. Profitabilitas (ROA) berpengaruh positif dan signifikan terhadap nilai perusahaan pada tingkat signifikansi 10%. Sementara itu, ESG Disclosure berpengaruh signifikan namun negatif terhadap nilai perusahaan, berlawanan dengan arah hipotesis yang diajukan. Temuan ini mengindikasikan bahwa investor di sektor energi Indonesia masih memprioritaskan kinerja keuangan fundamental dibandingkan aspek keberlanjutan dalam menilai nilai perusahaan.
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