Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 10 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

PERAN RISIKO KREDIT DALAM MEMODERASI PENGARUH ESG TERHADAP NILAI PERUSAHAAN PERBANKAN

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  • Carrisa Gavrila Zega,
  • Roekhudin
Carrisa Gavrila Zega
Departemen Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Brawijaya
Roekhudin
Departemen Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Brawijaya

Published 2026-09-16

Keywords

  • ESG,
  • nilai perusahaan,
  • Tobin's Q,
  • risiko kredit,
  • NPL,
  • perbankan
    • ...More
    Less

How to Cite

PERAN RISIKO KREDIT DALAM MEMODERASI PENGARUH ESG TERHADAP NILAI PERUSAHAAN PERBANKAN. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(10). https://journal.cib.institute/index.php/musytari/article/view/4217

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Environmental, Social, and Governance (ESG) terhadap nilai perusahaan perbankan, serta menguji peran risiko kredit sebagai variabel moderasi. Nilai perusahaan diukur menggunakan Tobin's Q, ESG diukur dengan Refinitiv ESG score, dan risiko kredit diproksikan oleh Non-Performing Loan (NPL). Populasi dalam penelitian ini adalah seluruh perusahaan sektor perbankan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2020-2024. Pemilihan sampel dilakukan dengan metode purposive sampling, menghasilkan 16 bank konvensional dengan total 80 observasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari LSEG Data & Analytics, laporan tahunan, dan laporan keuangan perusahaan. Analisis data dilakukan dengan regresi data panel dan Moderated Regression Analysis (MRA) menggunakan pendekatan Common Effect Model (CEM) melalui software EViews 13. Hasil penelitian menunjukkan bahwa ESG tidak memiliki pengaruh yang signifikan terhadap nilai perusahaan, mengindikasikan bahwa implementasi ESG dalam jangka pendek belum tercermin pada peningkatan nilai pasar secara signifikan. Namun demikian, risiko kredit ditemukan dapat memperkuat hubungan antara ESG dan nilai perusahaan perbankan, di mana pada bank dengan tingkat NPL yang lebih tinggi, komitmen ESG diinterpretasikan pasar sebagai sinyal ketahanan institusional yang bernilai positif.
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