Kristianto, Atri (2026) PENGARUH PENGUNGKAPAN ESG TERHADAP NILAI PERUSAHAAN: PENGUJIAN PERAN MODERASI KUALITAS AUDIT PADA EMITEN INDEKS ESGSKEHATI. Thesis thesis, Universitas BPD.
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Abstract
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with audit quality as a moderating variable, using firms listed in the IDX ESG Sector Leaders KEHATI (ESGSKEHATI) index during the 2022–2024 period. The study is motivated by the growing importance of sustainability reporting in emerging markets and the inconclusive empirical evidence regarding the value relevance of ESG disclosure, particularly when governance mechanisms are considered. Using a quantitative approach, this study applies panel data regression analysis. Model selection tests indicate that the Random Effects Model is the most appropriate specification. Firm value is proxied by Tobin’s Q, ESG disclosure is measured using an ESG index, and audit quality is proxied by auditor affiliation (Big Four versus non-Big Four). Generalized Least Squares estimation is employed to address potential econometric issues. The results show that ESG disclosure has a positive but statistically insignificant effect on firm value, suggesting that ESG disclosure has not yet been fully perceived by investors as an economic value driver in the Indonesian capital market. Furthermore, audit quality significantly moderates the ESG–firm value relationship with a negative direction, indicating that higher audit quality enhances disclosure credibility while reducing symbolic market responses. These findings partially support Stakeholder Theory and highlight the contextual role of audit quality in shaping the value relevance of ESG disclosure in emerging markets.
| Item Type: | Thesis (Thesis) |
|---|---|
| Additional Information: | Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan Environmental, Social, and Governance (ESG) terhadap nilai perusahaan dengan kualitas audit sebagai variabel moderasi pada perusahaan yang tergabung dalam indeks IDX ESG Sector Leaders KEHATI (ESGSKEHATI) periode 2022–2024. Penelitian ini dilatarbelakangi oleh meningkatnya perhatian terhadap praktik keberlanjutan di pasar modal Indonesia, namun masih terbatasnya bukti empiris mengenai relevansi nilai pengungkapan ESG, khususnya dalam konteks pasar berkembang dan peran mekanisme tata kelola. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi data panel. Hasil uji pemilihan model menunjukkan bahwa Random Effect Model merupakan model estimasi yang paling sesuai. Nilai perusahaan diproksikan dengan Tobin’s Q, pengungkapan ESG diukur menggunakan indeks ESG, dan kualitas audit diproksikan melalui afiliasi auditor Big Four dan non-Big Four. Estimasi dilakukan menggunakan pendekatan Generalized Least Squares untuk memastikan keandalan hasil. Hasil penelitian menunjukkan bahwa pengungkapan ESG berpengaruh positif namun tidak signifikan terhadap nilai perusahaan. Selain itu, kualitas audit terbukti memoderasi hubungan antara pengungkapan ESG dan nilai perusahaan secara signifikan dengan arah moderasi yang melemah. Temuan ini mengindikasikan bahwa kualitas audit meningkatkan kredibilitas pengungkapan ESG, namun sekaligus mengurangi respons pasar yang bersifat simbolik. Secara teoritis, hasil penelitian ini mendukung Stakeholder Theory secara parsial dan menegaskan bahwa relevansi nilai ESG bersifat kontekstual. |
| Uncontrolled Keywords: | ESG disclosure, firm value, audit quality, panel data regression, emerging markets |
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | Wisudawan S2 |
| Date Deposited: | 16 Mar 2026 03:34 |
| Last Modified: | 16 Mar 2026 03:34 |
| URI: | http://eprints.stiebankbpdjateng.ac.id/id/eprint/3079 |
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