Pengaruh Pengungkapan Environmental, Social, Governance (ESG) dan Struktur Modal terhadap Nilai Perusahaan  : Studi pada Perusahaan Sektor Energi yang Terdaftar di BEI Periode 2022–2024

Reni Ambar Eti Sobarna; Indah Ayu Nabilah; Larasati Nurliani

doi:10.61132/rimba.v4i1.2937

Authors

Reni Ambar Eti Sobarna Universitas Ekuitas Indonesia
Indah Ayu Nabilah Universitas Ekuitas Indonesia
Larasati Nurliani Universitas Ekuitas Indonesia

DOI:

https://doi.org/10.61132/rimba.v4i1.2937

Keywords:

Capital Structure, Environmental Disclosure, Firm Value, Governance Disclosure, Social Disclosure

Abstract

This study analyzes the effect of Environmental Disclosure, Social Disclosure, Governance Disclosure, and Capital Structure on Firm Value in energy sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. ESG disclosure was measured using the GRI Standards 2021 indicators for each dimension, capital structure was proxied by the Debt to Equity Ratio (DER), and firm value was measured using Price to Book Value (PBV), transformed into its natural logarithm (LnPBV) for regression analysis. Purposive sampling, resulting in 25 companies with 75 firm-year panel observations.Panel data regression was conducted using EViews 12. The Chow and Hausman tests consistently indicate that the Fixed Effect Model (FEM) is the most appropriate estimation model. The results show that Environmental Disclosure, Social Disclosure, and Governance Disclosure have no significant effect on firm value, while capital structure has a positive and significant effect on firm value. These findings indicate that, within the research model, capital structure has a stronger statistical relationship with firm value than the three ESG disclosure dimensions examined. This study implies that energy sector companies need to manage their capital structure optimally as a primary strategy for enhancing firm value, without disregarding the importance of ESG disclosure as a form of long-term sustainability commitment.

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