DOES ESG PERFORMANCE MATTER? CEO POWER AND FIRM VALUE IN ASEAN MARKET

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DOI:

https://doi.org/10.29303/akurasi.v8i2.786

Penulis

  • Noor Endah Cahyawati Universitas Islam Indonesia
  • Aditya Pandu Wicaksono Universitas Islam Indonesia

Kata Kunci:

Kinerja ESG, Kinerja Keuangan, Kekuasaan CEO, ASEAN, Tobin’s Q

Abstrak

Penelitian ini menguji pengaruh kinerja Environmental, Social, and Governance (ESG) terhadap nilai perusahaan dan peran moderasi kekuatan CEO dalam konteks pasar ASEAN. Berdasarkan teori legitimasi dan teori pemangku kepentingan, penelitian menggunakan pendekatan kuantitatif dengan data panel 133 perusahaan publik di Indonesia, Malaysia, Singapura, Thailand, dan Filipina periode 2015-2019. Data ESG diperoleh dari Refinitiv, sedangkan kekuatan CEO diproksikan melalui masa jabatan dari laporan tahunan. Analisis menggunakan regresi berganda dan Two-Stage Least Squares (2SLS) untuk mengatasi endogenitas. Hasil menunjukkan kinerja lingkungan dan sosial berpengaruh negatif signifikan terhadap nilai perusahaan (Tobin's Q), sementara kinerja tata kelola tidak signifikan. Kekuatan CEO memoderasi negatif hubungan kinerja lingkungan-nilai perusahaan, menunjukkan peran strategis kepemimpinan dalam kebijakan keberlanjutan. Temuan mengindikasikan inisiatif ESG belum sepenuhnya menciptakan nilai ekonomi positif di pasar ASEAN. Penelitian menegaskan pentingnya dukungan manajemen puncak dan kematangan respons pasar untuk mengintegrasikan ESG dalam strategi bisnis berkelanjutan.

Unduhan

Data unduhan belum tersedia.

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Unduhan

Diterbitkan

2025-12-23

Cara Mengutip

Cahyawati, N. E., & Pandu Wicaksono, A. (2025). DOES ESG PERFORMANCE MATTER? CEO POWER AND FIRM VALUE IN ASEAN MARKET: -. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 8(2), 501–524. https://doi.org/10.29303/akurasi.v8i2.786

Terbitan

Vol 8 No 2 (2025): Akurasi: Jurnal Studi Akuntansi dan Keuangan, Desember 2025

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Hak Cipta (c) 2025 Noor Endah Cahyawati, Aditya Pandu Wicaksono

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