ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) RISK RATINGS AND FIRM MARKET VALUE
DOI:
https://doi.org/10.29303/akurasi.v8i1.881Kata Kunci:
ESG risk rating, kinerja pasar perusahaan, index ESG leadersAbstrak
Penelitian ini bertujuan untuk menganalisis dampak dari ESG risk rating terhadap metrik kinerja pasar, yang diproksikan dengan Earnings per Share (EPS) dan Tobin’s Q. Pengujian regresi linier berganda dilakukan pada observasi 85 perusahaan/tahun yang konsisten terindeks pada IDX ESG Leaders selama periode 2020-2024. Hasil penelitian menunjukkan bahwa perusahaan dengan risiko ESG yang lebih rendah dinilai lebih tinggi oleh pasar yang ditunjukkan oleh peningkatan EPS. Namun demikian, ESG risk rating, tidak signifikan dalam mempengaruhi nilai pasar perusahaan (Tobin’s Q), yang mengindikasikan bahwa valuasi saham investor masih lebih berfokus pada indikator keuangan bukan pengelolaan risiko ESG yang bersifat jangka panjang. Hasil penelitian ini mengimplikasikan bahwa pengelolaan risiko ESG harus sejalan dengan kebutuhan untuk mempertahankan keberhasilan indikator kinerja keuangan jangka pendek. Pencapaian kinerja keuangan yang baik memberikan kapasitas bagi perusahaan untuk mengelola risiko lingkungan, sosial, dan tata kelola secara lebih efektif.
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Hak Cipta (c) 2025 Lilik Handajani, Ayudia Sokarina, Lalu Hamdani Husnan
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