Analisis Pengaruh Kinerja Keberlanjutan dan Kinerja Keuangan terhadap Nilai Perusahaan (Studi Empiris pada IDX ESG Leaders 2020-2024)

Abstract

This study examines the relationships between environmental, social, and governance (ESG) risk,
sustainability investment, profitability, leverage, and firm value among companies included in the IDX ESG
Leaders Index in Indonesia. The analysis employs panel data from 16 companies over the 2020–2024 period,
comprising 80 firm-year observations, using a fixed-effects regression model. Firm value is measured using
Tobin’s Q, while the explanatory variables include ESG risk scores, sustainability expenditure relative to
total assets, return on assets (ROA), and the debt-to-assets ratio (DAR). The results indicate that sustainability
investment (β = 4.0293; p < 0.001) and ROA (β = 7.3833; p = 0.0287) are positively and significantly
associated with firm value. In contrast, ESG risk scores (p = 0.7131) and DAR (p = 0.9547) exhibit no
statistically significant associations under the reported model specification. The fixed-effects model yields an
R² of 0.9243, although this value also captures unobserved heterogeneity across firms. Diagnostic tests reveal
non-normal residuals and potential heteroskedasticity, suggesting that the reported statistical significance
should be interpreted cautiously until more robust standard-error estimates are available. These findings
highlight the distinction between aggregate ESG risk assessments and observable corporate sustainability
expenditures, without establishing causal relationships. The study contributes to the literature by comparing
these two dimensions of sustainability performance alongside financial fundamentals within a sample of
ESG-screened publicly listed companies in an emerging capital market.