Pengaruh kinerja esg, profitabilitas, dan struktur modal terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi

Sudardja, Cheryl (2023) Pengaruh kinerja esg, profitabilitas, dan struktur modal terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini membahas mengenai aspek keuangan dan non-keuangan yang mempengaruhi Nilai Perusahaan. Profitabilitas, Struktur Modal, dan Kebijakan Dividen merupakan faktor yang dapat mempengaruhi nilai perusahaan. Namun, Kinerja Environment, Social, and Governance (ESG) juga menjadi salah satu aspek penting karena perusahaan perlu menerapkan konsep keberlanjutan sehingga dianggap sebagai salah satu faktor yang mempengaruhi Nilai Perusahaan. Penelitian ini juga ingin melihat peran Kebijakan Dividen terhadap hubungan Kinerja ESG, Profitabilitas, dan Struktur Modal dengan Nilai Perusahaan. Kinerja ESG diukur dengan melihat skor ESG yang terdaftar di S&P Global. Profitabilitas diukur dengan Return on Assets (ROA), Struktur Modal diukur dengan Debt to Equity (DER), dan Kebijakan Dividen diukur dengan Dividend Payout Ratio (DPR). Penelitian ini menggunakan sampel dari 103 perusahaan sektor non-keuangan yang telah terdaftar di Bursa Efek Indonesia, Singapore Exchange, Bursa Malaysia, dan Stock Exchange Thailand periode 2019-2022 dengan menggunakan metode analisis regresi linea berganda. Hasil penelitian yang diperoleh adalah Kinerja ESG berpengaruh negatif terhadap Nilai Perusahaan. Profitabilitas, Struktur Modal, dan Kebijakan Dividen berpengaruh positif terhadap Nilai Perusahaan. Kebijakan dividen memperkuat hubungan Profitabilitas dengan Nilai Perusahaan namun Kebijakan Dividen tidak dapat memoderasi hubungan Kinerja ESG dan Struktur Modal terhadap Nilai Perusahaan. / This study discusses the financial and non-financial factors that affect a Firm’s Value. Profitability, Capital Structure, and Dividend Policy are factors that can influence a Firm’s Value. However, Environmental, Social, and Governance (ESG) Performance is also a crucial aspect because companies need to implement sustainability concepts, and considered as one of the factors affecting a Firm’s Value. This research also aims to examine the role of Dividend Policy in the relationship between ESG Performance, Profitability, Capital Structure, and Firm Value. ESG Performance is measured by the ESG scores listed in S&P Global. Profitability is measured by Return on Assets (ROA), Capital Structure by Debt to Equity Ratio (DER), and Dividend Policy by Dividend Payout Ratio (DPR). The study uses a sample of 103 non-financial sector companies listed on the Indonesia Stock Exchange, Singapore Exchange, Malaysia Stock Exchange, and Stock Exchange Thailand from 2019-2022 using multiple linear regression analysis. The research results indicate that ESG Performance has a negative impact on Firm Value. Profitability, Capital Structure, and Dividend Policy have a positive impact on Firm Value. Dividend Policy strengthens the relationship between Profitability and Firm Value, but Dividend Policy cannot moderate the relationship between ESG Performance and Capital Structure on Firm Value.

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