ESG & Nilai Perusahaan : Peran Moderasi Cash Holding di Perusahaan Non Keuangan yang Terdaftar di BEI
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Penelitian ini bertujuan untuk menganalisis pengaruh kinerja Environmental, Social, and Governance (ESG) terhadap nilai perusahaan serta menguji peran cash holdings sebagai variabel moderasi pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2016–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data panel yang terdiri dari 34 perusahaan dan 306 observasi. Data ESG diperoleh dari Refinitiv, sedangkan data keuangan diperoleh dari S&P Capital IQ dan laporan keuangan perusahaan. Metode analisis yang digunakan adalah regresi data panel dengan Fixed Effects Model dan robust clustered standard errors. Hasil penelitian menunjukkan bahwa kinerja ESG secara agregat tidak berpengaruh signifikan terhadap nilai perusahaan. Sebaliknya, cash holdings berpengaruh positif dan signifikan terhadap nilai perusahaan, yang menunjukkan bahwa likuiditas perusahaan menjadi faktor penting dalam meningkatkan persepsi pasar. Selain itu, interaksi antara ESG dan cash holdings berpengaruh negatif signifikan terhadap nilai perusahaan, sehingga cash holdings terbukti memoderasi hubungan antara ESG dan nilai perusahaan. Temuan ini mengindikasikan bahwa pada perusahaan dengan tingkat kas tinggi, aktivitas ESG dapat dipersepsikan sebagai penggunaan sumber daya yang belum memberikan manfaat ekonomi langsung dalam jangka pendek. Dengan demikian, hubungan ESG dan nilai perusahaan bersifat kondisional serta dipengaruhi oleh kemampuan perusahaan dalam mengelola sumber daya keuangannya.
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