Pengaruh Kinerja Keuangan, Ukuran Perusahaan, Dan Leverage Terhadap Nilai Perusahaan Dengan Esg Disclosure Sebagai Variabel Moderasi Pada Perusahaan Yang Terdaftar Di Jii70 Periode 2020-2024

Hidayatullah, Arif (2026) Pengaruh Kinerja Keuangan, Ukuran Perusahaan, Dan Leverage Terhadap Nilai Perusahaan Dengan Esg Disclosure Sebagai Variabel Moderasi Pada Perusahaan Yang Terdaftar Di Jii70 Periode 2020-2024. Undergraduate Thesis thesis, UIN. K. H. Abdurrahman Wahid Pekalongan.

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Abstract

Pasar modal syariah Indonesia terus berkembang pesat, ditandai dengan meningkatnya kapitalisasi pasar saham syariah dan jumlah investor syariah dalam beberapa tahun terakhir. Namun nilai perusahaan yang tergabung dalam indeks JII70, yang diukur melalui rasio Price to Book Value (PBV), justru menunjukkan tren penurunan pada periode yang sama. Kondisi ini menunjukkan bahwa pertumbuhan pasar modal syariah belum cukup mendorong penilaian pasar yang lebih tinggi tanpa didukung faktor keuangan dan pengungkapan keberlanjutan yang memadai. Penelitian ini bertujuan menganalisis pengaruh kinerja keuangan, ukuran perusahaan, dan leverage terhadap nilai perusahaan, serta menguji peran ESG Disclosure sebagai variabel moderasi pada perusahaan yang terdaftar di JII70 periode 2020-2024. Penelitian ini menggunakan metode kuantitatif dengan pendekatan eksplanatori. Data dikumpulkan melalui teknik dokumentasi yang bersumber dari laporan tahunan dan laporan keberlanjutan perusahaan yang diperoleh dari situs resmi Bursa Efek Indonesia dan situs resmi masing masing perusahaan. Sampel dipilih dengan teknik purposive sampling sebanyak 18 perusahaan dengan total 90 observasi selama periode 2020 sampai dengan 2024. Nilai perusahaan diukur menggunakan PBV, kinerja keuangan diukur menggunakan ROE, ukuran perusahaan diukur menggunakan logaritma natural total aset, leverage diukur menggunakan DER, dan ESG Disclosure diukur berdasarkan proporsi indikator yang diungkapkan sesuai standar Global Reporting Initiative (GRI). Analisis data dilakukan menggunakan EViews 14 dengan metode regresi data panel dan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa kinerja keuangan berpengaruh positif dan signifikan terhadap nilai perusahaan, sedangkan ukuran perusahaan berpengaruh negatif dan signifikan terhadap nilai perusahaan. Leverage tidak berpengaruh signifikan terhadap nilai perusahaan. ESG Disclosure terbukti memoderasi hubungan kinerja keuangan dengan nilai perusahaan dengan arah memperlemah hubungan tersebut, sementara ESG Disclosure tidak terbukti memoderasi hubungan ukuran perusahaan maupun leverage terhadap nilai perusahaan. Indonesia's Islamic capital market continues to grow rapidly, marked by rising market capitalization of sharia stocks and a growing number of Islamic investors in recent years. However, the firm value of companies included in the JII70 index, measured through the Price to Book Value (PBV) ratio, has shown a declining trend over the same period. This indicates that the growth of the Islamic capital market alone is not sufficient to raise market valuation without adequate support from financial factors and sustainability disclosure practices. This study aims to analyze the effect of financial performance, firm size, and leverage on firm value, and to examine the role of ESG Disclosure as a moderating variable among companies listed on the JII70 index for the 2020 to 2024 period. This study uses a quantitative method with an explanatory approach. Data were collected through documentation techniques sourced from annual reports and sustainability reports obtained from the official website of the Indonesia Stock Exchange and each company's website. The sample was selected through purposive sampling, resulting in 18 companies with 90 observations over the 2020-2024 period. Firm value is measured using PBV, financial performance using ROE, firm size using the natural logarithm of total assets, leverage using DER, and ESG Disclosure using the proportion of disclosed indicators based on the GRI standard. Data analysis used EViews 14 through panel data regression and Moderated Regression Analysis (MRA). The findings show that financial performance has a positive and significant effect on firm value, while firm size has a negative and significant effect on firm value. Leverage has no significant effect on firm value. ESG Disclosure is proven to moderate the relationship between financial performance and firm value in a weakening direction, while it does not moderate the relationship between firm size or leverage and firm value. Indonesia's Islamic capital market continues to grow rapidly, marked by rising market capitalization of sharia stocks and a growing number of Islamic investors in recent years. However, the firm value of companies included in the JII70 index, measured through the Price to Book Value (PBV) ratio, has shown a declining trend over the same period. This indicates that the growth of the Islamic capital market alone is not sufficient to raise market valuation without adequate support from financial factors and sustainability disclosure practices. This study aims to analyze the effect of financial performance, firm size, and leverage on firm value, and to examine the role of ESG Disclosure as a moderating variable among companies listed on the JII70 index for the 2020 to 2024 period. This study uses a quantitative method with an explanatory approach. Data were collected through documentation techniques sourced from annual reports and sustainability reports obtained from the official website of the Indonesia Stock Exchange and each company's website. The sample was selected through purposive sampling, resulting in 18 companies with 90 observations over the 2020-2024 period. Firm value is measured using PBV, financial performance using ROE, firm size using the natural logarithm of total assets, leverage using DER, and ESG Disclosure using the proportion of disclosed indicators based on the GRI standard. Data analysis used EViews 14 through panel data regression and Moderated Regression Analysis (MRA). The findings show that financial performance has a positive and significant effect on firm value, while firm size has a negative and significant effect on firm value. Leverage has no significant effect on firm value. ESG Disclosure is proven to moderate the relationship between financial performance and firm value in a weakening direction, while it does not moderate the relationship between firm size or leverage and firm value.

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