Analisis Pengaruh Environmental, Social, and Governance (ESG) Performance, Carbon Performance, Earnings Quality, dan Institutional Ownership terhadap Nilai Perusahaan pada Sektor Energi yang Terdaftar di Bursa Efek Indonesia Tahun 2021–2024

Abstract

This study aims to analyze the effect of each pillar of Environmental, Social, and Governance (ESG), Carbon Performance, Earnings Quality, and Institutional Ownership on firm value in the energy sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The sample consists of 27 companies selected using purposive sampling, resulting in a total of 108 observations. Data were processed using EViews 12 software and analyzed through panel data regression with the Fixed Effect Model. The results show that Governance Performance and Carbon Performance have a positive and significant effect on firm value. In contrast, Environmental Performance and Earnings Quality exhibit a negative and significant effect. Meanwhile, Social Performance and Institutional Ownership do not have a significant impact on firm value. These findings indicate that investors in Indonesia's energy sector respond selectively to sustainability and governance indicators but remain skeptical toward environmental cost burdens and conservative earnings reporting. This study contributes to a deeper understanding of corporate valuation dynamics within the energy sector in the context of emerging markets and reinforces the relevance of Agency Theory and Stakeholder Theory in explaining market perceptions.