Pengaruh Penerapan Carbon Accounting, Debt To Equity Ratio, dan Dividen Payout To Ratio terhadap Nilai Perusahaan Dengan Environmental, Social, and Governance Performance Sebagai Variabel Mediasi Pada Perusahaan Perkebunan Kelapa Sawit Di Bursa Efek Indonesia

Abstract

This study aims to analyze the effect of Carbon Accounting, Debt to Equity Ratio (DER), and Dividend Payout Ratio (DPR) on Firm Value with Environmental, Social, and Governance (ESG) performance as a mediating variable. The research focuses on palm oil plantation companies that meet the sustainability criteria defined by the OJK Green Taxonomy. These criteria include the continuous publication of sustainability reports from 2020 to 2024, implementation of carbon accounting, possession of ISPO and RSPO certifications, and ESG scores from global rating agencies such as Sustainalytics, SPOTT, or CSRHub. The sample consists of five major companies selected using purposive sampling based on the specified technical criteria. The analytical method employed in this study is panel data regression and path analysis to examine both direct and indirect relationships among the variables. The results show that Carbon Accounting has a positive and significant effect on firm value, indicating that companies that are more transparent in disclosing their emissions tend to be more highly valued by the market. DPR also has a positive and significant effect on firm value, whereas DER has a negative but statistically insignificant effect. In the mediation model, ESG significantly mediates the relationship between Carbon Accounting and firm value, but does not mediate the effects of DER and DPR. These findings highlight the importance of integrating sustainability aspects into corporate strategy, not only to comply with regulations but also to add financial value. ESG and carbon accounting are shown to function not only as compliance indicators but also as drivers of enhancedfirm value.