Pengaruh Pengungkapan Environmental, Social, and Governance serta Kebijakan Utang terhadap Nilai Perusahaan dengan Kepemilikan Institusional sebagai Variabel Moderasi pada Perusahaan Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia

Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure and debt policy on firm value, with institutional ownership serving as a moderating variable. The research focuses on companies in the basic and chemical industry sectors listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. The study employs a quantitative approach using secondary data obtained from annual reports, sustainability reports, and financial statements. The sample was determined using a purposive sampling method, resulting in 30 companies with a total of 120 observations. Data analysis was conducted using panel data regression. The results indicate that ESG disclosure has a positive and significant effect on firm value, while debt policy has a negative and significant effect on firm value. However, institutional ownership does not strengthen the relationship between ESG disclosure and firm value. Conversely, institutional ownership weakens the effect of debt policy on firm value. This study contributes to company management, investors, and regulators by highlighting the importance of ESG disclosure as a strategy to enhance firm value and the need for careful consideration of capital structure in the context of institutional ownership.