Analisis Pengaruh Good Corporate Governance dan Environmental, Social and Governance terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Moderasi (Studi pada Perusahaan Energi dan Pertambangan di BEI Periode 2022-2024)

Abstract

This study aims to analyze the effect of Good Corporate Governance (GCG) and Environmental, Social, and Governance (ESG) on firm value, with financial performance serving as a moderating variable, and to examine differences in firm value between the energy and mining sectors. The research was conducted on energy and mining companies listed on the Indonesia Stock Exchange during the 2022-2024 period. The sample was selected using a purposive sampling technique and resulted in 24 companies with a total of 72 observations. Secondary data were analyzed using multiple linear regression with a panel data approach and Moderated Regression Analysis (MRA), as well as an independent difference test to assess variations between sectors, aided by Eviews and SPSS software. The findings indicate that GCG has no significant effect on firm value, while ESG has a significant negative effect on firm value. In addition, financial performance is unable to moderate the relationship between GCG and firm value, nor can it moderate the relationship between ESG and firm value. The difference test further shows that there is no significant difference in firm value between the energy and mining sectors during the study period. These findings affirm that governance and sustainability practices have yet to become primary determinants in shaping firm value within these sectors.