PERAN STRUKTUR KEPEMILIKAN DALAM MEMODERASI KINERJA KEBERLANJUTAN TERHADAP NILAI PERUSAHAAN: STUDI PADA PERUSAHAAN YANG TERDAFTAR DI INDEKS SAHAM SYARIAH INDONESIA

Fitri Anisa Nusa Putri, NIM.: 22208011033 (2024) PERAN STRUKTUR KEPEMILIKAN DALAM MEMODERASI KINERJA KEBERLANJUTAN TERHADAP NILAI PERUSAHAAN: STUDI PADA PERUSAHAAN YANG TERDAFTAR DI INDEKS SAHAM SYARIAH INDONESIA. Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

A company's nonfinancial performance is determined by the Environmental, Social, and Governance (ESG) elements. Some researches state that ESG Perfomance could improve value and performance of firms by lowering costs and reduces systematic risks, some observe it as an inefficiency waste of resources. Using the moderating regression analysis technique based on 20 listed firms from 2016 to 2022, this study aims to analyze the role of ownership structure on Environmental, Social and Governance (ESG) factors and firm value in Indonesian Sharia Stock Exchange. The findings suggest that overall ESG Perfomance (combined score) doesn’t have significant effect with firm value. Concerning the ESG components, environmental performance has a negative relationship to Tobin’s q, social performance has significantly positive related to Tobin’s Q while governance doesn’t show any significant effect on Tobin’s Q. Consistent with the role of ownership structure, institutional ownership can strengthen the relationship between ESG performance, environmental performance and governance performance on Tobin’s Q. Meanwhile the moderation effect is found insignificant impact between social performance and Tobin’s Q. Besides, the findings offer helpful implications for companies to maintin their good financial performance and ensure to use any resources to improve ESG performance can be allocated efficiently to maximize shareholder’s wealth.

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