PENGARUH SUSTAINABLE BUSINESS DAN CORPORATE FINANCIAL PERFORMANCE TERHADAP NILAI PERUSAHAAN DALAM PERSPEKTIF MAQASHID SYARIAH (Studi Pada Perusahaan Yang Terdaftar Di Daftar Efek Syariah Periode 2020-2024)

ANDINI, PRATIWI (2026) PENGARUH SUSTAINABLE BUSINESS DAN CORPORATE FINANCIAL PERFORMANCE TERHADAP NILAI PERUSAHAAN DALAM PERSPEKTIF MAQASHID SYARIAH (Studi Pada Perusahaan Yang Terdaftar Di Daftar Efek Syariah Periode 2020-2024). Diploma thesis, UIN RADEN INTAN LAMPUNG.

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Abstract

ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh sustainable business dan corporate financial performance terhadap nilai perusahaan pada perusahaan yang terdaftar di Daftar Efek Syariah (DES) periode 2020 sampai 2024. Latar belakang penelitian ini didasarkan pada meningkatnya perhatian terhadap praktik sustainable business serta pentingnya corporate financial performance dalam meningkatkan nilai perusahaan, di tengah masih adanya ketidakkonsistenan hasil penelitian sebelumnya dan rendahnya implementasi prinsip keberlanjutan di Indonesia. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan dan laporan keberlanjutan perusahaan. Sampel ditentukan dengan teknik purposive sampling. Teknik analisis yang digunakan adalah regresi data panel, dengan uji chow, uji hausman, uji asumsi klasik, dan uji hipotesis, model regresi data panel yang digunakan yaitu Fixed Effect Model, pengolahan data menggunakan program E-Views 12. Hasil penelitian ini menunjukkan bahwa secara bersama-sama variabel sustainable business dan corporate financial performance berpengaruh signifikan terhadap nilai perusahaan. Secara parsial, sustainable business berpengaruh negatif dan signifikan terhadap nilai perusahaan, hal ini menunjukkan bahwa penerapan sustainable business belum menjadi pertimbangan utama investor sehingga peningkatannya justru direspon negatif terhadap nilai perusahaan. Sementara itu, corporate financial performance berpengaruh positif dan signifikan terhadap nilai perusahaan yang menunjukkan bahwa semakin tinggi kemampuan perusahaan dalam menghasilkan laba maka semakin tinggi pula nilai perusahaan di mata investor. Temuan ini juga relevan ditinjau dari perspektif maqashid syariah, di mana sustainable business mencerminkan dimensi hifz an-nafs, hifz an-nasl, serta hifz al-mal; corporate financial performance mencerminkan dimensi hifz al-aql dan hifz al-mal; sedangkan nilai perusahaan mencakup dimensi hifz ad-din, hifz al-nafs, dan hifz al-mal, sehingga ketiga variabel tersebut secara bersama-sama berkontribusi dalam mewujudkan tujuan syariah yang menyeluruh. Kata kunci: Sustainable Business, Corporate Financial Performance, Nilai Perusahaan, Daftar Efek Syariah, Maqashid syariah ABSTRACT This study aims to analyze the effect of sustainable business and corporate financial performance on firm value in companies listed on the Sharia Securities List (Daftar Efek Syariah/DES) for the period 2020 to 2024. The background of this study is based on the growing attention to sustainable business practices and the importance of corporate financial performance in enhancing firm value, amid the inconsistency of previous research findings and the low implementation of sustainability principles in Indonesia. This study employs a quantitative approach using secondary data obtained from companies' annual reports and sustainability reports. The sample was determined using purposive sampling technique. The analytical technique used is panel data regression, with the Chow test, Hausman test, classical assumption test, and hypothesis testing, while the panel data regression model applied is the Fixed Effect Model, with data processing conducted using the E-Views 12 program. The results of this study indicate that simultaneously, the variables of sustainable business and corporate financial performance have a significant effect on firm value. Partially, sustainable business has a negative and significant effect on firm value, indicating that the implementation of sustainable business has not yet become a primary consideration for investors, so that its improvement is actually responded to negatively in terms of firm value. Meanwhile, corporate financial performance has a positive and significant effect on firm value, suggesting that the higher a company's ability to generate profit, the higher its firm value in the eyes of investors. These findings are also relevant when viewed from the perspective of maqashid syariah, where sustainable business reflects the dimensions of hifz an nafs, hifz an-nasl, and hifz al-mal; corporate financial performance reflects the dimensions of hifz al-aql and hifz al-mal; while firm value encompasses the dimensions of hifz ad-din, hifz al-nafs, and hifz al mal, so that all three variables collectively contribute to the realization of comprehensive sharia objectives. Keyword: Sustainable Business, Corporate Financial Performance, Firm Value, Sharia Securities List, Maqashid syariah

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