PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL MEDIASI

DONA, FHADYA LESTARI (2026) PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL MEDIASI. Diploma thesis, UIN RADEN INTAN LAMPUNG.

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Abstract

ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan Environmental, Social, and Governance (ESG) terhadap nilai perusahaan dengan struktur modal sebagai variabel mediasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2024. Penelitian menggunakan pendekatan kuantitatif dengan teknik purposive sampling sehingga diperoleh 60 data observasi. Data dianalisis menggunakan SPSS melalui analisis regresi dan uji mediasi. Variabel ESG diukur berdasarkan GRI Standards 2021, nilai perusahaan diproksikan dengan Price to Book Value (PBV), dan struktur modal diproksikan dengan Debt to Equity Ratio (DER). Hasil penelitian menunjukkan bahwa pengungkapan ESG berpengaruh signifikan negatif terhadap nilai perusahaan dan berpengaruh signifikan positif terhadap struktur modal. Sementara itu, struktur modal tidak berpengaruh signifikan terhadap nilai perusahaan serta tidak mampu memediasi hubungan antara pengungkapan ESG dan nilai perusahaan. Dengan demikian, pengaruh ESG terhadap nilai perusahaan bersifat langsung tanpa melalui struktur modal sebagai variabel mediasi. Kata kunci : ESG, Nilai Perusahaan, Struktur Modal, PBV, DER ABSTRACT This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on firm value with capital structure as a mediating variable in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. This research employed a quantitative approach using a purposive sampling technique, resulting in 60 observations. The data were analyzed using SPSS through regression analysis and mediation testing. ESG disclosure was measured based on the GRI Standards 2021, firm value was proxied by Price to Book Value (PBV), and capital structure was proxied by the Debt to Equity Ratio (DER). The results indicate that ESG disclosure has a significant negative effect on firm value and a significant positive effect on capital structure. Meanwhile, capital structure does not have a significant effect on firm value and is unable to mediate the relationship between ESG disclosure and firm value. Therefore, the effect of ESG disclosure on firm value is direct and does not occur through capital structure as a mediating variable. Keywords: ESG Disclosure, Firm Value, Capital Structure, PBV, DER.

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