Pengaruh ESG Score terhadap Kinerja Keuangan, Nilai Perusahaan, dan Stock Return pada Indeks IDX LQ45 Low Carbon Leaders

Abstract

Meningkatnya kesadaran terhadap isu keberlanjutan dan investasi berkelanjutan mendorong penerapan Environmental, Social, and Governance (ESG) di pasar modal Indonesia. Penelitian ini bertujuan menganalisis pengaruh ESG Score terhadap kinerja keuangan, nilai perusahaan, dan stock return pada perusahaan yang tergabung dalam indeks IDX LQ45 Low Carbon Leaders periode 2023-2025. Kinerja keuangan diukur menggunakan Return on Assets (ROA), nilai perusahaan diproksikan dengan Tobin’s Q, dan stock return diukur melalui capital gain. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan, laporan keberlanjutan, Katadata ESG Insight, dan Bursa Efek Indonesia. Sampel dipilih menggunakan metode purposive sampling dan dianalisis dengan regresi data panel. Hasil penelitian menunjukkan bahwa ESG Score tidak berpengaruh signifikan terhadap ROA, Tobin’s Q, maupun stock return. Temuan ini mengindikasikan bahwa praktik ESG belum sepenuhnya tercermin dalam kinerja perusahaan dan respons pasar. Meskipun demikian, implementasi ESG tetap penting sebagai strategi jangka panjang untuk mendukung keberlanjutan dan meningkatkan kepercayaan investor.

The increasing awareness of sustainability issues and sustainable investment has encouraged the adoption of Environmental, Social, and Governance (ESG) practices in the Indonesian capital market. This study aims to analyze the effect of ESG Score on financial performance, firm value, and stock return of companies included in the IDX LQ45 Low Carbon Leaders Index during the 2023-2025 period. Financial performance is measured using Return on Assets (ROA), firm value is proxied by Tobin’s Q, and stock return is measured through capital gain. This study employs a quantitative approach using secondary data obtained from annual reports, sustainability reports, Katadata ESG Insight, and the Indonesia Stock Exchange. The sample was selected using a purposive sampling method and analyzed using panel data regression. The results indicate that ESG Score has no significant effect on ROA, Tobin’s Q, or stock return. These findings suggest that ESG practices have not yet been fully reflected in corporate performance and market responses. Nevertheless, ESG implementation remains important as a long-term strategy to support sustainability and enhance investor confidence.