Pengaruh Islamic Social Reporting dan Kinerja Keuangan terhadap Nilai Perusahaan Bank Umum Syariah Tahun 2021–2025

Abstract

Fluktuasi nilai perusahaan Bank Umum Syariah (BUS) di tengah pertumbuhan industri perbankan syariah menjadi latar belakang dilakukannya penelitian ini. Tujuan penelitian ini adalah untuk menganalisis pengaruh Islamic Social Reporting (ISR), Return on Assets (ROA), Capital Adequacy Ratio (CAR), dan Biaya Operasional terhadap Pendapatan Operasional (BOPO) terhadap nilai perusahaan BUS di Indonesia periode 2021–2025. Penelitian menggunakan analisis regresi data panel dengan estimasi Robust Fixed Effect Model (FEM). Nilai perusahaan diproksikan menggunakan Tobin's Q, sedangkan variabel independen meliputi ISR, ROA, CAR, dan BOPO. Hasil analisis data menunjukkan bahwa secara simultan seluruh variabel independen berpengaruh signifikan terhadap nilai perusahaan. Secara parsial, hanya CAR yang berpengaruh positif dan signifikan, sedangkan ISR, ROA, dan BOPO tidak berpengaruh signifikan. Temuan ini menunjukkan bahwa kecukupan modal menjadi faktor utama yang memengaruhi nilai perusahaan Bank Umum Syariah.

Fluctuations in the market value of Sharia Commercial Banks amid the growth of the Islamic banking industry formed the background for this study. The objective of this study was to analyze the effects of Islamic Social Reporting (ISR), Return on Assets (ROA), Capital Adequacy Ratio (CAR), and Operating Expenses to Operating Income (BOPO) on the firm value of Sharia Commercial Banks in Indonesia for the period 2021–2025. The study employed panel data regression analysis using the Robust Fixed Effects Model (FEM). Firm value was proxied using Tobin’s Q, while the independent variables included ISR, ROA, CAR, and BOPO. The results of the data analysis indicated that, taken together, all independent variables had a significant effect on firm value. Partially, only CAR had a positive and significant effect, while ISR, ROA, and BOPO did not have a significant effect. These findings indicated that capital adequacy was the primary factor influencing the firm value of Sharia Commercial Banks.