Pengaruh Environmental, Social, dan Governance Score terhadap Kinerja dan Nilai Perusahaan Sektor Energi di Indonesia

Abstract

Environmental, Social, dan Governance (ESG) Score semakin penting bagi perusahaan energi seiring meningkatnya tuntutan keberlanjutan. Namun, bukti empiris mengenai pengaruh dimensi ESG terhadap kinerja dan nilai perusahaan di sektor energi Indonesia masih terbatas. Penelitian ini bertujuan menganalisis pengaruh skor ESG terhadap kinerja dan nilai perusahaan pada perusahaan energi yang terdaftar di Bursa Efek Indonesia periode 2015–2024 menggunakan data Refinitiv Eikon. Analisis regresi data panel dengan Random Effects Model diterapkan pada 70 observasi yang berasal dari tujuh perusahaan selama periode penelitian. Kinerja perusahaan diukur menggunakan Return on Assets (ROA) dan Return on Equity (ROE), sedangkan nilai perusahaan diukur menggunakan Tobin’s Q. Hasil penelitian menunjukkan bahwa skor lingkungan berpengaruh positif dan signifikan terhadap ROA, ROE, dan Tobin’s Q, sedangkan skor sosial dan tata kelola tidak berpengaruh signifikan. Temuan ini menegaskan bahwa dimensi lingkungan menjadi faktor utama dalam meningkatkan kinerja dan nilai perusahaan.

Environmental, Social, and Governance (ESG) performance has become increasingly important for energy companies due to growing sustainability demands and the sector’s substantial environmental impact. However, evidence on the effects of ESG dimensions on corporate performance and firm value in Indonesia’s energy sector remained limited. This study examined the effects of ESG scores on corporate performance and firm value among energy companies listed on the Indonesia Stock Exchange during 2015–2024 using ESG data from Refinitiv Eikon. Panel data regression with the Random Effects Model was applied to 70 observations from seven companies during the study period, selected through purposive sampling. Corporate performance was measured by Return on Assets (ROA) and Return on Equity (ROE), while firm value was measured by Tobin’s Q. The results indicated that environmental scores positively and significantly affected ROA, ROE, and Tobin’s Q, whereas social and governance scores had no significant effects. These findings highlighted the environmental dimension as the primary driver of corporate performance and firm value, emphasizing the need to prioritize environmental initiatives in corporate sustainability strategies.