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All Journal Jurnal Akuntansi dan Manajemen Jurnal Riset Akuntansi dan Keuangan
Bagas Samuel Christiananta Putra
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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PENGARUH NILAI PERUSAHAAN DAN KINERJA KEUANGAN TERHADAP ESG DENGAN RISIKO SISTEMIK SEBAGAI PEMODERASI Bagas Samuel Christiananta Putra; Vincentia Anindha Primacintya
Jurnal Riset Akuntansi dan Keuangan Vol. 20 No. 2 (2024): Jurnal Riset Akuntansi dan Keuangan
Publisher : Fakultas Bisnis Universitas Kristen Duta Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrak.v20i2.61

Abstract

ABSTRACT This study examines financial performance and firm value against ESG (Environment, Social and Governance) with systemic risk as a moderating variable. Using companies from 5 (five) ASEAN countries (Indonesia, Malaysia, Singapore, Thailand and the Philippines). Period 2015 to 2022. Based on the test results, this study provides results that financial performance (ROA) has no influence on ESG. Firm value has a negative effect on ESG. Systemic risk has a positive effect on ESG. Moderation results state that systemic risk is able to moderate the effect of financial performance (ROA) significantly on ESG. Systemic risk is not able to moderate the effect of company value on ESG. after the inclusion of systemic risk (Moderation), the influence of the independent variable on the dependent variable becomes stronger, which initially has an influence of 70.8945% (before there is a Moderation variable) to 71.4744% (after there is a moderation variable). Translated with DeepL.com (free version). Keywords: ESG; Financial Performance; Firm Value; Systemic Risk; Climate; Covid-19 ABSTRAK Penelitian ini menguji kinerja keuangan dan nilai perusahaan terhadap ESG (Environment, Social and Governance) dengan risiko sistemik sebagai variabel moderasi. Menggunakan perusahaan dari 5 (lima) negara ASEAN (Indonesia, Malaysia, Singapura, Thailand, dan Philipina). Periode 2015 sampai dengan 2022. Berdasarkan hasil pengujian, penelitian ini memberikan hasil bahwa kinerja keuangan (ROA) tidak memiliki pengaruh terhadap ESG. Nilai perusahaan berpengaruh negatif terhadap ESG. Risiko sistemik berpengaruh positif terhadap ESG. Hasil moderasi menyebutkan risiko sistemik mampu memoderasi pengaruh kinerja keuangan (ROA) secara signifikan terhadap ESG. Risiko sistemik tidak mampu memoderasi pengaruh nilai perusahaan terhadap ESG. setelah dimasukkan risiko sistemik (Moderasi), pengaruh variabel independen terhadap variabel dependen menjadi lebih kuat, yang awalnya memiliki pengaruh sebesar 70,8945% (sebelum ada variabel Moderasi) menjadi 71,4744% (setelah ada variabel moderasi). Kata kunci: ESG; Kinerja Keuangan; Nilai Perusahaan; Risiko Sistemik; Iklim; Covid-19
Firm value and stock price volatility: The moderating role of esg performance Primacintya, Vincentia Anindha; Novelia Emma Angelina; Syalom Tri Putra; Bagas Samuel Christiananta
Jurnal Akuntansi dan Manajemen Vol. 23 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36406/jam.v23i1.287

Abstract

This study aims to explore the impact of firm value on stock price volatility and the role of ESG performance in moderating this relationship. Using data from non-financial companies listed on the Indonesia Stock Exchange for the period 2014-2023, this study employs a quantitative research approach with Generalized Least Square (GLS) testing. The hypothesis testing method used is regression analysis using Stata17. The study revealed a negative and significant correlation between firm value and stock price volatility, indicating that higher firm value is associated with lower stock price volatility. Additionally, the findings suggested that ESG performance strengthens the relationship between firm value and stock price volatility. The study concludes that improving ESG performance leads to a better corporate reputation, which in turn leads to lower stock price volatility. This research contributes to the existing ESG literature and provides valuable insights for management, regulators, investors, and other stakeholders involved with companies.
Co-Authors Novelia Emma Angelina Primacintya, Vincentia Anindha Syalom Tri Putra Vincentia Anindha Primacintya