ESG DISCLOSURE, PROFITABILITAS, DAN LEVERAGE PADA NILAI PERUSAHAAN SEKTOR CONSUMER NON-CYCLICALS - Siti Fatimah; Rr. Eko Giyartiningrum (Insan Doktor Ekonomi Indonesia (IDEI), 2026)
Ketidakkonsistenan bukti empiris mengenai faktor penentu nilai perusahaan mendorong pengujian ulang terhadap peran ESG disclosure, profitabilitas, dan leverage. Penelitian ini menggunakan data perusahaan sektor consumer non-cyclicals yang terdaftar di Bursa Efek Indonesia selama periode 2022–2024, dengan metode analisis regresi data panel berbasis Fixed Effect Model. Hasil penelitian menunjukkan bahwa ESG disclosure dan profitabilitas tidak berpengaruh signifikan pada nilai perusahaan, sedangkan leverage berpengaruh negatif dan signifikan. Selain itu, model penelitian memiliki kemampuan yang sangat baik dalam menjelaskan variasi nilai perusahaan, yang ditunjukkan oleh nilai Adjusted R² sebesar 0,973624. Temuan ini menunjukkan bahwa pertimbangan investor masih didominasi oleh aspek risiko keuangan, sehingga faktor non-keuangan seperti ESG disclosure belum menjadi determinan utama dalam pembentukan nilai perusahaan pada konteks yang diteliti. The inconsistency of empirical evidence regarding the determinants of firm value motivated this study to re-examine the roles of ESG disclosure, profitability, and leverage. This study aimed to analyze the effect of these variables on firm value. The data were obtained from consumer non-cyclicals companies listed on the Indonesia Stock Exchange during the 2022–2024 period and were analyzed using panel data regression with a Fixed Effect Model. The results showed that ESG disclosure and profitability did not have a significant effect on firm value, while leverage had a negative and significant effect. In addition, the model demonstrated a strong ability to explain variations in firm value, as indicated by an Adjusted R² of 0.973624. These findings indicated that investors’ decisions were still dominated by financial risk considerations, suggesting that non-financial factors such as ESG disclosure had not yet become the primary determinants of firm value in the observed context.