ESG Risk Rating, Financial Flexibility, and Investment Efficiency as Determinants of Firm Value in an Emerging Market: Evidence from IDXESGL Listed Companies

La Ode Muhammad Saum Fasihu; Andi Muhammad Fuad  amadhan; Mutmainnah Mutmainnah; Muhammad  Zaikin; Anisah Nadya  Ananta

doi:10.58812/jakws.v5i01.3138

Penulis

La Ode Muhammad Saum Fasihu Halu Oleo University
Andi Muhammad Fuad amadhan Universitas Halu Oleo
Mutmainnah Mutmainnah Universitas Halu Oleo
Muhammad Zaikin Universitas Halu Oleo
Anisah Nadya Ananta Universitas Halu Oleo

DOI:

https://doi.org/10.58812/jakws.v5i01.3138

Kata Kunci:

ESG Risk Rating, Financial Flexibility, Investment Efficiency, , Firm Value

Abstrak

Penelitian ini bertujuan untuk menganalisis pengaruh ESG Risk Rating, financial flexibility, dan investment efficiency terhadap nilai perusahaan pada perusahaan yang tergabung dalam IDX ESG Leaders Index (IDXESGL) di Bursa Efek Indonesia. Penelitian menggunakan metode purposive sampling dengan kriteria tertentu sehingga diperoleh 30 perusahaan sebagai sampel penelitian selama periode 2021–2024, menghasilkan 120 observasi dengan data panel seimbang. Data diperoleh melalui studi dokumentasi yang bersumber dari laporan tahunan, laporan keberlanjutan, dan laporan keuangan perusahaan. Analisis data dilakukan menggunakan regresi data panel dengan bantuan perangkat lunak Stata. Pemilihan model terbaik dilakukan melalui uji Chow, uji Hausman, dan uji Lagrange Multiplier, yang menunjukkan bahwa model fixed effect merupakan model yang paling sesuai. Hasil penelitian menunjukkan bahwa ESG Risk Rating, financial flexibility, dan investment efficiency berpengaruh signifikan terhadap nilai perusahaan. Temuan ini mengindikasikan bahwa pengelolaan risiko ESG yang baik, fleksibilitas keuangan yang memadai, serta efisiensi keputusan investasi berperan penting dalam meningkatkan nilai perusahaan.

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