Pengaruh ESG Dan Dividend Policy Terhadap Firm Value Dengan Leverage Sebagai Variabel Moderasi Pada Perusahaan Consumer Non-Cyclicals Di BEI
DOI:
https://doi.org/10.37385/msej.v7i5.10973Keywords:
ESG, Nilai Perusahaan, Kebijakan Dividen, LeverageAbstract
Penelitian ini bertujuan untuk mengetahui pengaruh ESG dan kebijakan dividen terhadap nilai perusahaan, serta peran leverage sebagai variabel moderasi pada perusahaan sektor konsumen non cyclicals yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021-2024. Metodelogi yang diterapkan adalah pendekatan kuantitatif dengan data sekunder dari laporan tahunan dan laporan tahunan. Sampel dalam penelitian berjumlah 72 data observasi dari 18 perusahaan yang dipilih secara purposive sampling . ESG diukur menggunakan ESG score berdasarkan indikator standar GRI, kebijakan dividen diproksikan dengan Dividend Payout Ratio (DPR), nilai Perusahaan diproksikan dengan Tobin's Q, leverage diproksikan dengan Debt to Equity Ratio (DER). Analisis data dilakukan dengan regresi data panel dan Moderated Regression Analysis (MRA) menggunakan Eviews 12. Hasil penelitian menunjukkan bahwa ESG tidak berpengaruh signifikan terhadap Nilai Perusahaan, sebaliknya kebijakan dividen berpengaruh positif dan signifikan terhadap nilai perusahaan. Lebih lanjut, leverage terbukti memoderasi hubungan ESG terhadap nilai perusahaan dengan arah memperkuat. Selain itu, leverage juga memperkuat pengaruh kebijakan dividen terhadap nilai Perusahaan. Temuan ini mengindikasikan bahwa investor pada sektor konsumen non-siklikal cenderung lebih mempertimbangkan faktor keuangan dibandingkan aspek non-keuangan dalam menilai perusahaan.
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