PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN DENGAN EARNINGS MANAGEMENT SEBAGAI VARIABEL MODERASI: STUDI EMPIRIS PADA ESG QUALITY 45 IDX KEHATI DI BURSA EFEK INDONESIA (2019-2023)

HERNA, . (2026) PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN DENGAN EARNINGS MANAGEMENT SEBAGAI VARIABEL MODERASI: STUDI EMPIRIS PADA ESG QUALITY 45 IDX KEHATI DI BURSA EFEK INDONESIA (2019-2023). Magister thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh pengungkapan Environmental, Social, dan Governance (ESG), baik secara agregat maupun parsial, terhadap nilai perusahaan, serta menginvestigasi peran moderasi earnings management dalam memengaruhi hubungan tersebut. Penelitian ini dilandasi oleh Teori Legitimasi terkait kontrak sosial dan Teori Agensi yang menyoroti perilaku oportunistik manajerial. Desain penelitian menggunakan pendekatan kuantitatif kausal dengan metode analisis regresi data panel. Pemilihan sampel dilakukan melalui teknik purposive sampling pada entitas non-keuangan yang terdaftar secara konsisten di indeks ESG Quality 45 IDX KEHATI periode 2019–2023. Berdasarkan kriteria, diperoleh 18 perusahaan dengan total 90 observasi. Pengujian hipotesis diestimasi menggunakan Fixed Effect Model yang telah memenuhi syarat uji asumsi klasik. Hasil pengujian empiris membuktikan bahwa pengungkapan ESG secara agregat maupun pilar parsialnya berpengaruh positif dan signifikan dalam mendongkrak nilai perusahaan. Sebaliknya, praktik earnings management secara langsung berpengaruh negatif terhadap nilai perusahaan dan secara meyakinkan terbukti memperlemah pengaruh positif pengungkapan ESG terhadap nilai perusahaan. Kesimpulan penelitian ini mengonfirmasi keberadaan strategi pertahanan diri (entrenchment strategy), di mana tingginya komitmen pengungkapan keberlanjutan seringkali dimanfaatkan manajer untuk menutupi praktik manipulasi laba. Asimetri informasi ini memicu skeptisisme pasar yang menganggap klaim tersebut sebagai greenwashing, sehingga secara fatal menghancurkan kredibilitas informasi dan mengeliminasi premi valuasi. Implikasinya, perusahaan dan regulator wajib menyelaraskan transparansi keberlanjutan dengan integritas kualitas laba.*****This study aims to examine and analyze the effect of Environmental, Social, and Governance (ESG) disclosure, both in aggregate and partially, on firm value, and to investigate the moderating role of earnings management in affecting this relationship. This research is grounded in the Legitimacy Theory regarding social contracts and the Agency Theory, which highlights managerial opportunistic behavior. The research design employs a causal quantitative approach using panel data regression analysis. The sample was selected through a purposive sampling technique on non-financial entities consistently listed on the ESG Quality 45 IDX KEHATI index for the 2019–2023 period. Based on the criteria, 18 companies with a total of 90 observations were obtained. Hypothesis testing was estimated using the Fixed Effect Model, which had fulfilled the classical assumption test requirements. The empirical results prove that ESG disclosure in aggregate, as well as its partial pillars (environmental, social, and governance), has a positive and significant effect on enhancing firm value. Conversely, earnings management practices have a direct negative effect on firm value and are convincingly proven to weaken the positive effect of ESG disclosure on firm value. The conclusion of this study confirms the existence of an entrenchment strategy, in which a high commitment to sustainability disclosure is often utilized by managers to conceal earnings manipulation practices. This information asymmetry triggers market skepticism, leading the market to perceive these claims as greenwashing, which fatally destroys the credibility of the information and eliminates the valuation premium. Consequently, it is imperative for companies and regulators to align sustainability transparency with the integrity of earnings quality.

Item Type:	Thesis (Magister)
Additional Information:	1). Dr. Etty Gurendrawati, M.Si., Ak. ; 2). Prof. Agung Dharmawan Buchdadi, M.M., Ph.D
Subjects:	Ilmu Sosial > Perdagangan, e-commerce > Akuntansi
Divisions:	FE > S2 Akuntansi
Depositing User:	HERNA .
Date Deposited:	21 Aug 2026 03:35
Last Modified:	21 Aug 2026 03:35
URI:	http://repository.unj.ac.id/id/eprint/72593

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