Analysis of the Influence of Profitability, Leverage and ESG Disclosure on the Value of Sharia Stock Companies Registered on the ESGL Index
DOI:
https://doi.org/10.22441/indikator.v8i3.28122Keywords:
Value of Firms, Financial Ratio, Corporate Finance, Stock Market DataAbstract
This research aims to analyze the significance of the influence of profitability, leverage, and ESG Disclosure on company value. Return On Assets is an indicator of profitability, Debt to Equity Ratio is an indicator of leverage, ESG Score by Sustainilytics is an indicator of ESG Disclosure and Price to Book Value is an indicator of company value. The method used in the research is descriptive and quantitative. This research sample used a purposive sampling technique with 17 Sharia stock companies listed on the ESG index. The data analysis used in this research is panel data regression. The statistical test results show that profitability has a significant influence on company value. The leverage variable shows a significant effect on company value. Meanwhile, the ESG Disclosure variable has no influence on company value. This is related to company value. Companies listed on the ESGL index are expected to be consistent in improving their performance in order to increase profitability and leverage and remain consistent in implementing the concept of governance and social sustainability towards company value. The higher the profitability and leverage, the higher the company value. The higher the ESG score the company has, the better the company implements the concept of sustainability.References
Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052–5079.
Adhi, R. E., & Cahyonowati, N. (2023). PENGARUH ENVIRONMENTAL, SOCIAL, AND GOVERNANCEDISCLOSURE TERHADAP NILAI PERUSAHAAN DENGANUKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI(Studi Empiris Perusahaan Non-Keuangan di Bursa Efek IndonesiaTahun 2019-2021). Diponegoro Journal of Accounting, 12(3), 1–12.
Aminah, W., Wahyuni, D., & Radhiyya, Z. R. (2023). Analysis of Leverage, Liquidity, and ESG Disclosure on Financial Perfomance. Journal of Humanities and Social Studies, 8(1), 718–722.
Azma, Y., & Novi Mubyarto. (2022). Analysis of the Influence of Liquidity Level and Profitability on Stock Prices of Sharia Companies Listed in Jakarta Islamic Index (Jii) 2017-2019. Jurnal Ilmiah Manajemen, Ekonomi Dan Akuntansi, 2(2), 9–13. https://doi.org/10.55606/jurimea.v2i2.137
Buallay, A. M., & AlDhaen, E. S. (2018). The relationship between audit committee characteristics and the level of sustainability report disclosure. Challenges and Opportunities in the Digital Era: 17th IFIP WG 6.11 Conference on e-Business, e-Services, and e-Society, I3E 2018, Kuwait City, Kuwait, October 30–November 1, 2018, Proceedings 17, 492–503.
Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.
Fulton, M., Kahn, B., & Sharples, C. (2012). Sustainable investing: Establishing long-term value and performance. Available at SSRN 2222740.
Hendranastiti, N. D. (2022). Leverage Effect Between Islamic Stock and SRI Indices: Case of Indonesia. Ultima Management: Jurnal Ilmu Manajemen, 14(2), 298–307.
Henry Siswana, F., & Ratmono, D. (2024). Pengaruh Environmental, Social, and Governance Terhadap Volatilitas Harga Saham Dalam Periode Pandemi Covid-19 Dengan Effective Tax Rate Sebagai Variabel Moderasi. Diponegoro Journal of Accounting, 13(1), 1–15. http://ejournal-s1.undip.ac.id/index.php/accounting
Hidayat, A., & Nuhung, M. N. (2020). Likuiditas, Profitabilitas Dan Nilai Perusahaan. Jurnal Ilmu Ekonomi & Sosial, 11(2), 92–101.
Jeanice, J., & Kim, S. S. (2023). Pengaruh Penerapan ESG Terhadap Nilai Perusahaan di Indonesia. Owner, 7(2), 1646–1653. https://doi.org/10.33395/owner.v7i2.1338
Kartika, R., Jubaedah, S., & Astuti, A. D. (2020). The influence of financing to deposit ratio, return on assets and non performing finance on profit sharing finance of sharia banks in Indonesia. 1st International Conference on Accounting, Management and Entrepreneurship (ICAMER 2019), 136–140.
Klaudia, S., Parawiyati, P., & Harmono, H. (2022). Implementasi Good Corporate Governance Terhadap Nilai Perusahaan Melalui Pengungkapan Corporate Social Responsibility. JRAK: Jurnal Riset Akuntansi Dan Komputerisasi Akuntansi, 13(1), 14–26.
Littahayu, N. C., & Sulistiyoningsih. (2023). Pengaruh Environmental, Social, dan Governance (ESG) terhadap Kinerja Perusahaan di Indonesia. Prosiding ASIC 2022, 2(1), 35–43.
Nadhilah, F., Widjaja, H. S., & Kaban, R. F. (2022). Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan. Gorontalo Accounting Journal, 5(2), 174. https://doi.org/10.32662/gaj.v5i2.2165
Onasis, K., & Robin, R. (2016). Pengaruh tata kelola perusahaan terhadap nilai perusahaan pada perusahaan sektor keuangan yang terdaftar di BEI. Bina Ekonomi, 20(1), 1–22.
Pasaribu, U., Nuryartono, N., & Andati, T. (2019). Pengaruh faktor internal dan eksternal perusahaan terhadap nilai perusahaan. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 5(3), 441.
Priandhana, F. (2022). Pengaruh Risiko Environment Social and Governance Terhadap Kinerja Keuangan Perusahaan (Studi Pada Perusahaan Didalam Indeks IDXESGL). Business Economic, Communication, and Social Sciences (BECOSS) Journal, 4(1), 59–63. https://doi.org/10.21512/becossjournal.v4i1.7797
Purwitasari, D., Sumardi, & Larasati, M. (2023). Pengaruh Tingkat Risiko Environmental Social Governance (ESG) dan Leverage terhadap Kinerja Perusahaan Pada Indeks IDXESGL Tahun 2020-2022. Jurnal Informatika Ekonomi Bisnis, 5, 522–529. https://doi.org/10.37034/infeb.v5i2.255
Qodary, H. F., & Tambun, S. (2021). Pengaruh Environmental, Social, Governance (ESG) dan retention ratio terhadap return saham dengan nilai perusahaan sebagai variabel moderating. Juremi: Jurnal Riset Ekonomi, 1(2), 159–172.
Risman, A., Salim, U., Sumiati, S., & Indrawati, N. K. (2017). Commodity prices, exchange rates and investment on firm’s value mediated by business risk: A case from Indonesian stock exchange. European Research Studies Journal, 20(3), 511–524. https://doi.org/10.35808/ersj/725
Safriani, M. N., & Utomo, D. C. (2020). Pengaruh Environmental, Social, Governance (ESG) Disclosure Terhadap Kinerja Perusahaan. Diponegoro Journal of Accounting, 9(3).
Simanjuntak, W. A., Pasaribu, D., & Tobing, P. M. H. (2021). Pengaruh Kebijakan Hutang, Kebijakan Dividen, Dan Kebijakan Modal Terhadap Profitabilitas Pada Perusahaan Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. Methosika: Jurnal Akuntansi Dan Keuangan Methodist, 5(1), 71–86.
Sugiyono, S., & Lestari, P. (2021). Metode penelitian komunikasi (Kuantitatif, kualitatif, dan cara mudah menulis artikel pada jurnal internasional). Alvabeta Bandung, CV.
Sukma, J. S. W. (2020). PENGARUH LIKUIDITAS, LEVERAGE DAN PERTUMBUHAN PERUSAHAAN TERHADAP PROFITABILITAS (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE TAHUN 2018–2020). Prosiding Seminar STIAMI, 7(1), 74–78.
Sulfati, A., Kara, M., Kadir, A., Dwi, R., & Parmitasari, A. (2022). Islamic Corporate Social Responsibility, Corporate Governance in the Relationship between Profitability and Company Value the Creative Commons Attribution 4.0 International License. Site Using OJS 3 PKP Optimized. Atestasi: Jurnal Ilmiah Akuntansi, 5(2), 511–524. https://doi.org/10.33096/atestasi.v5i2.34
Syamsuddin, N. A. (2020). Analisis pengarus Current Rasio, Debt Ratio, Debt to Equity Ratio terhdap Return on Investment pada perusahaan pertambangan dibursa efek Indonesia. Jurnal Universitas Fajar Makassar.
Syamsudin, S., Setiadi, I., Santoso, D., & Setiany, E. (2021). Capitals structure and investment decisions on firm value with profifitability as a moderator. Riset Akuntansi Dan Keuangan Indonesia, 5(3), 287–295.
Tirta Wangi, G., & Aziz, A. (2024). Analisis Pengaruh ESG Disclosure, Likuiditas, Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Yang Terdaftar Di Indeks ESG Leaders. Ikraith-Ekonomika, 7(2), 221–230. https://doi.org/10.37817/ikraith-ekonomika.v7i2.3351
Wiyana Putri, A., Ahmad Rafikri, A., & Mutya Gading, M. (2023). Pengaruh Penerapan Esg Sebagai Indeks DalamKeputusan Berinvestasi Pada Gen Z. Prosiding Capital Market Competition, ISSN 2987-, 276–293.
Xaviera, A., & Rahman, A. (2023). Pengaruh Kinerja Esg Terhadap Nilai Perusahaan Dengan Siklus Hidup Perusahaan Sebagai Moderasi : Bukti Dari Indonesia. Jurnal Akuntansi Bisnis, 16(2), 226. https://doi.org/10.30813/jab.v16i2.4382
Downloads
Published
How to Cite
Issue
Section
License
The copyright to this article is transferred to Universitas Mercu Buana (UMB) if and when the article is accepted for publication. The undersigned hereby transfers any and all rights in and to the paper including without limitation all copyrights to UMB. The undersigned hereby represents and warrants that the paper is original and that he/she is the author of the paper, except for material that is clearly identified as to its original source, with permission notices from the copyright owners where required. The undersigned represents that he/she has the power and authority to make and execute this assignment.
We declare that:
1. This paper has not been published in the same form elsewhere.
2. It will not be submitted anywhere else for publication prior to acceptance/rejection by this Journal.
3. A copyright permission is obtained for materials published elsewhere and which require this permission for reproduction.
Furthermore, I/We hereby transfer the unlimited rights of publication of the above mentioned paper in whole to UMB. The copyright transfer covers the exclusive right to reproduce and distribute the article, including reprints, translations, photographic reproductions, microform, electronic form (offline, online) or any other reproductions of similar nature.
The corresponding author signs for and accepts responsibility for releasing this material on behalf of any and all co-authors. This agreement is to be signed by at least one of the authors who have obtained the assent of the co-author(s) where applicable. After submission of this agreement signed by the corresponding author, changes of authorship or in the order of the authors listed will not be accepted.
Retained Rights/Terms and Conditions
1. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in the Work.
2. Authors may reproduce or authorize others to reproduce the Work or derivative works for the authors personal use or for company use, provided that the source and the UMB copyright notice are indicated, the copies are not used in any way that implies UMB endorsement of a product or service of any employer, and the copies themselves are not offered for sale.
3. Although authors are permitted to re-use all or portions of the Work in other works, this does not include granting third-party requests for reprinting, republishing, or other types of re-use.
This work is also licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
