Studi Literatur: Analisis Dampak Environmental, Social, dan Governance (ESG) Score terhadap Return Saham dengan Nilai Perusahaan sebagai Variabel Moderasi pada IDX ESG Leaders periode tahun 2021-2025
Keywords:
ESG Score, Return Saham, Nilai Perusahaan, IDX ESG Leaders, ModerasiAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh Environmental, Social, and
Governance (ESG) Score terhadap return saham dengan nilai perusahaan sebagai variabel
moderasi pada perusahaan yang tergabung dalam IDX ESG Leaders periode 2021–2025.
Penelitian menggunakan metode systematic literature review dengan menganalisis 15
jurnal internasional yang relevan terkait ESG, return saham, dan nilai perusahaan. Hasil
penelitian menunjukkan bahwa ESG memiliki pengaruh terhadap return saham, namun
pengaruh tersebut tidak selalu linear dan berbeda pada setiap negara maupun sektor
industri. Beberapa penelitian menunjukkan pengaruh positif ESG terhadap nilai
perusahaan dan return saham, sedangkan penelitian lainnya menemukan pengaruh negatif
atau tidak signifikan. Nilai perusahaan terbukti mampu memoderasi hubungan ESG dan
return saham melalui fleksibilitas keuangan, kualitas tata kelola, dan sentimen investor.
Penelitian ini menyimpulkan bahwa implementasi ESG perlu disesuaikan dengan kondisi
perusahaan agar dapat memberikan manfaat optimal terhadap kinerja saham dan nilai
perusahaan. Penelitian ini diharapkan dapat menjadi referensi bagi investor, perusahaan,
dan peneliti selanjutnya dalam memahami hubungan ESG dan return saham di Indonesia.
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