Dampak ESG Risk Rating terhadap Valuasi Pasar: Analisis pada Emiten Indeks IDX ESG Leaders di Bursa Efek Indonesia
DOI:
https://doi.org/10.31004/edp.v3i2.251Keywords:
ESG Disclosure, risk rating, Nilai Perusahaan, PBV, Market CapitalizationAbstract
Abstrak
Penelitian ini bertujuan menganalisis pengaruh ESG Risk Rating terhadap valuasi pasar pada emiten Indeks IDX ESG Leaders di Bursa Efek Indonesia periode 2019–2025. Latar belakang penelitian didasari meningkatnya perhatian investor terhadap praktik bisnis berkelanjutan, namun masih terdapat ketidakjelasan empiris mengenai sejauh mana skor ESG memengaruhi nilai perusahaan di pasar berkembang. Penelitian menggunakan pendekatan kuantitatif eksplanatori kausal dengan analisis regresi data panel terhadap 17 perusahaan dan 68 observasi. Variabel dependen adalah Price to Book Value (PBV) dan Market Capitalization (LnMC), sedangkan variabel independen adalah ESG Risk Rating dari Morningstar Sustainalytics. Hasil penelitian menunjukkan bahwa ESG Risk Rating tidak berpengaruh signifikan terhadap PBV maupun Market Capitalization. Secara simultan, variabel independen berpengaruh signifikan terhadap nilai perusahaan. Temuan ini mengindikasikan bahwa pasar modal Indonesia belum sepenuhnya menginternalisasi informasi ESG ke dalam mekanisme penilaian saham. Penelitian ini memberikan kontribusi teoretis bagi pengembangan Stakeholder Theory dan Legitimacy Theory di konteks pasar berkembang, serta implikasi praktis bagi manajemen, investor, dan regulator dalam merancang strategi ESG yang lebih substantif dan kredibel.
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