Electronic Theses and Dissertation

ABSTRAK
Penelitian ini bertujuan untuk menguji pengaruh ukuran perusahaan dan
Environmental Social Governance (ESG) terhadap nilai perusahaan, dengan
profitabilitas sebagai variabel moderasi, pada perusahaan sektor energi yang
terdaftar di Bursa Efek Indonesia (BEI) periode 2021–2024. Nilai perusahaan
diukur menggunakan Price to Earnings Ratio (PER), ukuran perusahaan diukur
dengan logaritma natural total aset, ESG diukur berdasarkan indeks pengungkapan
GRI Standards, dan profitabilitas diukur dengan Return on Asset (ROA). Populasi
penelitian berjumlah 91 perusahaan sektor energi, dengan 25 perusahaan terpilih
sebagai sampel melalui teknik purposive sampling, sehingga diperoleh 100 data
observasi selama empat tahun. Data dianalisis menggunakan regresi data panel dan
Moderated Regression Analysis (MRA) dengan bantuan EViews 13. Hasil
penelitian menunjukkan bahwa ukuran perusahaan dan ESG masing-masing
berpengaruh signifikan terhadap nilai perusahaan, baik secara parsial maupun
simultan, dengan kontribusi sebesar 69,8%. Profitabilitas terbukti memoderasi
(memperkuat) pengaruh ukuran perusahaan dan ESG terhadap nilai perusahaan
dengan jenis quasi moderation, dan kontribusi model meningkat menjadi 81,7%
setelah profitabilitas dimasukkan sebagai moderator. Temuan ini mengindikasikan
bahwa investor pada sektor energi tidak hanya mempertimbangkan skala aset
perusahaan, tetapi juga kualitas pengungkapan keberlanjutan dan kemampuan
perusahaan menghasilkan laba. Penelitian ini memberikan implikasi bagi
manajemen, investor, dan regulator dalam mendorong transparansi ESG serta
pengelolaan profitabilitas yang berkelanjutan pada sektor energi di Indonesia.

Kata Kunci: Ukuran Perusahaan, Environmental Social Governance,
Profitabilitas, Nilai Perusahaan, Sektor Energi.

ABSTRACT This study aims to examine the effect of firm size and Environmental, Social, and Governance (ESG) disclosure on firm value, with profitability as a moderating variable, in energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Firm value is measured using the Price to Earnings Ratio (PER), firm size is measured by the natural logarithm of total assets, ESG is measured using a GRI Standards disclosure index, and profitability is measured by Return on Assets (ROA). The population consists of 91 energy sector companies, of which 25 companies were selected as the sample through purposive sampling, yielding 100 firm-year observations over four years. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with the aid of EViews 13. The results show that firm size and ESG each have a significant partial and simultaneous effect on firm value, jointly explaining 69.8% of the variation. Profitability is shown to moderate through a quasi-moderation pattern the effect of both firm size and ESG on firm value, with the model's explanatory power increasing to 81.7% once profitability is included as a moderator. These findings indicate that investors in the energy sector weigh not only asset scale but also the quality of sustainability disclosure and the company's profit-generating capability. This study offers practical implications for management, investors, and regulators in encouraging greater ESG transparency and sustainable profitability management in Indonesia's energy sector. Keywords: Firm Size, Environmental Social Governance, Profitability, Firm Value, Energy Sector.