ANALISIS MODERASI HAMBATAN KEUANGAN DAN KEPEMILIKAN INSTITUSIONAL DALAM PENGARUH ENVIRONMENTAL, SOCIAL, AND GOVERNANCE TERHADAP NILAI PERUSAHAAN

Abstract

The aim of this research is to analyze the moderating effects of financial constraints and institutional ownership of ESG disclosure on firm value. There’s a ESG disclosure as independent variable, financial constraints and institutional holdings as moderating variables, firm value as dependent variables, then ROA, size, and leverage as control variables.
This study comprises 44 non-financial companies listed on Indonesia Stock Exchange for the period 2019—2023. The sample consist of secondary data that collected using a non-statistical purposive sampling method. Data are analyzed by descriptive and inferential statistics to profile the sample and examining the hypotheses.
Based on the inferential statistics through multiple regression analysis, the result show that ESG disclosure is positively impact the firm’s value. Moreover, moderating variabel indicates that financial constraints negatively moderate the impact, while institutional ownership is not statistically significant in moderating the effect.