Pengaruh Environmental Social Governance dan Intellectual Capital Terhadap Nilai Perusahaan dengan Kepemilikan Institusional sebagai Moderasi: Studi pada Sektor Consumer Non-Cyclicals
DOI:
https://doi.org/10.35870/jemsi.v12i5.6983Keywords:
Environmental Social Governance, Intellectual Capital, Institutional Ownership, Consumer Non-CyclicalsAbstract
This study aims to examine the effect of Environmental, Social, Governance (ESG) and intellectual capital on firm value, with institutional ownership as a moderating variable in consumer non-cyclicals companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research is motivated by the increasing attention to sustainability practices and the importance of intangible assets in creating firm value, although previous studies have shown inconsistent results. This study uses a quantitative approach with a purposive sampling technique, resulting in 30 companies with a total of 120 observations. The data used are secondary data obtained from annual reports and sustainability reports, and are analyzed using panel data regression with the help of Eviews 12. The results show that environmental and social have a positive and significant effect on firm value, while governance and intellectual capital have a negative and significant effect. In addition, institutional ownership is proven to moderate the relationship between ESG and intellectual capital on firm value. This study concludes that ESG and intellectual capital are important factors that need to be considered in improving firm value in the market.
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