From Strategy and ESG to Shareholder Value: The Mediating Role of Sustainable Financial Performance and The Moderating Effect of Shariah Value Added in Indonesia
DOI:
https://doi.org/10.33603/jka.v9i2.11005Kata Kunci:
Kinerja ESG, Kinerja keuangan berkelanjutan, Nilai pemegang saham, Nilai tambah syariah, Strategi perusahaanAbstrak
Studi ini menganalisis pengaruh strategi perusahaan, kinerja ESG, efisiensi investasi, dan manajemen risiko terhadap nilai pemegang saham pada perusahaan Indonesia yang terdaftar di bursa. Penelitian ini juga menguji peran kinerja keuangan berkelanjutan sebagai variabel mediasi serta Shariah Value Added sebagai variabel moderasi. Dengan menggunakan regresi panel pada 72 perusahaan selama periode 2019–2022, hasilnya menunjukkan bahwa hanya strategi perusahaan yang berpengaruh signifikan dalam meningkatkan kinerja keuangan berkelanjutan. Kinerja ESG, efisiensi investasi, dan manajemen risiko tidak memberikan pengaruh berarti, yang mengindikasikan bahwa banyak perusahaan masih berfokus pada pemenuhan kepatuhan ESG secara administratif tanpa integrasi strategis. Kinerja keuangan berkelanjutan juga tidak secara langsung meningkatkan nilai pemegang saham. Namun, ketika dimoderasi oleh Shariah Value Added, pengaruhnya menjadi signifikan. Hal ini menunjukkan bahwa prinsip-prinsip etika Islam mampu meningkatkan legitimasi perusahaan, memperkuat kepercayaan investor, serta menghubungkan dimensi finansial dengan nilai-nilai etis. Temuan ini memperkaya teori legitimasi dengan memasukkan aspek budaya dan religius dalam studi keberlanjutan. Secara praktis, perusahaan perlu mengintegrasikan ESG secara lebih substantif, sementara regulator sebaiknya mempertimbangkan indikator syariah dalam kerangka keuangan berkelanjutan. Keterbatasan penelitian mencakup ukuran sampel dan periode waktu yang pendek; penelitian mendatang disarankan memperluas cakupan waktu dan variabel yang dianalisis.
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