Pengaruh Pengungkapan ESG, Kepemilikan Institusional, dan Karakteristik CEO terhadap Nilai Perusahaan: Bukti Empiris pada Delapan Bank di Indonesia
Keywords
Pengungkapan ESG Kepemilikan Institusional Karakteristik CEO Nilai Perusahaan PerbankanAbstract
Penelitian ini menganalisis pengaruh pengungkapan Environmental, Social, and Governance (ESG), kepemilikan institusional, dan karakteristik CEO terhadap nilai perusahaan pada delapan bank di Indonesia selama 2021–2025. Penelitian menggunakan pendekatan kuantitatif eksplanatori dengan data sekunder dan regresi data panel seimbang. Sampel terdiri atas Bank Central Asia, Bank Rakyat Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Danamon Indonesia, Bank CIMB Niaga, Bank OCBC Indonesia, dan Bank Syariah Indonesia, sehingga menghasilkan 40 observasi bank-tahun. Analisis dilakukan menggunakan EViews melalui estimasi Common Effect, Fixed Effect, dan Random Effect serta pengujian pemilihan model. Common Effect menunjukkan ESG Disclosure tidak signifikan, sedangkan Institutional Ownership dan CEO Characteristics positif dan signifikan. Pada Fixed Effect, ketiga variabel tidak signifikan. Pada estimasi Random Effect, ESG Disclosure memiliki koefisien 0,000231 dengan probabilitas 0,9417; Institutional Ownership memiliki koefisien 0,170468 dengan probabilitas 0,0062; dan CEO Characteristics memiliki koefisien 0,005070 dengan probabilitas 0,8505. Temuan menunjukkan bahwa kepemilikan institusional merupakan variabel dengan bukti statistik individual paling kuat pada spesifikasi Random Effect. Uji Hausman menghasilkan χ² = 6,606336 dengan df = 3 dan probabilitas 0,0856, sehingga Random Effect Model (REM) ditetapkan sebagai model final. Penelitian ini memberikan bukti empiris mengenai keterkaitan pengungkapan keberlanjutan, struktur kepemilikan, karakteristik eksekutif, dan nilai perusahaan pada industri perbankan Indonesia.
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