Pengaruh Kontingen Tata Kelola Korporasi, Ukuran Perusahaan, Struktur Kepemilikan, dan Risiko Keuangan terhadap Nilai Perusahaan: Peran Mediasi Pengungkapan CSR dan Pengaruh Moderasi Keuangan Hijau pada Perusahaan Kesehatan yang Terdaftar di Bursa Efek Indonesia
DOI:
https://doi.org/10.65310/y2rmry75Kata Kunci:
Tata Kelola Korporasi, Ukuran Perusahaan, Struktur Kepemilikan, Risiko Keuangan, Pengungkapan CSR, Keuangan Hijau, Sektor KesehatanAbstrak
Penelitian ini mengkaji faktor-faktor penentu nilai perusahaan di sektor kesehatan Indonesia, dengan fokus pada tata kelola korporasi, ukuran perusahaan, struktur kepemilikan, dan risiko keuangan sebagai faktor pendahulu utama. Penelitian ini juga menganalisis peran mediasi pengungkapan tanggung jawab sosial perusahaan (CSR) dan efek moderasi keuangan hijau. Pendekatan kuantitatif eksplanatori digunakan dengan Model Persamaan Struktural berbasis Partial Least Squares (SEM-PLS). Populasi penelitian terdiri dari 38 perusahaan kesehatan yang terdaftar di Bursa Efek Indonesia (IDX) dari tahun 2020 hingga 2024. Sampling purposif menghasilkan sampel efektif sebanyak 18 perusahaan, menghasilkan 90 observasi perusahaan-tahun. Data sekunder dikumpulkan dari laporan keuangan dan keberlanjutan yang diaudit. Temuan menunjukkan bahwa semua variabel independen memiliki pengaruh langsung yang signifikan secara statistik terhadap nilai perusahaan. Secara menonjol, ukuran perusahaan secara signifikan meningkatkan pengungkapan CSR, yang sebagian memediasi dampaknya terhadap nilai perusahaan. Namun, pengungkapan CSR tidak memediasi dampak tata kelola, kepemilikan, atau risiko keuangan, dan keuangan hijau tidak memoderasi hubungan CSR–nilai perusahaan, mencerminkan perkembangan awalnya di industri ini. Hasil ini berkontribusi pada teori manajemen keuangan korporat dengan menjelaskan jalur-jalur unik melalui mana mekanisme keuangan dan tata kelola internal mempengaruhi penilaian pasar. Studi ini menyoroti pentingnya transparansi CSR bagi perusahaan besar dan menyoroti implikasi kebijakan.
Unduhan
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