Pengaruh GCG, CSR, dan ROA terhadap Nilai Perusahaan Batu Bara
DOI:
https://doi.org/10.29313/bcsbm.v6i2.25559Keywords:
Good Corporate Governance, Corporate Social Responsibility, Nilai PerusahaanAbstract
Abstract. This study aims to analyze the effect of Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), and Return on Assets (ROA) on firm value in coal sector companies listed on the Indonesia Stock Exchange during 2020-2024. Firm value is proxied by Price to Book Value (PBV). This study uses a quantitative approach with a panel data regression method. The sample was determined using a purposive sampling technique, resulting in 6 coal companies (PT Adaro Energy Indonesia Tbk, PT Bukit Asam Tbk, PT Indo Tambangraya Megah Tbk, PT Bayan Resources Tbk, PT Harum Energy Tbk, and PT Bumi Resources Tbk), producing 30 units of observation. The Fixed Effect Model (FEM) was selected as the most appropriate model. The results show that GCG has no significant effect on firm value, while CSR and ROA each have a positive and significant effect. Simultaneously, GCG, CSR, and ROA significantly affect firm value, explaining 74.24% of its variation. These findings indicate that profitability and CSR disclosure are considered more by investors than corporate governance when valuing coal sector companies.
Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), dan Return on Assets (ROA) terhadap nilai perusahaan pada perusahaan sektor batu bara yang terdaftar di Bursa Efek Indonesia periode 2020-2024. Nilai perusahaan diproksikan menggunakan Price to Book Value (PBV). Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi data panel. Sampel ditentukan menggunakan teknik purposive sampling sehingga diperoleh 6 perusahaan sektor batu bara dengan 30 unit observasi selama 2020-2024. Hasil pemilihan model menunjukkan bahwa Fixed Effect Model (FEM) merupakan model paling tepat digunakan. Hasil penelitian menunjukkan bahwa GCG tidak berpengaruh signifikan terhadap nilai perusahaan, sedangkan CSR dan ROA masing-masing berpengaruh positif dan signifikan. Secara simultan, GCG, CSR, dan ROA berpengaruh signifikan terhadap nilai perusahaan dengan kemampuan menjelaskan variasi sebesar 74,24%. Hasil ini mengindikasikan bahwa profitabilitas dan pengungkapan tanggung jawab sosial perusahaan lebih dipertimbangkan investor dibandingkan tata kelola perusahaan dalam menilai perusahaan sektor batu bara.
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