PENGARUH MEKANISME GOOD CORPORATE GOVERNANCE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI MEDIATOR PADA PERUSAHAAN SEKTOR ENERGI DI INDONESIA

Amalia Firdauzi; Andi Wijayanto; Ngatno Ngatno

doi:10.35906/jep.v10i2.2246

PENGARUH MEKANISME GOOD CORPORATE GOVERNANCE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI MEDIATOR PADA PERUSAHAAN SEKTOR ENERGI DI INDONESIA

Amalia Firdauzi, Andi Wijayanto, Ngatno Ngatno

Abstract

ABSTRAK
Sektor energi memegang peranan penting dalam perekonomian Indonesia, berkontribusi terhadap pasokan energi untuk rumah tangga, transportasi, dan industri, sekaligus mendorong pertumbuhan dan pembangunan ekonomi. Meskipun penting, sektor ini menghadapi tantangan yang semakin besar, termasuk masalah lingkungan dan permintaan energi global yang berfluktuasi, yang telah memengaruhi valuasi perusahaan dan minat investor. Tujuan dari penelitian ini adalah untuk menguji pengaruh GCG dan CSR terhadap nilai perusahaan sektor energi di Indonesia, dan untuk menguji peran profitabilitas dalam memediasi hubungan tersebut. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder. Data yang diambil adalah laporan tahunan perusahaan di sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2020-2022. Metode penelitian ini adalah analisis regresi linear dan sobel test dengan menggunakan Statistical Package for Social Science (SPSS). Hasil penelitian yang didapatkan adalah mekanisme GCG kepemilikan manajerial berpengaruh signifikan terhadap nilai perusahaan, sedangkan CSR tidak berpengaruh langsung terhadap nilai perusahaan. CSR berpengaruh signifikan terhadap profitabilitas, dan profitabilitas berpengaruh positif terhadap nilai perusahaan. Hasil uji mediasi variabel profitabilitas dengan sobel test menunjukkan bahwa profitabilitas memediasi CSR dengan nilai perusahaan dan tidak memediasi GCG dengan nilai perusahaan. Penelitian ini memperkuat teori dengan menunjukkan bahwa praktik GCG dan CSR penting untuk meningkatkan nilai perusahaan.
Kata Kunci: Corporate Social Responsibility; Good Corporate Governance; nilai perusahaan; profitabilitas.

ABSTRACT
The energy sector plays a vital role in the Indonesian economy, contributing to the energy supply for households, transportation, and industry, while driving economic growth and development. Despite its importance, the sector faces increasing challenges, including environmental issues and fluctuating global energy demand, which have affected firm valuations and investor interest. The purpose of this study is to examine the effect of GCG and CSR on the value of energy sector firms in Indonesia, and to examine the role of profitability in mediating this relationship. This study uses a quantitative approach with secondary data. The data taken are the annual reports of companies in the energy sector listed on the Indonesia Stock Exchange (IDX) in 2020-2022. The research method is linear regression analysis and the Sobel test using the Statistical Package for Social Science (SPSS). The results of the study are that the managerial ownership GCG mechanism has a significant effect on firm value, while CSR does not have a direct effect on firm value. CSR has a significant effect on profitability, and profitability has a positive effect on firm value. The results of the profitability variable mediation test with the Sobel test show that profitability mediates CSR with firm value and does not mediate GCG with firm value. This study strengthens the theory by showing that GCG and CSR practices are important for increasing firm value.
Keywords: Corporate Social Responsibility; Good Corporate Governance; firm value; profitability.

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