REAKSI PASAR MEMODERASI GROWTH OPTION DAN PUBLIC OWNERSHIP TERHADAP KINERJA KEBERLANJUTAN

Faza Wahyu Anggrainy, Iin Rosini, Nofryanti Nofryanti

Abstract


Kinerja keberlanjutan (sustainability performance) merupakan elemen strategis bagi perusahaan sektor energi mengingat tingginya kontribusi sektor ini terhadap emisi karbon nasional serta meningkatnya tuntutan investor dan regulator terkait penerapan prinsip Environmental, Social, and Governance (ESG). Penelitian ini bertujuan untuk menganalisis pengaruh growth option dan public ownership terhadap kinerja keberlanjutan dengan reaksi pasar sebagai variabel moderasi pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Penelitian ini menggunakan metode kuantitatif asosiatif dengan data sekunder yang diperoleh dari laporan keuangan dan laporan keberlanjutan perusahaan. Populasi penelitian mencakup seluruh perusahaan sektor energi, dengan teknik purposive sampling sehingga diperoleh 24 perusahaan sebagai sampel. Kinerja keberlanjutan diukur menggunakan rasio pengungkapan Global Reporting Initiative (GRI), growth option diukur dengan Price to Book Value (PBV), public ownership diukur dengan persentase kepemilikan saham publik, dan reaksi pasar diukur menggunakan Cumulative Abnormal Return (CAR). Ukuran perusahaan dan profitabilitas digunakan sebagai variabel kontrol. Analisis data dilakukan menggunakan regresi data panel dengan pendekatan Moderated Regression Analysis (MRA).

Keywords


Kinerja Keberlanjutan, Growth Option, Public Ownership, Reaksi Pasar

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DOI: https://doi.org/10.32509/jakpi.v5i2.6507

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