Pengungkapan Lingkungan, Sosial, dan Pemerintahan (LSP), Masa Jabatan CEO, dan Nilai Perusahaan: Bukti Perusahaan-Perusahaan Real Estate ASEAN-6
ESG Disclosure, CEO Tenure, and Firm Value: Evidence from ASEAN-6 Real Estate Firms
Keywords:
Pengungkapan ESG, CEO Tenure, Nilai Perusahaan, ASEAN-6, Sektor Real EstateAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan Environmental, Social, and Governance (ESG) terhadap nilai perusahaan pada sektor real estat di kawasan ASEAN-6, dengan mempertimbangkan peran moderasi masa jabatan pimpinan (leadership tenure). Data penelitian mencakup 424 observasi firm-year dari tahun 2016 hingga 2023. Analisis dilakukan menggunakan Random Effect Model (REM) untuk menguji hubungan antara tingkat pengungkapan ESG, masa jabatan CEO, dan nilai perusahaan yang diproksikan dengan Tobin’s Q. Hasil penelitian menunjukkan bahwa pengungkapan ESG berpengaruh negatif dan signifikan terhadap nilai perusahaan. Hal ini menunjukkan bahwa biaya implementasi praktik keberlanjutan dapat menekan profitabilitas jangka pendek. Namun, masa jabatan pimpinan memiliki pengaruh moderasi positif, yang berarti semakin lama seorang CEO menjabat, semakin efektif ia dalam menyeimbangkan tujuan keberlanjutan dan penciptaan nilai bagi pemegang saham. Temuan ini menegaskan pentingnya stabilitas kepemimpinan dalam mengintegrasikan strategi keberlanjutan untuk meningkatkan nilai perusahaan jangka panjang.
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