Tabir Profitabilitas: Sisi Lain Pengungkapan Emisi Karbon, Kinerja Lingkungan, dan Nilai Pasar Sektor Energi
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Abstract
Studi ini bertujuan untuk menginvestigasi peran pengungkapan emisi karbon dan kinerja lingkungan dalam memengaruhi nilai perusahaan. Mengambil sampel pada industri energi yang terdaftar di BEI, riset ini juga menguji kapasitas profitabilitas dalam memoderasi hubungan kausalitas antarvariabel tersebut. Merujuk pada kriteria sampel penelitian, 9 sampel perusahaan terpilih dengan periode 4 tahun (2021-2024) menghasilkan 36 sampel data. Penelitian ini menggunakan metode analisis regresi moderasi (MRA) yang diproses menggunakan aplikasi EViews 14. Sebelum analisis data, dilakukan uji pemilihan model dan model efek tetap dipilih sebagai yang paling sesuai. Uji kelayakan data dilakukan melalui uji asumsi klasik. Hasil penelitian menemukan adanya pengungkapan emisi karbon tidak memiliki pengaruh signifikan terhadap nilai perusahaan, kinerja lingkungan tidak memiliki pengaruh signifikan terhadap nilai perusahaan, profitabilitas memoderasi pengaruh pengungkapan emisi karbon terhadap nilai perusahaan dengan arah berlawanan, dan profitabilitas tidak dapat memoderasi pengaruh kinerja lingkungan terhadap nilai perusahaan. Temuan ini mengindikasikan bahwa investor belum mengintegrasikan isu-isu lingkungan ke dalam penilaian nilai perusahaan.
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