Pengaruh Environmental, Social, And Governance (ESG) dan Diferensiasi Strategi terhadap Nilai Perusahaan dengan Competitive Advantage sebagai Pemoderasi
DOI:
https://doi.org/10.32670/eqff1j35Keywords:
ESG, Strategi Diferensiasi, Nilai Perusahaan, Keunggulan Kompetitif, Signaling TheoryAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh Environmental, Social, and Governance (ESG) dan strategi diferensiasi terhadap nilai perusahaan, serta menguji peran competitive advantage sebagai variabel pemoderasi pada sektor perbankan Indonesia. Penelitian menggunakan pendekatan kuantitatif melalui regresi data panel dengan Random Effect Model (REM), menggunakan sampel 46 bank yang terdaftar di Bursa Efek Indonesia selama periode 2022–2024 dan menghasilkan 138 observasi perusahaan-tahun. Seluruh data dianalisis tanpa pembuangan data berbasis outlier, dan tidak terdapat observasi yang dihapus secara manual. Perbedaan jumlah observasi pada uji normalitas residual (N = 96) terjadi karena mekanisme listwise deletion otomatis oleh SPSS ketika membentuk variabel interaksi moderasi sehingga beberapa observasi tidak memenuhi kriteria kelengkapan data residual. Hasil analisis menunjukkan bahwa ESG berpengaruh positif dan signifikan terhadap nilai perusahaan, sejalan dengan Signaling Theory. Strategi diferensiasi juga berpengaruh positif dan signifikan terhadap nilai perusahaan. Namun, competitive advantage tidak memoderasi hubungan antara ESG dan nilai perusahaan, sedangkan moderasi signifikan terjadi pada hubungan strategi diferensiasi dan nilai perusahaan. Temuan ini menegaskan bahwa inovasi yang didukung oleh efisiensi kapital lebih efektif dalam meningkatkan nilai perusahaan dibandingkan penerapan ESG yang masih bersifat administratif. Penelitian ini memberikan implikasi strategis bagi manajemen perbankan dan regulator dalam merancang kebijakan keberlanjutan dan inovasi yang terintegrasi.
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