Analisis Tata Kelola Perusahaan Pada Perusahaan Sustainable & Responsible Investment (SRI) Studi Empiris Perusahaan Besar di Indonesia

Authors

  • Eko Dwi Putra Andalas University
  • Fajri Adrianto

DOI:

https://doi.org/10.31685/kek.v4i1.481

Keywords:

ESG/SRI, effective governance, firm value (Tobin’s Q), ROE, leverage

Abstract

Abstract

In this paper we study the effect of a ESG/SRI label on profitability, corporate governance, and firm market value, evidence from Indonesia’s top listed firms. Recent evidence indicates that listed firms with ESG/SRI label has better RoE, value, governance, and capacity for growth. The samples used in this study are companies that are included in the SRI-KEHATI Index members and outside the SRI-KEHATI index, which amount to 38 companies in the 2014-2018 period, total observations of 190. Least Square Dummy Variable (LSDV) is used as an analytical method to determine the effect of all the variables involved. We find significant effect of ESG/SRI label from profitability, corporate governance, and firm value. We do find that SRI label adds about 8.9 percentage points of RoE, however NON-SRI label adds about 18,6 percentage  points of firm’s value and more effective 10.2 percentage point of governance quality.


Abstrak

Dalam penelitian ini kami mempelajari pengaruh perusahaan berlabel ESG/SRI pada profitabilitas, tata kelola perusahan, dan nilai perusahaan, pembuktian dari beberapa perusahaan besar yang terdaftar di dalam bursa Indonesia. Bukti terbaru menunjukkan bahwa perusahaan besar berlabel ESG/SRI mempunyai RoE, nilai, tata kelola, dan kapasitas untuk tumbuh lebih baik. Sampel yang digunakan dalam penelitian ini adalah Perusahaan yang masuk ke dalam anggota Indeks SRI-KEHATI dan di luar indeks SRI-KEHATI, yang berjumlah 38 perusahaan dalam periode 2014-2018, total observasi 190. Least Square Dummy Variable (LSDV) digunakan sebagai metode analisis untuk mengetahui perngaruh dari semua variabel-variabel yang digunakan. Hasil interpretasi menunjukkan bahwa ditemukan perbedaan signifikan dalam profitabilitas, tata kelola perusahaan, dan nilai perusahaan antara perusahaan SRI dan NON-SRI. Kami menemukan bahwa rasio ROE perusahaan berlabel SRI lebih tinggi sekitar 8.9%, sedangkan perusahaan NON-SRI untuk nilai perusahaan (Tobin’s Q) lebih tinggi 18.6% dan lebih efektif 10.2%  untuk kualitas tata kelola perusahaan.


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Published

2020-04-30

Issue

Vol. 4 No. 1 (2020)

Section

Articles

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