Dampak Implementasi ESG Reporting Terhadap Biaya Modal dan Nilai Perusahaan (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2019-2023)

Alhanuf Eka Wahyuni, Junaidi Junaidi, Siti Aminah Anwar

Abstract


This study aims to analyze the effect of the implementation of Environmental, Social, and Governance (ESG) reporting on the cost of capital and firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. ESG is a sustainability reporting framework that is increasingly relevant in making investment decisions and evaluating company performance. This study uses a quantitative approach with multiple linear regression methods, and involves 13 manufacturing companies selected through purposive sampling techniques. The results showed that the Environmental dimension has a positive and significant effect on the cost of capital, but a negative and significant effect on firm value. The Social dimension has a negative and significant effect on the cost of capital, and has a positive and significant effect on firm value. Meanwhile, the Governance dimension has no significant effect on both dependent variables. This finding implies that ESG disclosure, especially Social aspects, can increase investor confidence and reduce funding risk, while attention to Environmental aspects needs to be balanced with cost effectiveness to maintain firm value. This research is expected to be a reference in developing more strategic and effective ESG policies for business actors and policy makers in Indonesia.

Keywords : ESG reporting, cost of capital, firm value, manufacturing companies, IDX


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