Pengaruh Skor ESG terhadap Weighted Average Cost of Capital Pada Perusahaan di Bursa Efek Indonesia

M. Naufal Hamdy, Salsabila Dyan Pratiwi, Lailatul hadhar

Abstract


Penelitian ini mengkaji pengaruh skor Environmental, Social, and Governance (ESG) terhadap Weighted Average Cost of Capital (WACC) pada 27 perusahaan di Bursa Efek Indonesia periode 2017–2023. Menggunakan data panel dari Refinitiv, analisis ini menyertakan variabel kontrol ukuran perusahaan, rasio utang, kapitalisasi pasar, ROA, Dividend Per Share Yield, Dividend Payout Ratio, Beta, dan dummy covid 19. Dengan model random effect dan serangkaian uji statistik (Chow, LM, Hausman, simultan, parsial) menggunakan STATA 17 ditemukan bahwa skor ESG berpengaruh negatif signifikan terhadap WACC sehingga praktik ESG yang baik dapat menurunkan biaya modal perusahaan. Namun, pandemi Covid-19 terbukti meningkatkan WACC secara signifikan akibat ketidakpastian risiko sistemik selama periode krisis. Temuan ini menunjukkan bahwa pengungkapan ESG yang efektif dapat menjadi strategi efisiensi finansial perusahaan, meskipun faktor eksternal seperti pandemi tetap mempengaruhi persepsi risiko investor. Implikasi manajerial dari penelitian ini adalah pentingnya integrasi ESG dalam strategi bisnis untuk menekan biaya modal dan meningkatkan daya tarik perusahaan di mata investor. Sementara bagi pembuat kebijakan, temuan ini menekankan perlunya mendorong pelaporan ESG yang lebih transparan untuk menciptakan iklim investasi yang sehat dan berkelanjutan. Oleh karena itu, perusahaan perlu memperkuat komitmen terhadap keberlanjutan untuk membangun kepercayaan pasar yang lebih kuat, terutama dalam situasi ketidakpastian.

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