Pengaruh Profitabilitas, Leverage, dan Corporate Social Responsibility terhadap nilai perusahaan sektor energi tercatat di papan utama BEI periode 2021-2024

Syah, Salma Malika Putri (2025) Pengaruh Profitabilitas, Leverage, dan Corporate Social Responsibility terhadap nilai perusahaan sektor energi tercatat di papan utama BEI periode 2021-2024. Sarjana thesis, UIN Sunan Gunung Djati Bandung.

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Abstract

Dinamika sektor energi di Indonesia menghadapi tantangan ganda: menyeimbangkan struktur modal yang padat dengan urgensi kepatuhan atas standar keberlanjutan (ESG). Secara teoretis, profitabilitas kerap dianggap pendorong utama nilai perusahaan namun data empiris menunjukkan inkonsistensi, menciptakan kesenjangan riset antara teori dan realitas pasar terkini. Penelitian ini bertujuan untuk menguraikan kesenjangan tersebut dengan menguji besar pengaruh profitabilitas, leverage, dan corporate social responsibility terhadap nilai perusahaan pada 10 perusahaan emiten sektor energi di Papan Utama Bursa Efek Indonesia periode 2021-2024. Menggunakan pendekatan kuantitatif BAHASA INDONESIA : Deskriptif yang dianalisis menggunakan Random Effect Model (REM) dan estimasi Generalized Least Square (GLS). Penelitian ini menghasilkan temuan anomali yang menarik. Secara parsial, profitabilitas justru berpengaruh negatif signifikan terhadap nilai perusahaan (Sig. 0,00 < 0,05; t-hitung -4,94 < t-tabel 2,33) – suatu indikasi bahwa profit tinggi tidak selalu direspon positif oleh pasar. Sementara itu, leverage dan corporate social responsibility tidak menunjukkan dampak signifikan dalam periode ini (Sig. leverage 0,57; Sig. corporate social responsibility 0,40). Meskipun demikian, uji simultan membuktikan bahwa ketiga variabel secara bersama-sama berpengaruh positif signifikan (Sig. 0,00 < 0,05; f-hitung 9,33 > f-tabel 2,86). Temuan penelitian ini menegaskan simpulan krusial bahwa pasar sektor energi tidak menilai kinerja keuangan dan non-keuangan secara terpisah. Sinergi strategis antara profitabilitas, struktur modal, dan tanggung jawab sosial lingkungan adalah kunci penciptaan nilai, melebihi dampak variabel secara terpisah. ENGLISH : The dynamics of the energy sector in Indonesia face a double challenge: balancing a capital-intensive structure with the urgency of compliance with sustainability (ESG) standards. Theoretically, profitability is often considered the main driver of company value, but empirical data shows inconsistencies, creating a research gap between theory and current market realities. This study aims to address this gap by examining the extent to which profitability, leverage, and corporate social responsibility influence company value in 10 energy sector companies listed on the Indonesia Stock Exchange’s Main Board from 2021 to 2024. Using a descriptive quantitative approach analyzed using the Random Effect Model (REM) and Generalized Least Square (GLS) estimation, this study produced interesting anomalous findings. Partially, profitability actually has a significant negative effect on company value (Sig. 0.00 < 0.05; t-count -4.94 < t-table 2.33) – an indication that high profits are not always responded to positively by the market. Meanwhile, leverage and corporate social responsibility did not show a significant impact during this period (Sig. leverage 0.57; Sig. corporate social responsibility 0.40). however, simultaneously testing proves that the three variables together have a significant positive effect (Sig. 0.00 < 0.05; f-count 9.33 > f-table 2.86). The findings of this study confirm the crucial conclusion that the energy sector market does not assess financial and non-financial performance separately. Strategic synergy between profitability,capital structure, and social and environmental responsibility is key to value creation, exceeding the impact of individual variables.

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