Pengaruh Corporate Social Responsibility, Likuiditas, dan Struktur Modal terhadap Nilai Perusahaan pada Perusahaan Sektor Energi
DOI:
https://doi.org/10.33753/madani.v8i1.427Keywords:
Firm Value, CSR, Liquidity, Capital StructureAbstract
This study aims to analyze the influence of Corporate Social Responsibility (CSR), Liquidity, and Capital Structure on Firm Value in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. Firm value, as the dependent variable, is measured using Tobin's Q, while CSR, liquidity, and capital structure are positioned as independent variables. This research employs a quantitative approach with a panel data regression analysis technique. Secondary data were collected from 14 companies selected through a purposive sampling method, resulting in a total of 70 observations over a five-year period. The results show that, partially, Corporate Social Responsibility has a positive and significant effect, while Capital Structure has a negative and significant effect on Firm Value. However, Liquidity was found to have no significant influence. Simultaneously, the three independent variables have a significant effect on Firm Value, explaining 65.21% of its variation. These findings indicate that a commitment to social responsibility and prudent debt policies are crucial factors in enhancing firm value in the energy sector, providing important implications for managers and investors in strategic decision-making amidst high industry dynamics.
Abstrak
Penelitian ini bertujuan untuk menganalisis pengaruh Corporate Social Responsibility (CSR), Likuiditas, dan Struktur Modal terhadap Nilai Perusahaan pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020-2024. Nilai perusahaan, sebagai variabel dependen, diukur menggunakan Tobin’s Q, sementara CSR, likuiditas, dan struktur modal diposisikan sebagai variabel independen. Metode yang digunakan dalam penelitian ini adalah pendekatan kuantitatif dengan teknik analisis regresi data panel. Data sekunder dikumpulkan dari 14 perusahaan yang dipilih melalui metode purposive sampling, menghasilkan total 70 observasi selama periode lima tahun. Hasil penelitian menunjukkan bahwa secara parsial, Corporate Social Responsibility berpengaruh positif dan signifikan, sedangkan Struktur Modal berpengaruh negatif dan signifikan terhadap Nilai Perusahaan. Namun, Likuiditas tidak ditemukan memiliki pengaruh yang signifikan. Secara simultan, ketiga variabel independen berpengaruh signifikan terhadap Nilai Perusahaan, dengan kemampuan menjelaskan variasi sebesar 65,21%. Temuan ini mengindikasikan bahwa komitmen terhadap tanggung jawab sosial dan kebijakan utang yang hati-hati merupakan faktor krusial dalam meningkatkan nilai perusahaan di sektor energi, memberikan implikasi penting bagi manajer dan investor dalam pengambilan keputusan strategis di tengah dinamika industri yang tinggi.
Kata Kunci: Nilai Perusahaan, CSR, Likuiditas, Struktur Modal
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