PENGARUH KINERJA ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP COST OF EQUITY DENGAN FIRM SIZE SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN NON?KEUANGAN DI INDONESIA

Hikmah Nur Sholihah, Jogiyanto Hartono M, Prof., Dr., MBA., Ak., CMA., CA

2026 | Tesis | S2 Manajemen

Penelitian ini mengevaluasi apakah pengungkapan lingkungan, sosial, dan tata kelola (ESG) direspons pasar sebagai mitigasi risiko atau justru beban biaya, dengan tujuan menguji dampak kinerja ketiga pilar tersebut terhadap cost of equity beserta peran moderasi ukuran perusahaan (firm size). Penelitian ini memecah skor ESG ke dalam pilar terpisah untuk mengeliminasi bias informasi yang sering muncul dari penggunaan skor gabungan pada penelitian terdahulu. Rancangan penelitian kuantitatif ini mengaplikasikan regresi data panel Common Effect Model (CEM) terhadap 225 observasi dari 45 perusahaan non-keuangan di Bursa Efek Indonesia periode 2020-2024, yang diukur menggunakan skor Refinitiv dan Capital Asset Pricing Model (CAPM). Kinerja pilar lingkungan dan sosial berhasil menurunkan cost of equity, sedangkan kinerja pilar tata kelola justru menaikkannya karena dipersepsikan sebagai beban. Ukuran perusahaan terbukti memperkuat efek kinerja pilar lingkungan dan memperlemah kinerja pilar sosial, tanpa memengaruhi kinerja pilar tata kelola.

This study evaluates whether environmental, social, and governance (ESG) disclosures are perceived by the market as risk mitigation strategies or cost burdens. It aims to examine the impact of the three individual pillars' performance on the cost of equity, alongside the moderating role of firm size. This research decomposes the ESG score into separate pillars to eliminate the information bias frequently found in previous studies that relied on aggregate scores. The quantitative research design applies a Common Effect Model (CEM) panel data regression to 225 observations from 45 non-financial companies listed on the Indonesia Stock Exchange during the 2020–2024 period, utilizing Refinitiv scores and the Capital Asset Pricing Model (CAPM). The findings indicate that the performance of the environmental and social pillars successfully reduces the cost of equity, whereas the governance pillar performance increases it, as it is perceived as a burden. Furthermore, firm size is proven to strengthen the effect of the environmental pillar and weaken the effect of the social pillar, with no moderating effect observed on the governance pillar.

Kata Kunci : Environmental, Social, Governance, Cost of Equity, Firm Size