The Impact of ESG Disclosure, Hedging Policy, and Cash Holding on Firm Value
DOI:
https://doi.org/10.54099/ijmba.v3i2.1110Keywords:
Cash Holding, ESG Disclosure, Hedging Policy, Firm ValueAbstract
This study aims to examine the effect of ESG disclosure, hedging policy, and cash holdings on firm value. The sampling method employed is purposive sampling, focusing on energy sector companies listed on the Indonesia Stock Exchange. The sample consists of 11 companies over the period from 2018 to 2023, yielding a total of 60 observations. The data utilized in this research are secondary, obtained from annual reports and sustainability reports of the companies. Data analysis is conducted using panel data regression analysis. The findings indicate that ESG disclosure does not have a significant impact on firm value. This study reveals that many companies in Indonesia have yet to implement sustainability concepts or publicly disclose ESG information. ESG disclosure remains in a developmental stage and has not been widely adopted, thus it is not a primary consideration for investors. Conversely, the hedging policy positively affects firm value, suggesting that companies that implement hedging strategies can enhance their value. Meanwhile, cash holdings do not exhibit a significant influence on firm value.References
Aboud, A., & Diab, A. (2018). The impact of social, environmental and corporate governance disclosures on firm value: Evidence from Egypt. Journal of Accounting in Emerging Economies, 8(4), 442–458. https://doi.org/10.1108/JAEE-08-2017-0079
Alghifari, E. S., Solikin, I., Nugraha, N., Waspada, I., Sari, M., & Puspitawati, L. (2022). Capital Structure, Profitability, Hedging Policy, Firm Size, and Firm Value: Mediation and Moderation Analysis. Journal of Eastern European and Central Asian Research, 9(5), 789–801. https://doi.org/10.15549/jeecar.v9i5.1063
Amalia Haniftian, & Dillak, V. J. (2020). Pengaruh Profitabilitas, Cash Holding, Dan Nilai Perusahaan Terhadap Perataan Laba. Jae (Jurnal Akuntansi Dan Ekonomi), 5(1), 88–98. https://doi.org/10.29407/jae.v5i1.14163
Arius, E., Achsani, N. A., & Bandono, B. (2021). the Hedging Impact To Firm Value of Public Companies in Indonesia. Russian Journal of Agricultural and Socio-Economic Sciences, 109(1), 16–22. https://doi.org/10.18551/rjoas.2021-01.02
Astari, T. A., Laurens, S., Wicaksono, A., & Sujarminto, A. (2023). Akuntansi Hijau dan Pengungkapan Laporan Keberlanjutan terhadap Nilai Perusahaan di Indonesia. 02024.
Aviyanti, S. C., & Isbanah, Y. (2019). Pengaruh Eco-Efficiency, Corporate Social Responsibility, Ownership Concentration , dan Cash Holding terhadap Nilai Perusahaan Sektor Consumer Goods di BEI Periode 2011-2016. Jurnal Ilmu Manajemen, 7(1), 77–84.
Chandra, B., & Feliana, C. (2020). Analisis Dampak Tata Kelola Perusahaan, Struktur Kepemilikan Dan Cash Holdings Terhadap Nilai Perusahaan Di Bei 2014-2018. JIAI (Jurnal Ilmiah Akuntansi Indonesia), 5(2), 87–99. https://doi.org/10.32528/jiai.v5i2.3749
CNBC Indonesia. (2023). IHSG Sesi I Anjlok 0,54%, Sektor Energi Jadi Beban. CNBC Indonesia. https://www.cnbcindonesia.com/market/20230614121024-17-445797/ihsg-sesi-i-anjlok-054-sektor-energi-jadi-beban
Edi, & Fernando, E. (2021). Analisis Pengaruh Tata Kelola Perusahaan, Kepemilikan Manajemen, dan Cash Holding terhadap Nilai Perusahaan. Conference on Management, Business, Innovation, Education and Social Science, 1(1), 1277–1284.
El-Deeb, M. S., Ismail, T. H., & El Banna, A. A. (2023). Does audit quality moderate the impact of environmental, social and governance disclosure on firm value? Further evidence from Egypt. Journal of Humanities and Applied Social Sciences, 5(4), 293–322. https://doi.org/10.1108/jhass-11-2022-0155
Ghazali, A. (2020). Pengaruh Pengungkapan Environmental , Social , and Governance ( ESG ) Terhadap Tingkat Profitabilitas Perusahaan ( Studi pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia ).
International Energy Agency. (2020). Global energy demand to plunge this year as a result of the biggest shock since the Second World War. https://www.iea.org/news/global-energy-demand-to-plunge-this-year-as-a-result-of-the-biggest-shock-since-the-second-world-war
Jaradat, H. Z., Alnaimi, A. A., & Alsmadi, S. A. (2021). The effect of cash holdings and corporate governance on firm value: Evidence from the amman stock exchange. Journal of Governance and Regulation, 10(4 Special issue), 272–281. https://doi.org/10.22495/JGRV10I4SIART7
Jebran, K., Chen, S., & Tauni, M. Z. (2019). Principal-principal conflicts and corporate cash holdings: Evidence from China. Research in International Business and Finance, 49(February), 55–70. https://doi.org/10.1016/j.ribaf.2019.02.010
Khoiroh, M., & Subardjo, A. (2020). Pengaruh Struktur Modal, Cash Holdings, Dan InvestementOpportunity Terhadap Nilai Perusahaan Melalui KebijakanDividen. Jurnal Ilmu Dan Riset Akuntansi, 9(5), 1–24.
Li, Y., Gong, M., Zhang, X. Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. British Accounting Review, 50(1), 60–75. https://doi.org/10.1016/j.bar.2017.09.007
Limpaphayom, P., Rogers, D. A., & Yanase, N. (2019). Bank equity ownership and corporate hedging: Evidence from Japan. Journal of Corporate Finance, 58(July 2018), 765–783. https://doi.org/10.1016/j.jcorpfin.2019.07.001
Lumoly, S., Murni, S., & Untu, V. N. (2018). Pengaruh Likuiditas, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan (Studi pada Perusahaan Logam dan Sejenisnya yang Terdaftar di Bursa Efek Indonesia). Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, Vol.6 No.3. https://ejournal.unsrat.ac.id/v2/index.php/emba/article/view/20072/19678
Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2(February), 100015. https://doi.org/10.1016/j.cesys.2021.100015
Muftiasa, A., Wibowo, L. A., Hurriyati, R., & Rahayu, A. (2023). Kebijakan Lindung Nilai (Hedging) pada Perusahaan untuk Menjamin Kinerja Perusahaan. 9(1), 102–118.
Negara, N. G. P., Ishak, G., & Priambodo, R. E. A. (2024). Impact of ESG Disclosure Score on Firm Value: Empirical Evidence From ESG Listed Company in Indonesia Stock Exchange. European Journal of Business and Management Research, 9(2), 114–118. https://doi.org/10.24018/ejbmr.2024.9.2.2064
Nurainun Bangun, F. R. (2022). Faktor Yang Mempengaruhi Cash Holding Perusahaan Sektor Barang Konsumsi Dan Aneka Industri. Jurnal Paradigma Akuntansi, 4(1), 233. https://doi.org/10.24912/jpa.v4i1.17287
OJK. (2021). Roadmap Keuangan Berkelanjutan Tahap II (2021 – 2025). Otoritas Jasa Keuangan, 11–36. https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Roadmap-Keuangan-Berkelanjutan-Tahap-II-(2021-2025)/Roadmap Keuangan Berkelanjutan Tahap II (2021 - 2025).pdf
Prakasa, A. H., & Ramadhan, Y. (2023). The Role of Commissioners and Audit Committee to Firm Value Mediated by Risk Management Disclosures. AFRE Accounting and Financial Review, 6(3), 351–361. https://jurnal.unmer.ac.id/index.php/afr
Qodary, Hilwa Fithratul Tambun, S. (2021). Pengaruh Environmental, Social, Governance (ESG) dan Retention Ratio Terhadap Return Saham dengan Nilai Perusahaan Sebagai Variabel Moderating. Jurnal Riset Ekonomi, Vol.1 No.2.
Rohendi, H., Ghozali, I., & Ratmono, D. (2024). Environmental, social, and governance (ESG) disclosure and firm value: the role of competitive advantage as a mediator. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2023.2297446
Sadiq, M., Singh, J., Raza, M., & Mohamad, S. (2020). The impact of environmental, social and governance index on firm value: Evidence from Malaysia. International Journal of Energy Economics and Policy, 10(5), 555–562. https://doi.org/10.32479/ijeep.10217
Situmeang, Y. M. L., & Wiagustini, N. L. P. (2018). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Kebijakan Hedging Sebagai Mediasi Pada Perusahaan BUMN Go-Public. E-Jurnal Manajemen Unud, 7(3), 1368–1396.
Situmeang, Y. M. L., & Wiagustini, N. L. P. (2019). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Kebijakan Hedging Sebagai Mediasi Pada Perusahaan Bumn Go-Public. E-Jurnal Manajemen Universitas Udayana, 7(3), 1368. https://ojs.unud.ac.id/index.php/Manajemen/article/view/35910
Sudarma, I. P., & Sari, M. M. R. (2020). Financial distress, growth opportunities, and dividend policy on firm value through company hedging policies. International Research Journal of Management, IT and Social Sciences, 8(1), 47–59. https://doi.org/10.21744/irjmis.v8n1.1054
Suretno, F., Adrianto, F., & Alfarisi, M. F. (2022). Effect of Environment, Social and Governance Disclosure on Firm Value. JBTI : Jurnal Bisnis : Teori Dan Implementasi, 13(2), 121–128. https://doi.org/10.18196/jbti.v13i2.14458
Widianingrum, H., & Dillak, V. J. (2023). Pengaruh Kepemilikan Institusional, Kebijakan Hutang, Pertumbuhan Perusahaan dan Cash Holding Terhadap Nilai Perusahaan pada Perusahaan Makanan dan Minuman Terdaftar di BEI Tahun 2017-2021. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 11(1), 41–52. https://doi.org/10.37676/ekombis.v11i1.2773
Aboud, A., & Diab, A. (2018). The impact of social, environmental and corporate governance disclosures on firm value: Evidence from Egypt. Journal of Accounting in Emerging Economies, 8(4), 442–458. https://doi.org/10.1108/JAEE-08-2017-0079
Alghifari, E. S., Solikin, I., Nugraha, N., Waspada, I., Sari, M., & Puspitawati, L. (2022). Capital Structure, Profitability, Hedging Policy, Firm Size, and Firm Value: Mediation and Moderation Analysis. Journal of Eastern European and Central Asian Research, 9(5), 789–801. https://doi.org/10.15549/jeecar.v9i5.1063
Amalia Haniftian, & Dillak, V. J. (2020). Pengaruh Profitabilitas, Cash Holding, Dan Nilai Perusahaan Terhadap Perataan Laba. Jae (Jurnal Akuntansi Dan Ekonomi), 5(1), 88–98. https://doi.org/10.29407/jae.v5i1.14163
Arius, E., Achsani, N. A., & Bandono, B. (2021). the Hedging Impact To Firm Value of Public Companies in Indonesia. Russian Journal of Agricultural and Socio-Economic Sciences, 109(1), 16–22. https://doi.org/10.18551/rjoas.2021-01.02
Astari, T. A., Laurens, S., Wicaksono, A., & Sujarminto, A. (2023). Akuntansi Hijau dan Pengungkapan Laporan Keberlanjutan terhadap Nilai Perusahaan di Indonesia. 02024.
Aviyanti, S. C., & Isbanah, Y. (2019). Pengaruh Eco-Efficiency, Corporate Social Responsibility, Ownership Concentration , dan Cash Holding terhadap Nilai Perusahaan Sektor Consumer Goods di BEI Periode 2011-2016. Jurnal Ilmu Manajemen, 7(1), 77–84.
Chandra, B., & Feliana, C. (2020). Analisis Dampak Tata Kelola Perusahaan, Struktur Kepemilikan Dan Cash Holdings Terhadap Nilai Perusahaan Di Bei 2014-2018. JIAI (Jurnal Ilmiah Akuntansi Indonesia), 5(2), 87–99. https://doi.org/10.32528/jiai.v5i2.3749
CNBC Indonesia. (2023). IHSG Sesi I Anjlok 0,54%, Sektor Energi Jadi Beban. CNBC Indonesia. https://www.cnbcindonesia.com/market/20230614121024-17-445797/ihsg-sesi-i-anjlok-054-sektor-energi-jadi-beban
Edi, & Fernando, E. (2021). Analisis Pengaruh Tata Kelola Perusahaan, Kepemilikan Manajemen, dan Cash Holding terhadap Nilai Perusahaan. Conference on Management, Business, Innovation, Education and Social Science, 1(1), 1277–1284.
El-Deeb, M. S., Ismail, T. H., & El Banna, A. A. (2023). Does audit quality moderate the impact of environmental, social and governance disclosure on firm value? Further evidence from Egypt. Journal of Humanities and Applied Social Sciences, 5(4), 293–322. https://doi.org/10.1108/jhass-11-2022-0155
Ghazali, A. (2020). Pengaruh Pengungkapan Environmental , Social , and Governance ( ESG ) Terhadap Tingkat Profitabilitas Perusahaan ( Studi pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia ).
International Energy Agency. (2020). Global energy demand to plunge this year as a result of the biggest shock since the Second World War. https://www.iea.org/news/global-energy-demand-to-plunge-this-year-as-a-result-of-the-biggest-shock-since-the-second-world-war
Jaradat, H. Z., Alnaimi, A. A., & Alsmadi, S. A. (2021). The effect of cash holdings and corporate governance on firm value: Evidence from the amman stock exchange. Journal of Governance and Regulation, 10(4 Special issue), 272–281. https://doi.org/10.22495/JGRV10I4SIART7
Jebran, K., Chen, S., & Tauni, M. Z. (2019). Principal-principal conflicts and corporate cash holdings: Evidence from China. Research in International Business and Finance, 49(February), 55–70. https://doi.org/10.1016/j.ribaf.2019.02.010
Khoiroh, M., & Subardjo, A. (2020). Pengaruh Struktur Modal, Cash Holdings, Dan InvestementOpportunity Terhadap Nilai Perusahaan Melalui KebijakanDividen. Jurnal Ilmu Dan Riset Akuntansi, 9(5), 1–24.
Li, Y., Gong, M., Zhang, X. Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. British Accounting Review, 50(1), 60–75. https://doi.org/10.1016/j.bar.2017.09.007
Limpaphayom, P., Rogers, D. A., & Yanase, N. (2019). Bank equity ownership and corporate hedging: Evidence from Japan. Journal of Corporate Finance, 58(July 2018), 765–783. https://doi.org/10.1016/j.jcorpfin.2019.07.001
Lumoly, S., Murni, S., & Untu, V. N. (2018). Pengaruh Likuiditas, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan (Studi pada Perusahaan Logam dan Sejenisnya yang Terdaftar di Bursa Efek Indonesia). Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, Vol.6 No.3. https://ejournal.unsrat.ac.id/v2/index.php/emba/article/view/20072/19678
Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2(February), 100015. https://doi.org/10.1016/j.cesys.2021.100015
Muftiasa, A., Wibowo, L. A., Hurriyati, R., & Rahayu, A. (2023). Kebijakan Lindung Nilai (Hedging) pada Perusahaan untuk Menjamin Kinerja Perusahaan. 9(1), 102–118.
Negara, N. G. P., Ishak, G., & Priambodo, R. E. A. (2024). Impact of ESG Disclosure Score on Firm Value: Empirical Evidence From ESG Listed Company in Indonesia Stock Exchange. European Journal of Business and Management Research, 9(2), 114–118. https://doi.org/10.24018/ejbmr.2024.9.2.2064
Nurainun Bangun, F. R. (2022). Faktor Yang Mempengaruhi Cash Holding Perusahaan Sektor Barang Konsumsi Dan Aneka Industri. Jurnal Paradigma Akuntansi, 4(1), 233. https://doi.org/10.24912/jpa.v4i1.17287
OJK. (2021). Roadmap Keuangan Berkelanjutan Tahap II (2021 – 2025). Otoritas Jasa Keuangan, 11–36. https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Roadmap-Keuangan-Berkelanjutan-Tahap-II-(2021-2025)/Roadmap Keuangan Berkelanjutan Tahap II (2021 - 2025).pdf
Prakasa, A. H., & Ramadhan, Y. (2023). The Role of Commissioners and Audit Committee to Firm Value Mediated by Risk Management Disclosures. AFRE Accounting and Financial Review, 6(3), 351–361. https://jurnal.unmer.ac.id/index.php/afr
Qodary, Hilwa Fithratul Tambun, S. (2021). Pengaruh Environmental, Social, Governance (ESG) dan Retention Ratio Terhadap Return Saham dengan Nilai Perusahaan Sebagai Variabel Moderating. Jurnal Riset Ekonomi, Vol.1 No.2.
Rohendi, H., Ghozali, I., & Ratmono, D. (2024). Environmental, social, and governance (ESG) disclosure and firm value: the role of competitive advantage as a mediator. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2023.2297446
Sadiq, M., Singh, J., Raza, M., & Mohamad, S. (2020). The impact of environmental, social and governance index on firm value: Evidence from Malaysia. International Journal of Energy Economics and Policy, 10(5), 555–562. https://doi.org/10.32479/ijeep.10217
Situmeang, Y. M. L., & Wiagustini, N. L. P. (2018). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Kebijakan Hedging Sebagai Mediasi Pada Perusahaan BUMN Go-Public. E-Jurnal Manajemen Unud, 7(3), 1368–1396.
Situmeang, Y. M. L., & Wiagustini, N. L. P. (2019). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Kebijakan Hedging Sebagai Mediasi Pada Perusahaan Bumn Go-Public. E-Jurnal Manajemen Universitas Udayana, 7(3), 1368. https://ojs.unud.ac.id/index.php/Manajemen/article/view/35910
Sudarma, I. P., & Sari, M. M. R. (2020). Financial distress, growth opportunities, and dividend policy on firm value through company hedging policies. International Research Journal of Management, IT and Social Sciences, 8(1), 47–59. https://doi.org/10.21744/irjmis.v8n1.1054
Suretno, F., Adrianto, F., & Alfarisi, M. F. (2022). Effect of Environment, Social and Governance Disclosure on Firm Value. JBTI : Jurnal Bisnis : Teori Dan Implementasi, 13(2), 121–128. https://doi.org/10.18196/jbti.v13i2.14458
Widianingrum, H., & Dillak, V. J. (2023). Pengaruh Kepemilikan Institusional, Kebijakan Hutang, Pertumbuhan Perusahaan dan Cash Holding Terhadap Nilai Perusahaan pada Perusahaan Makanan dan Minuman Terdaftar di BEI Tahun 2017-2021. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 11(1), 41–52. https://doi.org/10.37676/ekombis.v11i1.2773
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