PENGARUH KINERJA ESG TERHADAP NILAI PERUSAHAAN DENGAN SENSITIVITAS INDUSTRI SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN NON KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

This study analyzes the influence of Environmental, Social, and Governance (ESG) performance on firm value and the role of industry sensitivity as a moderating variable in nonfinancial companies listed on the Indonesia Stock Exchange (IDX). Using a quantitative approach with panel data of 131 companies during the 2017–2023 period (915 observations), ESG performance is measured through the Bloomberg ESG score, firm value is proxied by Tobin's Q, and industry sensitivity uses a dummy variable. The analysis was conducted using a Random Effect Model (REM) panel data regression and robust standard errors. The results show that ESG performance has a positive and significant effect on firm value, while industry sensitivity does not moderate the relationship. These findings indicate that the Indonesian capital market is beginning to appreciate ESG practices as a relevant non-financial signal across industries.