PENGARUH KINERJA ESG TERHADAP NILAI PERUSAHAAN DENGAN KEPEMILIKAN KELUARGA SEBAGAI MODERASI DI INDONESIA

This study examines the effect of Environmental, Social, and Governance (ESG) performance on firm value, with family ownership as a moderating variable, in non-financial companies listed on the Indonesia Stock Exchange. Using a quantitative approach, this research analyzes panel data from 2021–2023. The sample consists of 78 firms with 234 observations selected through purposive sampling. ESG performance is measured using Bloomberg ESG scores, firm value is proxied by Price to Book Value (PBV), and family ownership is measured by the percentage of family shareholding. The analysis employs panel data regression and Moderated Regression Analysis (MRA). The findings reveal that ESG performance has a positive and significant effect on firm value. However, family ownership negatively moderates this relationship, weakening the positive impact of ESG performance on firm value. These results highlight the important role of ownership structure in shaping the effectiveness of ESG practices in enhancing firm value in Indonesia.