The Pengaruh Praktik ESG terhadap Return Saham dengan Kapabilitas Inovasi sebagai variabel moderasi

Indonesia

Authors

  • Aji Priyanto Department of Accounting, Universitas Trisakti, Jakarta, Indonesia
  • Idrianita Anis Department of Accounting, Universitas Trisakti, Jakarta, Indonesia

DOI:

https://doi.org/10.55837/ed.v5i2.201

Keywords:

Return Saham, Environmental, Social dan Governance, Kapabilitas Inovasi

Abstract

Purpose ― Penelitian ini mengkaji pengaruh praktik Environmental, Social dan Governance (ESG) terhadap return saham dengan kapabilitas inovasi sebagai variabel moderasi.

 

Methods ― Sampel penelitian terdiri atas perusahaan sektor healthcare yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2018-2024. Penelitian ini menggunakan analisis regresi data panel dengan bantuan perangkat lunak Eviews 12. Pengukuran praktik ESG dilakukan menggunakan Triple I Framework yang mencakup sustainability intention, sustainability integration dan sustainability implementation.

 

Findings ― Hasil empiris menjukkan praktik ESG tidak berpengaruh terhadap return saham, tetapi ketika diturunkan menjadi Triple I menunjukkan sustainability intention berpengaruh positif terhadap return saham, sedangkan sustainability integration dan sustainability implementation tidak berpengaruh terhadap return saham. Kapabilitas inovasi berpengaruh positif terhadap return saham serta mampu merperkuat hubungan antara praktik ESG terhadap return saham.

 

Implication ― Temuan ini mengindikasikan bahwa pelaku pasar modal lebih merespons komitmen strategis perusahaan terhadap keberlanjutan dibandingkan integrasi dan implementasi operasional praktik ESG.

 

Originality ― Penelitian ini memberikan kontribusi terhadap literatur ESG dengan menekankan peran kapabilitas inovasi dalam meningkatkan relevansi nilai praktik keberlanjutan pada konteks pasar berkembang.

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Published

2026-06-22

How to Cite

Priyanto, A., & Idrianita Anis. (2026). The Pengaruh Praktik ESG terhadap Return Saham dengan Kapabilitas Inovasi sebagai variabel moderasi: Indonesia. Ekonomi Digital, 5(2), 181–196. https://doi.org/10.55837/ed.v5i2.201

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Vol. 5 No. 2 (2026): Oktober (In Progress)

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