PERAN ENVIRONMENTAL, SOCIAL, AND GOVERNANCE DALAM MEMEDIASI FAKTOR KEBERLANJUTAN DAN KINERJA PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Abstract

Thisnstudynaimsntonanalyzenthe role of Environmental, Social, and Governance (ESG) in mediating the influence of environmental costs, company performance, andnenvironmentalnperformancenon company value in the mineral mining sub-sector listed on the Indonesia Stock Exchange for the period 2020–2024. The studynuses anquantitative approachnwith a sample of 6 companies selected through purposive sampling. Data were obtained from annual reports and sustainability reports, then analyzed PLS-SEM through SmartPLS 4.0. The results show that environmental costs, company performance, and environmental performance have a positive and significant effect on company value. In addition, ESG is also proven to have anpositive andnsignificant effect on company value. However, environmental costs, company performance, and environmental performancendid not have a significantneffect on ESG. Furthermore, the results also showed that ESG was unable to mediate the effect of environmental costs, company performance, and environmental performance on company value. Overall, this study confirms that sustainability factors have a direct effect on companynvalue, but this is not yet reflected in ESG scores as a mediator.

Keywords: Environmental Cost, Firm Performance, Environmental Performance, ESG, Firm Value