Analisis Sektoral Tata Kelola Perusahaan dan Pengungkapan Lingkungan: Wawasan Komparatif dari Industri Pertambangan dan Manufaktur

Alfian Sayuti; Rina Fadhilah Ismail; Khairunnisa; Baiq Dinda Puspita Ayu M.Ak; Dini Hidayah

doi:10.30812/rekan.v7i1.5879

Authors

Alfian Sayuti UNIVERSITAS BUMIGORA
Rina Fadhilah Ismail Universitas Teknologi MARA
Khairunnisa Universitas Bumigora
Baiq Dinda Puspita Ayu M.Ak Universitas Bumigora
Dini Hidayah Universitas Sains dan Teknologi

DOI:

https://doi.org/10.30812/rekan.v7i1.5879

Keywords:

Analisis Sektoral, Tata Kelola Perusahaan, Pengungkapan Lingkungan, Wawasan Komparatif, Industri Pertambangan dan Manufaktur

Abstract

Isu lingkungan telah menjadi perhatian utama bagi para pemangku kepentingan, namun banyak perusahaan masih menghadapi tekanan karena akuntabilitas lingkungan yang tidak memadai. Studi ini mengeksplorasi bagaimana komisaris independen (independent commissioner—INDC) dan pengembalian aset (return on assets—ROA) memoderasi hubungan antara pengungkapan lingkungan (environmental disclosure—ED) dan nilai perusahaan (firm value—FV). Metode penelitian ini adalah kuantitatif; menggunakan data dari 378 observasi perusahaan yang terdaftar di Bursa Efek Indonesia antara tahun 2020 dan 2021, studi ini mengkaji tiga jenis industri yang sensitif terhadap lingkungan: pertambangan, manufaktur high-profile, dan manufaktur low-profile. Model data panel statis—fixed effect, random effect, dan common effect—diterapkan untuk menganalisis pengaruh moderasi. Hasilnya menunjukkan bahwa pengaruh ED terhadap FV berbeda di setiap industri dan bergantung pada ROA dan INDC. Pada perusahaan manufaktur high-profile, baik ROA maupun INDC secara signifikan memperkuat hubungan ED–FV. Sebaliknya, untuk sektor pertambangan, ROA meningkatkan pengaruh ED terhadap FV, tetapi INDC memiliki pengaruh yang terbatas. Sementara itu, pada industri low-profile, pengaruhnya lebih bernuansa. Temuan ini menggarisbawahi pentingnya konteks industri dan tata kelola internal dalam menentukan relevansi nilai transparansi lingkungan. Studi ini merekomendasikan agar regulator seperti OJK dan Kementerian Lingkungan Hidup meningkatkan pemantauan terhadap industri berisiko tinggi dan mendorong pengungkapan.

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