Peran sustainability disclosure dalam memediasi pengaruh leverage, liquidity, profitability, dan firm size terhadap firm value: Studi Pada Lembaga Keuangan Syariah Yang Terdaftar Di BEI Tahun 2020-2024

INDONESIA:

Firm value merupakan indikator penting yang digunakan oleh investor untuk menilai kinerja suatu perusahaan, termasuk lembaga keuangan syariah yang terdaftar di Bursa Efek Indonesia (BEI). Firm value dapat dipengaruhi oleh faktor keuangan seperti Leverage, Liquidity, Profitability, dan Firm size, serta faktor non-keuangan berupa Sustainability Disclosure. Penelitian ini bertujuan untuk mengetahui pengaruh Leverage, Liquidity, Profitability, dan Firm size terhadap Firm value melalui Sustainability Disclosure pada lembaga keuangan syariah yang tercatat di BEI periode 2020–2024.

Penelitian ini menggunakan metode kuantitatif. Populasi dalam penelitian ini terdiri dari 59 perusahaan, yang meliputi 4 perbankan syariah dan 55 perusahaan asuransi syariah yang terdaftar di Bursa Efek Indonesia. Teknik pengambilan sampel menggunakan purposive sampling sehingga diperoleh 7 perusahaan sebagai sampel penelitian dengan total data observasi sebanyak 35. Penelitian ini menggunakan data sekunder yang bersumber dari laporan keuangan tahunan dan laporan keberlanjutan (sustainability report) lembaga keuangan syariah periode 2020–2024. Hasil penelitian menunjukkan bahwa Sustainability Disclosure mampu memediasi pengaruh Leverage, Liquidity, dan Firm size terhadap Firm value. Namun, Sustainability Disclosure tidak mampu memediasi pengaruh Profitability terhadap Firm value. Selain itu, hasil pengujian pengaruh langsung menunjukkan bahwa Leverage, Profitability, dan Firm size berpengaruh signifikan terhadap Firm value, sedangkan Liquidity tidak berpengaruh signifikan terhadap Firm value.

ENGLISH:

Firm value is an important indicator used by investors to assess a company’s performance, including Islamic financial institutions listed on the Indonesia Stock Exchange (IDX). Firm value can be influenced by financial factors such as Leverage, Liquidity, Profitability, and Firm size, as well as non-financial factors in the form of Sustainability Disclosure. This study aims to examine the effect of Leverage, Liquidity, Profitability, and Firm size on Firm value through Sustainability Disclosure in Islamic financial institutions listed on the IDX during
the 2020–2024 period.

This study employs a quantitative method. The population of this study consists of 59 companies, including 4 Islamic banks and 55 Islamic insurance companies listed on the Indonesia Stock Exchange. The sampling technique used is purposive sampling, resulting in 7 companies selected as research samples with a total of 35 observations. This study uses secondary data obtained from annual financial reports and sustainability reports of Islamic financial institutions for the 2020–2024 period. The results indicate that Sustainability Disclosure is able to
mediate the effect of Leverage, Liquidity, and Firm size on Firm value. However, Sustainability Disclosure is not able to mediate the effect of Profitability on Firm value. Furthermore, the results of direct effect testing show that Leverage, Profitability, and Firm size have a significant effect on Firm value, while Liquidity does not have a significant effect on Firm value.