Pengungkapan Tanggung Jawab Sosial dan Lingkungan, Pertumbuhan Perusahaan, dan Media Exposure Terhadap Nilai Perusahaan
DOI:
https://doi.org/10.30640/jumma45.v5i2.8132Keywords:
Consumer Non-Cyclicals, Corporate Social Responsibility, Firm Growth, Firm Value, Media ExposureAbstract
Firm value is a key indicator reflecting a company's success in enhancing shareholder wealth and building investor confidence. The non-cyclical consumer sector in Indonesia is an interesting subject of study due to its relatively stable demand characteristics, despite facing intense competition and complex business environment dynamics. This study aims to provide empirical evidence regarding the impact of social and environmental responsibility, firm growth, and media exposure on firm value, as measured by the Price-to-Book Value (PBV) ratio. A quantitative approach was employed using secondary data obtained from annual reports, sustainability reports, and media information concerning non-cyclical consumer sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The sample was selected using purposive sampling, resulting in 241 panel data observations. Data analysis was conducted using panel data regression. The results indicate that social and environmental responsibility does not have a significant effect on firm value; thus, the first hypothesis (H1) is rejected. Conversely, firm growth and media exposure have a positive and significant impact on firm value; therefore, the second hypothesis (H2) and third hypothesis (H3) are accepted. These findings demonstrate that firm growth and media exposure play a crucial role in shaping firm value.
References
Ananta, F., & Kiryanto. (2025). Pengaruh corporate social responsibility (CSR) terhadap nilai perusahaan dengan tax avoidance sebagai variabel intervening pada perusahaan manufaktur di BEI (2021–2023). Jurnal Ilmu Manajemen.
Aridho, A., Situmeang, T. A., Romantika, D. T., Ramadhani, K. N., Lase, M. W., & Ivanna, J. (2024). Peran media massa dalam membentuk opini publik: Demokratisasi. IJEDR: Indonesian Journal of Education and Development Research, 2(1), 206–210.
Chen, M. S. (2024). Media attention, ESG performance and firm value. In Proceedings of the International Conference on Economics and Finance Research (ICEF). https://doi.org/10.1109/ICEF.2024.00012
Faizra, Y. L., Lubis, P. A., Ifazah, L., & Muthmainnah. (2022). Pengaruh pertumbuhan perusahaan, profitabilitas dan ukuran perusahaan manufaktur sub sektor barang konsumsi yang terdaftar di Bursa Efek Indonesia. Jurnal Riset Akuntansi dan Bisnis, 22(2), 176–188. https://doi.org/10.30596/11507
Global Reporting Initiative. (2026). Content index template. Global Reporting Initiative.
Haryono, D. M., Hasanudin, M., & Widiarto, A. (2025). Pengaruh green accounting, kinerja lingkungan, dan corporate social responsibility terhadap nilai perusahaan. Reviu Akuntansi dan Bisnis Indonesia, 9(3), 468–483.
Hidayat, M., Saggaf, A., Siregar, M. I., & Erman, E. (2023). Pengaruh pengungkapan media terhadap nilai perusahaan saat pandemi COVID-19 pada perusahaan retail dan grosir yang terdaftar di Bursa Efek Indonesia. Owner, 7(3), 2625–2632. https://doi.org/10.33395/owner.v7i3.1461
Indonesia Stock Exchange. (n.d.). Daftar saham. https://www.idx.co.id/id
Murwaningsari, E. (2009). Hubungan corporate governance, corporate social responsibilities, dan corporate financial performance dalam satu continuum. Jurnal Akuntansi dan Keuangan, 11(1), 30–41.
Nurfadilah, S., & Hasanah, N. (2025). Pengaruh pertumbuhan perusahaan, struktur modal dan corporate social responsibility terhadap nilai perusahaan. Jurnal Nusa Akuntansi, 2(2), 980–1004.
Nurmutia, E. (2025). CNBC Indonesia siap apresiasi pemain kunci pertumbuhan ekonomi. CNBC Indonesia. https://www.cnbcindonesia.com/news/20250917094647-4-667660/cnbc-indonesia-siap-apresiasi-pemain-kunci-pertumbuhan-ekonomi
Permatasari, F., & Widianingsih, P. (2020). Pengungkapan corporate social responsibility terhadap kinerja keuangan dengan good corporate governance sebagai variabel moderasi. 1(2), 1–22.
Rachman, H. A., Alam, M. D., Salisa, M. R., & Astri, M. F. (2024). CSR dan nilai perusahaan: Studi atas pengukuran kinerja CSR. Jurnal Riset Akuntansi dan Auditing, 11(3), 1–12.
Rahmawati, T., & Yuyetta, E. N. A. (2024). Pengaruh kinerja lingkungan, tanggung jawab sosial, dan tata kelola terhadap nilai perusahaan pada perusahaan yang terdaftar dalam indeks LQ-45. Diponegoro Journal of Accounting, 13(4).
Rosidah, E. (2018). Akuntansi manajemen. Mujahid Press.
Safitri, N. E. N., & Widiyati, D. (2025). Green accounting, pengungkapan sustainability reporting dan CSR terhadap nilai perusahaan. Jurnal Riset Pendidikan Ekonomi, 10(1), 17–27.
Sari, S. P. (2023). Pengaruh pengungkapan lingkungan dan media exposure terhadap nilai perusahaan: Studi empiris pada perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia [Skripsi, Universitas Aisyah Pringsewu].
Sari, V. R., Hanifah, U., & Suhatmi, E. C. (2025). Determinan nilai perusahaan kunci keberlanjutan: Kontribusi karbon, green intellectual capital, dan media exposure. LABEL: Law, Accounting, Business, Economics, and Language, 2(1), 62–70.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.5465/amr.1995.9508080331
Sugiyono. (2017). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Sugiyono. (2020). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Sundari, T. M., & Sulfitri, V. (2022). Penerapan green accounting, corporate social responsibility, dan ukuran perusahaan terhadap profitabilitas. Postgraduate Management Journal, 2(1), 64–76.
Supartini, T. (2025). Pengaruh penerapan sistem absensi sidik jari terhadap disiplin kerja karyawan Kantor Kecamatan Pagerageung Kabupaten Tasikmalaya. JIMU, 6(1).
Wardani, I. A., Juanda, A., & Nugroho, A. P. (2025). Structural ownership and ESG disclosure: Unveiling their impact on corporate financial performance. 26(1). https://doi.org/10.18196/jai.v26i1.24193
Wibowo, K. (2023). Pembangunan dan pertumbuhan ekonomi: Kerangka teoritis dan aplikasinya. Universitas Terbuka.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Pinkan Kleofina, Virna Sulfitri, Muhammad Farhan Gunawan, Rowlan Takaya
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
