PENGARUH ESG DISCLOSURE TERHADAP PROFITABILITAS DENGAN COST OF EQUITY SEBAGAI VARIABEL MEDIASI PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021-2025
DOI:
https://doi.org/10.61722/jrme.v3i6.13295Keywords:
ESG Disclosure, Cost of Equity, Return on Assets, Profitability, Energy Sector.Abstract
This study aims to examine and analyze the effect of ESG Disclosure on profitability (Return on Assets / ROA) mediated by the Cost of Equity in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2025 period. The population in this study includes all energy sector companies listed on the IDX, with the sampling technique executed through purposive sampling. The analysis was performed using panel data regression with Stata 19 software, where Structure 1 Equation was estimated using the Random Effects Model (REM) and Structure 2 Equation using the Fixed Effects Model (FEM) with robust standard errors, alongside the Sobel Test to evaluate the mediating effect. The empirical results demonstrate that ESG Disclosure has a negative but insignificant effect on profitability (ROA). ESG Disclosure has a positive and significant effect on the Cost of Equity. The Cost of Equity has a negative but insignificant effect on profitability (ROA). Furthermore, the Sobel Test proves that the Cost of Equity does not mediate the effect of ESG Disclosure on profitability (ROA) in energy sector companies on the Indonesia Stock Exchange.
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