PENGARUH ESG PERFORMANCE TERHADAP ENTERPRISE VALUE: TINJAUAN PUSTAKA SISTEMATIS
DOI:
https://doi.org/10.34127/jrlab.v14i3.1791Keywords:
Systematic Literature Review, ESG Performance, Firm Valuation, Enterprise Value, Quantitative AnalysisAbstract
This study conducts a systematic literature review (SLR) to examine the relationship between Environmental, Social, and Governance (ESG) performance and enterprise value (EV). Drawing on 14 empirical studies published between 2007 and 2024, the review synthesizes methodologies, findings, and contextual factors influencing this relationship. The analysis reveals that ESG performance is generally positively associated with enterprise value, enhancing corporate reputation, attracting sustainability-conscious investors, and mitigating financial and operational risks. However, the impact varies across industries, ownership structures, and regulatory contexts, highlighting the importance of firm-specific and environmental factors. The review also identifies measurement challenges due to inconsistent ESG rating frameworks and emphasizes the need for standardized and transparent reporting to improve comparability and reliability. Methodologically, most studies employ quantitative approaches, with emerging techniques such as the Regulated Intermediary Model, fsQCA, and GMM providing more nuanced insights. Practically, companies are encouraged to leverage digital technologies, particularly artificial intelligence, to strengthen ESG disclosure and accountability. Overall, this study contributes by mapping current research trends, identifying theoretical and methodological gaps, and offering recommendations for future research and practice on how ESG can serve as a driver of sustainable enterprise value creation.
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