Menguatkan Pendidikan Keuangan berbasis Islam: Analisis Pengaruh Environmental Social and Governance (ESG) terhadap Kinerja Saham dalam Pendidikan Keuangan

Siska Nurheni; Serlina Nurfitri; Dewita Febriyanti Kusumah

doi:10.25299/althariqah.2025.vol10(2).24171

Authors

Siska Nurheni Universitas Ekuitas Indonesia, Indonesia
Serlina Nurfitri Universitas Ekuitas Indonesia, Indonesia
Dewita Febriyanti Kusumah Universitas Ekuitas Indonesia, Indonesia

DOI:

https://doi.org/10.25299/althariqah.2025.vol10(2).24171

Keywords:

ESG, Tobin’s Q, Islamic education, firm value, sustainability, capital market

Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) on the stock performance of PT Unilever Indonesia Tbk during the period 2013–2023. The research uses a quantitative approach with a simple linear regression method and secondary data collected from annual reports, sustainability reports, and market data. Stock performance is proxied by Tobin’s Q as an indicator of firm value. The results indicate that ESG has a negative but statistically insignificant effect on Tobin’s Q. The R-squared value of 0.0730 shows that ESG explains only a small portion of the variation in firm value. These findings suggest that ESG practices have not yet been fully perceived by the market as a decisive factor in determining firm value. This study contributes to sustainable finance literature and provides implications for companies, investors, and regulators in strengthening ESG implementation and communication strategies

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