Pengaruh Intellectual Capital Dan ESG (Environmental, Sosial, Governance) Terhadap Profitabilitas Dengan Good Corporate Governance Sebagai Pemoderasi

This study aims to analyze the effect of intellectual capital and environmental, social, and governance (ESG) factors on profitability, as well as to analyze good corporate governance (GCG) variables as moderators in energy sector companies listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024, by applying quantitative methods and SEM-PLS analysis using the SmartPLS 4 application. The results show that intellectual capital has a positive and significant effect on profitability, due to the added value contribution of employees' intellectual abilities. In addition, ESG also shows a positive and significant effect on profitability, which can be concluded that energy efficiency and social responsibility increase company profitability. The results of the moderator variable test show that GCG cannot strengthen the influence of intellectual capital on profitability because the implementation of the governance system is still formalistic. Conversely, GCG was found to have a negative and significant influence in moderating the relationship between ESG and profitability. This shows that the existence of GCG actually weakens the positive relationship between ESG disclosure and profitability in these energy companies. The conclusion of this study is that although intellectual resource management and ESG practices independently contribute positively to profitability, the role of corporate governance (CG) actually shows a significant weakening effect on the influence of ESG on profitability. The implications of this study contribute to energy company managers in improving the quality of ESG implementation and strengthening governance to build a positive reputation in the eyes of stakeholders and drive long-term profitability.