ANALISIS PENGARUH ESG, LEVERAGE DAN ASSET EFFICIENCY TERHADAP SUSTAINABLE GROWTH RATE
STUDI EMPIRIS PADA SUB SEKTOR CONSUMER NON-CYCLICALS YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2019 – 2023
Abstract
This study analyzes the influence of Environmental, Social, and Governance (ESG), Leverage, and Asset Efficiency on the Sustainable Growth Rate (SGR) of Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The method used is multiple linear regression with 352 observational data from 111 companies. The results indicate that ESG and Leverage do not have a significant effect on SGR, whereas Asset Efficiency has a positive and significant effect on SGR. These findings suggest that ESG implementation in Indonesia remains uneven and is more compliance-driven rather than a growth-oriented strategy. Meanwhile, high leverage does not enhance SGR, implying that companies in this sector rely more on internal financing. Conversely, asset efficiency is proven to be a key factor in driving sustainable growth. This study is expected to provide insights for companies, investors, and regulators regarding the factors influencing sustainable growth.
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Channon, D. F., & Mcgee, J. (2014). strategic fit 1 Derek F. Channon and John McGee. 1–2.
Desmi, M. F., Hendrawaty, E., & Muslimin. (2023). Pengaruh Environmental, Social, Governance (ESG) Terhadap Profitabilitas Perusahaan. Jurnal Ekonomi, Manajemen Dan Akuntansi Sekolah Tinggi Ilmu Ekonomi Enam-Enam Kendari, 1(2), 401–407. https://doi.org/10.572349/neraca.v1i2.163%0Ahttps://jurnal.kolibi.org/index.php/neraca/article/view/163
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Gharchia, S. E. De, & Mindosa, B. (2023). Pengaruh Environmental, Social, dan Governance terhadap Profitabilitas pada Perusahaan terdaftar di BEI 2021. Jurnal Manajemen, 12(2), 68–86. https://doi.org/10.46806/jm.v12i2.1092
Gujarati, D. N. (2013). BASIC ECONOMETRIKA.
Haliza, N., Nabilah, Z., Ahmadi, M. A., Surakarta, U. M., & Sukoharjo, K. (2024). Peran environmental , social , and governance ( esg ) dalam memengaruhi keputusan investor pada investasi berkelanjutan : literature review dalam memengaruhi keputusan investor pada investasi berkelanjutan : literature review. 2(12).
Higgins, R. C. (1977). Much Growth Can Firm Af ord ?
Indarti, Apriliyani, I.K., Onasis, D. (2021). Pengaruh Likuiditas, Leverage, Dan Asset Turn Over Terhadap Sustainable Growth Rate Terhadap Perusahaan manufaktur di Bursa Efek Indonesia Periode 2017-2019. Jurnal Akuntansi Kompetif, 4(3), 296–304. https://ejournal.kompetif.com/index.php/akuntansikompetif/article/view/710
Jensen, M., & Meckling, W. (2012). Theory of the firm: Managerial behavior, agency costs, and ownership structure. The Economic Nature of the Firm: A Reader, Third Edition, 283–303. https://doi.org/10.1017/CBO9780511817410.023
Junanda, L. R. (2024). Implementasi ESG (Environmental, Social, and Governance) dan Peran Akuntansi dalam Mendukung Keberlanjutan Bisnis di Era Digital.
Kesara, R., Zahro, N. I., & Susanti, D. A. (2023). Profitabilitas Perusahaan Sektor Consumer Non-cyclical: Pengaruh Leverage, Ukuran Perusahaan, dan Likuiditas. AKTSAR: Jurnal Akuntansi Syariah, 6(1), 56. https://doi.org/10.21043/aktsar.v6i1.20548
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Lin, Z. (2024). Does ESG performance indicate corporate economic sustainability? Evidence based on the sustainable growth rate. Borsa Istanbul Review, 24(3), 485–493. https://doi.org/10.1016/j.bir.2024.02.010
Mahmuh M. Hanafi, A. H. (2016). Analisis Laporan Keuangan.
Meiliani, F., Djazuli. A., & Utami, D. (2024). Determinan Sustainable Growth Pada Perusahaan Sektor Barang Konsumen Non-Primer Di Indonesia. Jurnal Manajemen Dan Bisnis, 9(1), 88–97.
Mirekel. (2021). Mengenal Environmental, Social, dan Governance (ESG). https://mirekel.id/mengenal-environmental-social-dan-governance-esg/
Putra, R. N., Sastrodiarjo, I., & Mukti, A. H. (2023). Pengaruh Pengungkapan Environmental, Social, GovernanceTerhadap Dividend Payout Policy Dengan Kualitas Audit Sebagai Variabel Pemoderasi. Jurnal Ekonomi, Manajemen, Dan Akuntansi, 2, 1–19. http://jurnal.anfa.co.id/index.php/mufakat
Risma Ayunda Wulandari, S. P. S. (2025). Financial Sustainability Dengan Amatan. 14(1), 14–27.
Rudianto, W. (2020). Pengaruh der, roi, roe, dan, dpo terhadap pertumbuhan berkelanjutan. 10(2), 138–149.
Saputri, F. R., & Muharam, H. (2024). Analisis profitabilitas , financial leverage , asset efficiency , dan kebijakan dividen terhadap sustainable growth rate. 13(2016), 1–12.
Satriani, R., Hasbiyadi, H., Sjahruddin, H. (2024). Debt To Equity Ratio On Price Book Value: The Mediating Role Of Return On Equity Debt To Equity Ratio Terhadap Price Book Value Dengan Return On Equity Sebagai Variabel Pemediasi. Management Studies and Entrepreneurship Journal, 5(2), 6713–6723. http://journal.yrpipku.com/index.php/msej
www.idx.co.id. (n.d.). NILAI ESG. https://www.idx.co.id/id/perusahaan-tercatat/nilai-esg
Published
2025-04-30
How to Cite
Amini, A., & Yulianti, R. (2025). ANALISIS PENGARUH ESG, LEVERAGE DAN ASSET EFFICIENCY TERHADAP SUSTAINABLE GROWTH RATE. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(1), 3546-3561. https://doi.org/10.31955/mea.v9i1.5599
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