CAN ESG FACTORS, AGE DIVERSITY AND LEVERAGE EFFECT THE FINANCIAL PERFORMANCE OF INDONESIA ENERGY COMPANIES
Kata Kunci:
ESG, Age Diversity, Debt to Asset Ratio, Financial Performance
Abstrak
Studi ini dilakukan untuk menelaah sejauh mana faktor-faktor seperti Enviromental Disclosure (ENVD), Social Disclosure (SOCD), Governance Disclosure (GOVD), Board Age Diversity (BAD), serta Debt to Asset Ratio (DAR) berpengaruh pada performa keuangan perusahaan energi di Indonesia. Objek penelitian mencakup perusahaan-perusahaan energi yang listing Bursa Efek Indonesia (BEI) dalam kurun waktu 2021 sampai 2023, dengan total 84 observasi dijadikan sebagai sampel. Metode yang dipakai yaitu pendekatan kuantitatif melalui analisis regresi linear berganda yang diolah melalui perangkat lunak SPSS. Hasilnya memperlihatkan bahwasanya secara kolektif, seluruh variabel independen berpengaruh pada performa keuangan perusahaan. Namun, bila dianalisis secara terpisah, hanya variabel rasio utang terhadap aset (DAR) yang memberikan dampak signifikan terhadap kinerja keuangan. Melalui hasil analisis bisa ditarik kesimpulan bahwasanya, meskipun tingkat pengungkapan sudah cukup baik, namun tampaknya investor kurang menganggap hal ini penting dalam keuntungan jangka pendek, sehingga perusahaan belum mendapatkan sinyal positif yang dapat meningkatkan kinerja keuangan.
Referensi
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Arioglu, E. (2021). Board age and value diversity: Evidence from a collectivistic and paternalistic culture. Borsa Istanbul Review, 21(3), 209–226. https://doi.org/10.1016/j.bir.2020.10.004
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Banerjee, S. (2025). CEO-board directional age difference and R&D of firms: Examining the moderation effects of strategic orientation. Acta Psychologica, 254, 104815. https://doi.org/10.1016/j.actpsy.2025.104815
Biduri, S., Maryanti, E., Ahmed, E. R., & Nurasik. (2023). Does Board Gender Diversity Affect Accounting Conservatism and Financial Performance? AKRUAL: Jurnal Akuntansi, 14(2), 203–218. https://doi.org/10.26740/jaj.v14n2.p203-218
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Durlista, M. A., & Wahyudi, I. (2023). PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL DAN GOVERNANCE (ESG) TERHADAP KINERJA PERUSAHAAN PADA PERUSAHAAN SUB SEKTOR PERTAMBANGAN BATU BARA PERIODE 2017-2022. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(3), 210–232. https://doi.org/10.31955/mea.v7i3.3327
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López-Toro, A. A., Sánchez-Teba, E. M., Benítez-Márquez, M. D., & Rodríguez-Fernández, M. (2021). Influence of ESGC Indicators on Financial Performance of Listed Pharmaceutical Companies. International Journal of Environmental Research and Public Health, 18(9), 4556. https://doi.org/10.3390/ijerph18094556
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Menicucci, E., & Paolucci, G. (2022). Board Diversity and ESG Performance: Evidence from the Italian Banking Sector. Sustainability, 14(20), 13447. https://doi.org/10.3390/su142013447
Naufal, A. M., & Fatihat, G. G. (2023). Pengaruh Rasio Likuiditas, Rasio Solvabilitas Dan Rasio Aktivitas Terhadap Kinerja Keuangan Perusahaan (Studi Kasus Pada Perusahaan Manufaktur Sub Sektor Rokok Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021). JPAK: Jurnal Pendidikan Akuntansi Dan Keuangan, 11(1), 41–47.
Novita, H., Gaol, R. L., Matanari, R., Siahaan, M., & Sarumaha, D. (2022). Analisis Pengaruh Likuiditas, Solvabilitas dan Aktivitas terhadap Profitabilitas pada Perusahaan Manufaktur Makanan yang Terdapat di Bei Periode 2017-2020. Owner: Riset & Jurnal Akuntansi, 6(2).
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Othuon, D. O., Gatimbu, K. K., Musafiri, C. M., & Ngetich, F. K. (2023). Board diversity effects on the financial performance of small-holder coffee processors: Evidence from Kenya. Social Sciences & Humanities Open, 8(1), 100568. https://doi.org/10.1016/j.ssaho.2023.100568
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Pardosi, D. P., & Siagian, H. L. (2021). Debt to Assets Ratio and Management Asset on Financial Performance: An Evidence of Chemical Companies in Indonesia Stock Exchange. Ekonomis: Journal of Economics and Business, 5(2), 417. https://doi.org/10.33087/ekonomis.v5i2.387
Pavlović, V., Knežević, G., & Bojičić, R. (2019). Does board of director’s age diversity affect financial performance in agricultural sector? Evidence from an emerging country. Custos e Agronegocio, 15(3).
Pertiwi, S. N., Muslim, A., & Widiastuti, M. C. (2024). ANALISIS PENGARUH KINERJA ESG DAN CORPORATE GOVERNANCE TERHADAP FINANCIAL PERFORMANCE DENGAN DIGITAL TRANSFORMATION SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN LQ45. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(2), 1777–1796. https://doi.org/10.31955/mea.v8i2.4245
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Qurniasih, R., Pramurindra, R., Fakhruddin, I., & Inayati, N. I. (2025). Pengaruh Pengungkapan ESG Terhadap Nilai Perusahaan Dengan Praktik Good Corporate Governance Sebagai Variabel Moderasi. JURNAL AKUNTANSI, 35(2).
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Sari, W. N., Novari, E., Fitri, Y. S., & Nasution, A. I. (2022). Effect of Current Ratio (Cr), Quick Ratio (Qr), Debt To Asset Ratio (Dar) and Debt To Equity Ratio (Der) on Return On Assets (Roa). Journal of Islamic Economics and Bussiness, 2(1).
Sedovandara, D. F., & Mahardika, D. P. K. (2023). Financial Performance Determinant: Evidence On Energy And Mineral Sector. Jurnal Akuntansi, 27(2), 299–317. https://doi.org/10.24912/ja.v27i2.1392
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Annisawanti, H., Dahlan, M., & Handoyo, S. (2024). Pengaruh Environmental, Social dan Governance (ESG) Terhadap Kinerja Keuangan Perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2018-2022. Jurnal Proaksi, 11(2), 399–415. https://doi.org/10.32534/jpk.v11i2.5702
Arioglu, E. (2021). Board age and value diversity: Evidence from a collectivistic and paternalistic culture. Borsa Istanbul Review, 21(3), 209–226. https://doi.org/10.1016/j.bir.2020.10.004
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Banerjee, S. (2025). CEO-board directional age difference and R&D of firms: Examining the moderation effects of strategic orientation. Acta Psychologica, 254, 104815. https://doi.org/10.1016/j.actpsy.2025.104815
Biduri, S., Maryanti, E., Ahmed, E. R., & Nurasik. (2023). Does Board Gender Diversity Affect Accounting Conservatism and Financial Performance? AKRUAL: Jurnal Akuntansi, 14(2), 203–218. https://doi.org/10.26740/jaj.v14n2.p203-218
Brigham, E. F., & Houston, J. F. (2007). Fundamentals of Financial Management (Eleventh).
Durlista, M. A., & Wahyudi, I. (2023). PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL DAN GOVERNANCE (ESG) TERHADAP KINERJA PERUSAHAAN PADA PERUSAHAAN SUB SEKTOR PERTAMBANGAN BATU BARA PERIODE 2017-2022. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(3), 210–232. https://doi.org/10.31955/mea.v7i3.3327
Fathonah, A. N. (2018). Pengaruh Gender Diversity dan Age Diversity Terhadap Kinerja Keuangan The Effects of Gender Diversity and Age Diversity on Financial Performance. Jurnal Riset Akuntansi Dan Keuangan, 6(3), 373–380.
Garcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272. https://doi.org/10.1002/bse.2570
Grishunin, S., Yarantseva, A., & Karminsky, A. (2024). Influence of gender and age diversity of boards on financial and market performance of banks. Procedia Computer Science, 242, 372–379. https://doi.org/10.1016/j.procs.2024.08.172
Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9(2), 193–206.
Hanggraeni, D. (2023). ESG (Environmental Social Governance) & GRC (Governance Risk Compliance): Konsep, Metode dan Hasil Penelitian. PT Penerbit IPB Press.
Haninun, N. A., Lindrianasari, N. A., & Denziana, A. (2018). The effect of environmental performance and disclosure on financial performance. International Journal of Trade and Global Markets, 11(1/2), 138. https://doi.org/10.1504/IJTGM.2018.092471
Huang, H., Lu, Y., & Wang, L. (2025). Board age diversity and digital transformation: Evidence from China. International Review of Economics & Finance, 100, 104106. https://doi.org/10.1016/j.iref.2025.104106
Hutabarat, F. (2020). Analisis kinerja keủangan perusahaan. Penerbit Desanta Muliavisitama.
Ilham, I. (2020). The Influence of Current Ratio and Debt to Asset Ratio on Return on Assets at PT Selaras Aditama. Jurnal Ad’ministrare, 6(2), 229. https://doi.org/10.26858/ja.v6i2.13556
John, J. S., Sudiono, R. R., Haryono, L., & Adelina, Y. E. (2020). The Diversity of Board of Directors Characteristics and Firm Value: Analysis From Indonesian Public Companies. Journal of Applied Accounting and Taxation Article History, 5(2), 233–245.
Kasmir. (2019). Pengantar Manajemen Keuangan (kedua). PRENADAMEDIA GROUP.
Katsiampa, P., McGuinness, P. B., & Zhang, H. (2024). The role of board age diversity in the performance of publicly listed Fintech entities. The European Journal of Finance, 30(11), 1295–1326. https://doi.org/10.1080/1351847X.2023.2287066
Kusuma, R. P. (2018). Pengaruh DAR, Ukuran Perusahaan, Risiko, Pajak, dan Likuiditas terhadap Profitabilitas Perusahaan Sektor Pertambangan di Indonesia. BISMA (Bisnis Dan Manajemen), 8(2), 191. https://doi.org/10.26740/bisma.v8n2.p191-203
Leony, E., Rizkiyanti, A., & Uzliawati, L. (2024). PENGARUH ENVIROMENTAL, SOCIAL DAN GOVERNANCE DISCLOSURE TERHADAP PROFITABILITAS PERUSAHAAN SEKTOR MAKANAN DAN MINUMAN DI INDONESIA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(1), 196–209. https://doi.org/10.31955/mea.v8i1.3655
Liu, H., Wu, K., & Zhou, Q. (2022). Whether and How ESG Impacts on Corporate Financial Performance in the Yangtze River Delta of China. Sustainability, 14(24), 16584. https://doi.org/10.3390/su142416584
López-Toro, A. A., Sánchez-Teba, E. M., Benítez-Márquez, M. D., & Rodríguez-Fernández, M. (2021). Influence of ESGC Indicators on Financial Performance of Listed Pharmaceutical Companies. International Journal of Environmental Research and Public Health, 18(9), 4556. https://doi.org/10.3390/ijerph18094556
Mehta, C. R., & Patel, N. R. (2013). IBM SPSS Exact Tests. IBM Corporation.
Menicucci, E., & Paolucci, G. (2022). Board Diversity and ESG Performance: Evidence from the Italian Banking Sector. Sustainability, 14(20), 13447. https://doi.org/10.3390/su142013447
Naufal, A. M., & Fatihat, G. G. (2023). Pengaruh Rasio Likuiditas, Rasio Solvabilitas Dan Rasio Aktivitas Terhadap Kinerja Keuangan Perusahaan (Studi Kasus Pada Perusahaan Manufaktur Sub Sektor Rokok Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021). JPAK: Jurnal Pendidikan Akuntansi Dan Keuangan, 11(1), 41–47.
Novita, H., Gaol, R. L., Matanari, R., Siahaan, M., & Sarumaha, D. (2022). Analisis Pengaruh Likuiditas, Solvabilitas dan Aktivitas terhadap Profitabilitas pada Perusahaan Manufaktur Makanan yang Terdapat di Bei Periode 2017-2020. Owner: Riset & Jurnal Akuntansi, 6(2).
Nurrahmi, A. D., Siregar, H., & Bandono, B. (2023). The Effects of Financial Performance and Macroeconomics on Financial Distress in The Energy Sector Before and During Covid-19 Pandemic. Business Review and Case Studies, 4(3). https://doi.org/10.17358/brcs.4.3.239
Othuon, D. O., Gatimbu, K. K., Musafiri, C. M., & Ngetich, F. K. (2023). Board diversity effects on the financial performance of small-holder coffee processors: Evidence from Kenya. Social Sciences & Humanities Open, 8(1), 100568. https://doi.org/10.1016/j.ssaho.2023.100568
Pangestika, M., Mayasari, I., & Kurniawan, A. (2021). Pengaruh DAR dan TATO terhadap ROA pada Perusahaan Subsektor Makanan dan Minuman di BEI Tahun 2014-2020. Indonesian Journal of Economics and Management, 2(1), 197–207. https://doi.org/10.35313/ijem.v2i1.3137
Pardosi, D. P., & Siagian, H. L. (2021). Debt to Assets Ratio and Management Asset on Financial Performance: An Evidence of Chemical Companies in Indonesia Stock Exchange. Ekonomis: Journal of Economics and Business, 5(2), 417. https://doi.org/10.33087/ekonomis.v5i2.387
Pavlović, V., Knežević, G., & Bojičić, R. (2019). Does board of director’s age diversity affect financial performance in agricultural sector? Evidence from an emerging country. Custos e Agronegocio, 15(3).
Pertiwi, S. N., Muslim, A., & Widiastuti, M. C. (2024). ANALISIS PENGARUH KINERJA ESG DAN CORPORATE GOVERNANCE TERHADAP FINANCIAL PERFORMANCE DENGAN DIGITAL TRANSFORMATION SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN LQ45. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(2), 1777–1796. https://doi.org/10.31955/mea.v8i2.4245
Prihatni, R., Baroto, Y., Simbolon, H. O., Amalia, D., Meirsha, I. D. M. T., Azis, S. A., & Sastraatmadja, A. H. M. (2024). ANALISIS LITERASI KEUANGAN DAN INKLUSI KEUANGAN DI INDONESIA: Strategi untuk Meningkatkan Kesejahteraan Finansial Masyarakat. Penerbit Widina.
Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG Disclosure Influence Firm Performance? Sustainability, 14(13), 7595. https://doi.org/10.3390/su14137595
Qurniasih, R., Pramurindra, R., Fakhruddin, I., & Inayati, N. I. (2025). Pengaruh Pengungkapan ESG Terhadap Nilai Perusahaan Dengan Praktik Good Corporate Governance Sebagai Variabel Moderasi. JURNAL AKUNTANSI, 35(2).
Sandberg, H., Alnoor, A., & Tiberius, V. (2023). Environmental, social, and governance ratings and financial performance: Evidence from the European food industry. Business Strategy and the Environment, 32(4), 2471–2489. https://doi.org/10.1002/bse.3259
Sari, W. N., Novari, E., Fitri, Y. S., & Nasution, A. I. (2022). Effect of Current Ratio (Cr), Quick Ratio (Qr), Debt To Asset Ratio (Dar) and Debt To Equity Ratio (Der) on Return On Assets (Roa). Journal of Islamic Economics and Bussiness, 2(1).
Sedovandara, D. F., & Mahardika, D. P. K. (2023). Financial Performance Determinant: Evidence On Energy And Mineral Sector. Jurnal Akuntansi, 27(2), 299–317. https://doi.org/10.24912/ja.v27i2.1392
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010
Sunaryono, S., Marjono, M., Yuniarti, Y., Hertina, D., Waty, E., Haryanti, C. S., Mulatsih, L. S., Liestyowati, L., & Parju, P. (2023). BUKU AJAR MANAJEMEN KEUANGAN II. PT. Sonpedia Publishing Indonesia.
Supardi, H., H. Suratno, & Suyanto. (2016). Pengaruh Current Ratio, Debt To Asset Ratio, Total Asset Turnover Dan Inflasi Terhadap Return On Asset. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 2(2), 16–27.
Suripno. (2025). Sustainability dan ESG, Strategi Implementasi di Korporasi. Detak Pustaka.
Thian, A. (2022). Analisis Laporan Keuangan. Penerbit Andi.
Vetchagool, W. (2025). Board Age Diversity and Firm Performance: Empirical Evidence from Thailand.
Warouw, F. F., Mashudi, Arafah, M., Noviany, H., & Hendarto, T. (2024). The Rise of Environmental, Social, and Governance (ESG): Assessing the Impact and Implications for Global Business Practices and Policy Formulation. International Journal of Science and Society, 6(1), 810–821. https://doi.org/10.54783/ijsoc.v6i1.1066
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Diterbitkan
2025-08-31
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Oktasya, P., & Wijaya, H. (2025). CAN ESG FACTORS, AGE DIVERSITY AND LEVERAGE EFFECT THE FINANCIAL PERFORMANCE OF INDONESIA ENERGY COMPANIES. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 3459-3480. https://doi.org/10.31955/mea.v9i2.6152
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