ANALISIS DAMPAK ESG TERHADAP NILAI PERUSAHAAN : SYSTEMATIC LITERATURE REVIEW
Abstract
Penelitian ini bertujuan untuk menganalisis hubungan antara Environmental, Social, and Governance (ESG) dan nilai perusahaan melalui tinjauan sistematis terhadap literatur lintas sektor dan wilayah. Menggunakan pendekatan Systematic Literature Review (SLR) berpedoman PRISMA 2020, penelitian ini menelaah 72 artikel ilmiah terindeks Scopus rank Q1, Q2, Q3, dan Q4 periode 2021–2025 dan dianalisis dengan bantuan sistem Watase Uake Tools untuk mengelompokkan tema, wilayah, serta teori yang digunakan. Berdasarkan hasil analisis, ditemukan bahwa kinerja ESG berpengaruh positif terhadap nilai perusahaan dengan kekuatan pengaruh yang bervariasi menurut konteks geografis, tingkat regulasi, dan karakteristik industri. Perusahaan di negara berkembang seperti China dan India cenderung memanfaatkan ESG sebagai strategi untuk menarik investor dan memperkuat legitimasi pasar. Sedangkan di negara maju, ESG lebih berperan sebagai instrumen kepatuhan dan transparansi tata kelola. Selanjutnya, kajian teoretis menunjukkan bahwa hubungan ESG dan nilai perusahaan dapat dijelaskan secara lebih komprehensif melalui integrasi beberapa teori utama, yaitu stakeholder theory, signaling theory, agency theory, legitimacy theory, dan resource-based view theory. Kesimpulan penelitian ini menegaskan bahwa ESG bukan hanya indikator tanggung jawab sosial, tetapi juga strategi korporasi yang menciptakan nilai berkelanjutan dan keunggulan kompetitif jangka panjang.
References
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Al-Hiyari, A., & Kolsi, M. C. 2021. How do Stock Market Participants Value ESG Performance Evidence from Middle Eastern and North African Countries. Global Business Review, 24(4), 1–23. https://doi.org/10.1177/0972150921100151
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Bigelli, M., Chiappini, H., & Mengoli, S. (2023). ESG disclosure and firm valuation: Evidence from European listed companies. European Financial Management, 29(3), 665–689. https://doi.org/10.1111/eufm.12483
Bolognesi, T., & Burchi, F. (2023). The green transition and sustainable finance after the Paris Agreement. Ecological Economics, 207, 107731. https://doi.org/10.1016/j.ecolecon.2023.107731
Bruna, M. G., Soderstrom, N. S., & Alon, A. (2022). ESG performance, institutional pressures, and firm value: Evidence from Europe. Journal of International Accounting Research, 21(2), 45–68. https://doi.org/10.2308/jiar-2021-052
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Kong, D., Li, X., & Zhang, H. (2023). Green innovation and ESG performance: Evidence from manufacturing firms. Journal of Cleaner Production, 411, 137241. https://doi.org/10.1016/j.jclepro.2023.137241
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Liu, Y., Wang, C., & Zhao, M. (2022). ESG performance and accounting-based firm value: Evidence from China’s Yangtze River Economic Belt. Emerging Markets Review, 50, 100880. https://doi.org/10.1016/j.ememar.2022.100880
Manta, F., Lupu, I., & Pavel, D. (2025). ESG reporting, risk management, and market performance in the European banking sector. Journal of Sustainable Finance & Investment, 15(1), 97–116. https://doi.org/10.1080/20430795.2024.2310071
Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. PLoS Medicine, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097
Nightingale, A. 2009. A guide to systematic literature reviews. Surgery (Oxford), 27(9), 381–384. https://doi.org/10.1016/j.mpsur.2009.07.005
Paul, et al. 2021. Scientific procedures and rationales for systematic literature reviews (SPAR-4-SLR). International Journal of Consumer Studies, 45, 01–016. https://doi.org/10.1111/ijcs.12695
Schoenmaker, D., & Schramade, W. (2019). Principles of sustainable finance. Oxford University Press.
Siddaway, A. P., Wood, A. M., & Hedges, L. V. (2019). How to do a systematic review: A best practice guide for conducting and reporting narrative reviews, meta-analyses, and meta-syntheses. Annual Review of Psychology, 70(1), 747–770. https://doi.org/10.1146/annurev-psych-010418-102803
Sinha, R., & Goel, P. (2022). ESG practices and firm performance in emerging markets: Evidence from India. Journal of Asian Finance, Economics and Business, 9(10), 45–56. https://doi.org/10.13106/jafeb.2022.vol9.no10.45
Spense, M. 1973. Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://www.jstor.org/stable/1882010
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788
Wahyudi, Lilik. (2024). Watase Uake: Research Collaboration Tools. Retrieved from https://www.watase.web.id
Wen, F., Zhou, D., & Zhang, X. (2024). ESG performance and financial market stability: Evidence from cross-country analysis. Finance Research Letters, 59, 103925. https://doi.org/10.1016/j.frl.2024.103925
Wu, C., Xu, L., & Cheng, J. (2022). ESG strategy as a resource-based capability: Evidence from Asian markets. Journal of Business Ethics, 178(4), 821–843. https://doi.org/10.1007/s10551-021-04911-9
Yadav, S., & Asongu, S. A. (2025). ESG resilience and financial performance: Evidence from India’s emerging market. Global Finance Journal, 67, 101899. https://doi.org/10.1016/j.gfj.2024.101899
Zhang, Y., & Liu, J. (2023). ESG disclosure as a signal of governance quality: Evidence from Asian listed firms. Journal of Corporate Finance, 83, 102630. https://doi.org/10.1016/j.jcorpfin.2023.102630
Zhang, et al. 2024. Does ESG Performance Affect the Enterprise Value of China s Heavily Polluting Listed Companies. Sustainability, 16, 2826. https://doi.org/10.3390/su16072826
Zhao, X., Li, H., & Cheng, P. (2025). Government incentives, ESG, and firm performance: The moderating role of institutional environment. Asia Pacific Journal of Management, 42(2), 351–372. https://doi.org/10.1007/s10490-024-09822-9
Zhou, G., Tang, G., & Yu, X. (2022). Does ESG performance improve corporate value? Evidence from Chinese listed companies. Sustainability, 14(18), 11592. https://doi.org/10.3390/su141811592
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Ahmad, N., Rashid, A., & Gow, J. (2021). Corporate social responsibility disclosure and firm performance: Evidence from an emerging market. Journal of Cleaner Production, 278, 123930. https://doi.org/10.1016/j.jclepro.2020.123930
Al, F., & Khatib, S. F. A. (2023). ESG performance and corporate resilience during COVID-19: Evidence from emerging markets. Sustainability, 15(4), 3128. https://doi.org/10.3390/su15043128
Al-Hiyari, A., & Kolsi, M. C. 2021. How do Stock Market Participants Value ESG Performance Evidence from Middle Eastern and North African Countries. Global Business Review, 24(4), 1–23. https://doi.org/10.1177/0972150921100151
Aydoğmuş, H., Dicle, M. F., & Dicle, M. F. (2022). The impact of ESG performance on firm value: Cross-country evidence. Journal of Business Research, 146, 1–12. https://doi.org/10.1016/j.jbusres.2022.02.013
Bigelli, M., Chiappini, H., & Mengoli, S. (2023). ESG disclosure and firm valuation: Evidence from European listed companies. European Financial Management, 29(3), 665–689. https://doi.org/10.1111/eufm.12483
Bolognesi, T., & Burchi, F. (2023). The green transition and sustainable finance after the Paris Agreement. Ecological Economics, 207, 107731. https://doi.org/10.1016/j.ecolecon.2023.107731
Bruna, M. G., Soderstrom, N. S., & Alon, A. (2022). ESG performance, institutional pressures, and firm value: Evidence from Europe. Journal of International Accounting Research, 21(2), 45–68. https://doi.org/10.2308/jiar-2021-052
Chen, Y., & Zhang, L. (2024). ESG, agency theory, and firm value: Evidence from digital governance in China. Asia-Pacific Journal of Accounting & Economics, 31(1), 113–133. https://doi.org/10.1080/16081625.2023.2180429
Cheng, L., Zhang, R., & Zhao, X. (2023). Institutional context, ESG, and corporate performance: Evidence from Chinese listed firms. Finance Research Letters, 54, 103859. https://doi.org/10.1016/j.frl.2023.103859
Duan, Y., Yang, F., & Xiong, L. 2023. Environmental, Social, and Governance (ESG) Performance and Firm Value Evidence from Chinese Manufacturing Firms. Sustainability, 5(17), 12858. https://doi.org/10.3390/su151712858.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
Ferdous, S., Nguyen, T. N., & Rahman, M. (2024). Corporate governance, ESG performance, and firm value: Evidence from the United States. Sustainability Accounting, Management and Policy Journal, 15(2), 287–308. https://doi.org/10.1108/SAMPJ-2023-0082
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman.
Fu, J., & Li, Y. (2023). ESG performance, digital transformation, and firm value: Evidence from China. Technological Forecasting and Social Change, 195, 122630. https://doi.org/10.1016/j.techfore.2023.122630
Iazzolino, et al. 2023. The impact of ESG factors on financial efficiency An empirical analysis for the selection of sustainable firm portfolios. Corporate Social Responsibility and Environmental Management, 30(4), 1917–1927. https://doi.org/10.1002/csr.2463
Jain, P., & Banerjee, S. (2025). ESG disclosure and firm performance: Evidence from Indian listed companies. Asia-Pacific Management Review, 30(1), 78–92. https://doi.org/10.1016/j.apmrv.2025.01.007
Kong, D., Li, X., & Zhang, H. (2023). Green innovation and ESG performance: Evidence from manufacturing firms. Journal of Cleaner Production, 411, 137241. https://doi.org/10.1016/j.jclepro.2023.137241
KPMG. (2004). KPMG International survey of corporate responsibility reporting 2004. Amsterdam: KPMG International.
Liu, Y., Wang, C., & Zhao, M. (2022). ESG performance and accounting-based firm value: Evidence from China’s Yangtze River Economic Belt. Emerging Markets Review, 50, 100880. https://doi.org/10.1016/j.ememar.2022.100880
Manta, F., Lupu, I., & Pavel, D. (2025). ESG reporting, risk management, and market performance in the European banking sector. Journal of Sustainable Finance & Investment, 15(1), 97–116. https://doi.org/10.1080/20430795.2024.2310071
Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. PLoS Medicine, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097
Nightingale, A. 2009. A guide to systematic literature reviews. Surgery (Oxford), 27(9), 381–384. https://doi.org/10.1016/j.mpsur.2009.07.005
Paul, et al. 2021. Scientific procedures and rationales for systematic literature reviews (SPAR-4-SLR). International Journal of Consumer Studies, 45, 01–016. https://doi.org/10.1111/ijcs.12695
Schoenmaker, D., & Schramade, W. (2019). Principles of sustainable finance. Oxford University Press.
Siddaway, A. P., Wood, A. M., & Hedges, L. V. (2019). How to do a systematic review: A best practice guide for conducting and reporting narrative reviews, meta-analyses, and meta-syntheses. Annual Review of Psychology, 70(1), 747–770. https://doi.org/10.1146/annurev-psych-010418-102803
Sinha, R., & Goel, P. (2022). ESG practices and firm performance in emerging markets: Evidence from India. Journal of Asian Finance, Economics and Business, 9(10), 45–56. https://doi.org/10.13106/jafeb.2022.vol9.no10.45
Spense, M. 1973. Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://www.jstor.org/stable/1882010
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788
Wahyudi, Lilik. (2024). Watase Uake: Research Collaboration Tools. Retrieved from https://www.watase.web.id
Wen, F., Zhou, D., & Zhang, X. (2024). ESG performance and financial market stability: Evidence from cross-country analysis. Finance Research Letters, 59, 103925. https://doi.org/10.1016/j.frl.2024.103925
Wu, C., Xu, L., & Cheng, J. (2022). ESG strategy as a resource-based capability: Evidence from Asian markets. Journal of Business Ethics, 178(4), 821–843. https://doi.org/10.1007/s10551-021-04911-9
Yadav, S., & Asongu, S. A. (2025). ESG resilience and financial performance: Evidence from India’s emerging market. Global Finance Journal, 67, 101899. https://doi.org/10.1016/j.gfj.2024.101899
Zhang, Y., & Liu, J. (2023). ESG disclosure as a signal of governance quality: Evidence from Asian listed firms. Journal of Corporate Finance, 83, 102630. https://doi.org/10.1016/j.jcorpfin.2023.102630
Zhang, et al. 2024. Does ESG Performance Affect the Enterprise Value of China s Heavily Polluting Listed Companies. Sustainability, 16, 2826. https://doi.org/10.3390/su16072826
Zhao, X., Li, H., & Cheng, P. (2025). Government incentives, ESG, and firm performance: The moderating role of institutional environment. Asia Pacific Journal of Management, 42(2), 351–372. https://doi.org/10.1007/s10490-024-09822-9
Zhou, G., Tang, G., & Yu, X. (2022). Does ESG performance improve corporate value? Evidence from Chinese listed companies. Sustainability, 14(18), 11592. https://doi.org/10.3390/su141811592
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Published
2025-12-31
How to Cite
Nurkumalasari, I., Ibrahim, R., Rahayu, N., & Primasiwi, A. (2025). ANALISIS DAMPAK ESG TERHADAP NILAI PERUSAHAAN : SYSTEMATIC LITERATURE REVIEW. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(3), 3055-3072. https://doi.org/10.31955/mea.v9i3.6735
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