PENGARUH ESG DISCLOSURE DAN ESG PERFORMANCE TERHADAP FIRM PERFORMANCE DI INDONESIA
Abstract
Penelitian memiliki tujuan menganalisis pengaruh variabel independen penelitian, ESG performance dan ESG disclosure, terhadap variabel dependen firm performance dengan menggunakan Return on Asset (ROA) dan Return on Equity (ROE) sebagai pengukuran firm performance. Penelitian mengambil data pada periode finansial 2019-2023 dari perusahaan-perusahaan yang secara resmi terdaftar pada Bursa Efek Indonesia (BEI). Terdapat sebanyak 84 perusahaan yang terpilih menjadi sampel untuk digunakan dalam penelitian dengan 242 jumlah observasi. Hasil uji regresi menunjukan bahwa ESG Performance memiliki pengaruh signifikan positif terhadap variabel ROA dan ROE. Sedangkan ESG Disclosure memiliki pengaruh signifikan positif pada ROA dan namun tidak berpengaruh kepada ROE. Hasil penelitian ini diharapkan dapat menjadi tambahan referensi bagi investor, regulator dan pemangku kepentingan mengenai pentingnya pelaporan keberlanjutan untuk meningkatkan performa perusahaan.
References
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Huang, D. Z. X. (2021). Environmental, social and governance (ESG) activity and firm performance: a review and consolidation. Accounting & Finance, 61(1), 335–360. https://doi.org/10.1111/acfi.12569
Jucá, M. N., Muren, P. D., Valentinčič, A., & Ichev, R. (2024). The impact of ESG controversies on the financial performance of firms: An analysis of industry and country clusters. Borsa Istanbul Review, 24(6), 1305–1315. https://doi.org/10.1016/j.bir.2024.08.001
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Li, S., Yin, P., & Liu, S. (2022). Evaluation of ESG ratings for Chinese listed companies from the perspective of stock price crash risk. Frontiers in Environmental Science, 10. https://doi.org/10.3389/fenvs.2022.933639
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Nabais, E., & Franco, M. (2024). Sustainable development practices in small and medium-sized enterprises: multiple case studies. International Journal of Organizational Analysis, 32(10), 2494–2516. https://doi.org/10.1108/IJOA-08-2023-3900
Novia, N., Adrianto, F., & Geraldina, I. (2024). The Influence of environmental, social, and governance performance disclosure on stock performance. Journal of World Science, 3(1), 69–78. https://doi.org/10.58344/jws.v3i1.529
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Xue, L., Dong, J., & Zha, Y. (2023). How does digital finance affect firm environmental, social and governance (ESG) performance? — evidence from Chinese listed firms. Heliyon, 9(10), e20800. https://doi.org/10.1016/j.heliyon.2023.e20800
Yawika, M. K., & Handayani, S. (2019). The effect of ESG performance on economic performance in the high profile industry in Indonesia. Journal Of International Business And Economics, 7(2). https://doi.org/10.15640/jibe.v7n2a12
Zakiyah, L., & Maryanti, E. (2024). Environmental, social, and governance (ESG) disclosure, cash holding, capital structure on financial performance and firm value. https://doi.org/10.21070/ups.4704
Zarefar, A., Agustia, D., & Soewarno, N. (2022). Bridging the gap between sustainability disclosure and firm performance in Indonesian firms: the moderating effect of the family firm. Sustainability, 14(19), 12022. https://doi.org/10.3390/su141912022
Aisiya, C. A., & Hariyono, A. (2025). Pengaruh sustainability report, profitabilitas dan kepemilikan institusional terhadap nilai perusahaan. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 1032–1052. https://doi.org/10.31955/mea.v9i2.6106
Alfalih, A. A. (2023). ESG disclosure practices and financial performance: a general and sector analysis of SP-500 non-financial companies and the moderating effect of economic conditions. Journal of Sustainable Finance & Investment, 13(4), 1506–1533. https://doi.org/10.1080/20430795.2022.2150511
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
Bahadori, N., Kaymak, T., & Seraj, M. (2021). Environmental, social, and governance factors in emerging markets: The impact on firm performance. Business Strategy & Development, 4(4), 411–422. https://doi.org/10.1002/bsd2.167
Bamel, N., Khatri, K., Bamel, U., & Kumar, S. (2025). ESG disclosure and firm performance in global south economy: does industry profile moderate the relationship. International Review of Economics & Finance, 104093. https://doi.org/10.1016/j.iref.2025.104093
Bătae, O. M., Dragomir, V. D., & Feleagă, L. (2021). The relationship between environmental, social, and financial performance in the banking sector: a European study. Journal of Cleaner Production, 290, 125791. https://doi.org/10.1016/j.jclepro.2021.125791
Bodhanwala, S., & Bodhanwala, R. (2022). Exploring relationship between sustainability and firm performance in travel and tourism industry: A global evidence. Social Responsibility Journal, 18(7), 1251–1269. https://doi.org/10.1108/SRJ-09-2020-0360
Bui, H., & Krajcsák, Z. (2024). The impacts of corporate governance on firms’ performance: from theories and approaches to empirical findings. Journal of Financial Regulation and Compliance, 32(1), 18–46. https://doi.org/10.1108/JFRC-01-2023-0012
Burki, A. K., Ahamed Mafaz, M. N., Ahmad, Z., Zulfaka, A., & Al-Amatullah, I. (2024). The impact of ESG disclosures on financial performance: evidence from ASEAN-listed companies. American Journal of Economic and Management Business (AJEMB), 3(10), 357–368. https://doi.org/10.58631/ajemb.v3i10.120
Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291. https://doi.org/10.1016/j.irfa.2022.102291
Chung, R., Bayne, L., & Birt, J. (2024). The impact of environmental, social and governance (ESG) disclosure on firm financial performance: Evidence from Hong Kong. Asian Review of Accounting, 32(1), 136–165. https://doi.org/10.1108/ARA-07-2022-0165
da Cunha, Í. G. F., Policarpo, R. V. S., de Oliveira, P. C. S., Abdala, E. C., & do Nascimento Rebelatto, D. A. (2025). A systematic review of ESG indicators and corporate performance: proposal for a conceptual framework. Future Business Journal, 11(1), 106. https://doi.org/10.1186/s43093-025-00539-1
Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: concepts, evidence, and implications. The Academy of Management Review, 20(1), 65. https://doi.org/10.2307/258887
Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: social values and organizational behavior. The Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226
Firmansyah, E. A., Umar, U. H., & Jibril, R. S. (2023). Investigating the effect of ESG disclosure on firm performance: the case of Saudi Arabian listed firms. Cogent Economics & Finance, 11(2). https://doi.org/10.1080/23322039.2023.2287923
Ha, N. T. T., Nguyen, T. C., & Ho, N. T. B. (2024). The impact of environmental, social and governance disclosure on stock prices: empirical research in Vietnam. Heliyon, 10(19), e38757. https://doi.org/10.1016/j.heliyon.2024.e38757
Habib, A., Oláh, J., Khan, M. H., & Luboš, S. (2025). Does integration of ESG disclosure and green financing improve firm performance: practical applications of stakeholders theory. Heliyon, 11(4), e41996. https://doi.org/10.1016/j.heliyon.2025.e41996
Huang, D. Z. X. (2021). Environmental, social and governance (ESG) activity and firm performance: a review and consolidation. Accounting & Finance, 61(1), 335–360. https://doi.org/10.1111/acfi.12569
Jucá, M. N., Muren, P. D., Valentinčič, A., & Ichev, R. (2024). The impact of ESG controversies on the financial performance of firms: An analysis of industry and country clusters. Borsa Istanbul Review, 24(6), 1305–1315. https://doi.org/10.1016/j.bir.2024.08.001
Le, A.-T., & Tran, T. P. (2021). Does geopolitical risk matter for corporate investment? evidence from emerging countries in Asia. Journal of Multinational Financial Management, 62, 100703. https://doi.org/10.1016/j.mulfin.2021.100703
Li, S., Yin, P., & Liu, S. (2022). Evaluation of ESG ratings for Chinese listed companies from the perspective of stock price crash risk. Frontiers in Environmental Science, 10. https://doi.org/10.3389/fenvs.2022.933639
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
Liu, G., Qian, H., Shi, Y., Zhang, Y., & Wu, F. (2024). Does ESG report greenwashing increase stock price crash risk? China Journal of Accounting Studies, 1–25. https://doi.org/10.1080/21697213.2024.2303070
Mfarrej, M. F. B., Belyamani, I., Ahmad, S. Z., & Bakar, A. R. A. (2025). Exploring the path to sustainable firm performance: the role of leadership, learning, and procurement in SMEs. Sustainable Futures, 10, 101454. https://doi.org/10.1016/j.sftr.2025.101454
Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, social and governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015. https://doi.org/10.1016/j.cesys.2021.100015
Nabais, E., & Franco, M. (2024). Sustainable development practices in small and medium-sized enterprises: multiple case studies. International Journal of Organizational Analysis, 32(10), 2494–2516. https://doi.org/10.1108/IJOA-08-2023-3900
Novia, N., Adrianto, F., & Geraldina, I. (2024). The Influence of environmental, social, and governance performance disclosure on stock performance. Journal of World Science, 3(1), 69–78. https://doi.org/10.58344/jws.v3i1.529
Nurafifah, N., Vinneza, S., Ariestha Utha, M., Kurniawati, K., Hermawan, A., & Mihály, A. (2025). Implementasi ESG dan kinerja keuangan: wawasan dari perusahaan multi sektor di Indonesia. Journal of Accounting and Finance Management, 6(4), 2031–2044. https://doi.org/10.38035/jafm.v6i4.2361
Putra, A. K., Junus, O., Masiaga, N., Abdullah, J., & Saprudin, S. (2025). The influence of sustainability performance on the value of banking companies listed on the Indonesia Stock Exchange. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 609–624. https://doi.org/10.31955/mea.v9i2.5681
Roy, P. P., Rao, S., & Zhu, M. (2022). Mandatory CSR expenditure and stock market liquidity. Journal of Corporate Finance, 72, 102158. https://doi.org/10.1016/j.jcorpfin.2022.102158
Sahu, M., Alahdal, W. M., Pandey, D. K., Baatwah, S. R., & Bajaher, M. S. (2025). Board gender diversity and firm performance: Unveiling the ESG effect. Sustainable Futures, 9, 100493. https://doi.org/10.1016/j.sftr.2025.100493
Shobhwani, K., & Lodha, S. (2024). Impact of ESG disclosure scores on financial, operating and market-based performance: evidence from NSE-100 companies. NMIMS Management Review, 32(3), 211–223. https://doi.org/10.1177/09711023241306219
Suryadi, D., & Nuryaman, N. (2025). Pengaruh biaya lingkungan, kinerja lingkungan, ukuran perusahaan terhadap profitabilitas. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(3), 711–720. https://doi.org/10.31955/mea.v9i3.6185
Tang, S., Serly, S., Septiany, S., Harsono, B., & Ardianti, W. (2025). Impact of environmental, social, governance (ESG) disclosure on company performance. International Journal of Economics Development Research (IJEDR), 6(4), 1942–1953. https://doi.org/https://doi.org/10.37385/ijedr.v6i4.7668
Xu, F., Ji, Q., & Yang, M. (2021). The pitfall of selective environmental information disclosure on stock price crash risk: evidence from polluting listed companies in China. Frontiers in Environmental Science, 9. https://doi.org/10.3389/fenvs.2021.622345
Xue, L., Dong, J., & Zha, Y. (2023). How does digital finance affect firm environmental, social and governance (ESG) performance? — evidence from Chinese listed firms. Heliyon, 9(10), e20800. https://doi.org/10.1016/j.heliyon.2023.e20800
Yawika, M. K., & Handayani, S. (2019). The effect of ESG performance on economic performance in the high profile industry in Indonesia. Journal Of International Business And Economics, 7(2). https://doi.org/10.15640/jibe.v7n2a12
Zakiyah, L., & Maryanti, E. (2024). Environmental, social, and governance (ESG) disclosure, cash holding, capital structure on financial performance and firm value. https://doi.org/10.21070/ups.4704
Zarefar, A., Agustia, D., & Soewarno, N. (2022). Bridging the gap between sustainability disclosure and firm performance in Indonesian firms: the moderating effect of the family firm. Sustainability, 14(19), 12022. https://doi.org/10.3390/su141912022
Published
2026-02-16
How to Cite
Agustin, I., Teo, L., & Yulfiswandi, Y. (2026). PENGARUH ESG DISCLOSURE DAN ESG PERFORMANCE TERHADAP FIRM PERFORMANCE DI INDONESIA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(1), 743-756. https://doi.org/10.31955/mea.v10i1.6788
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