SCOPING REVIEW : NEXUS ANTARA KINERJA ESG, COST OF CAPITAL DAN INVESTMENT HURDLE RATES
Abstract
Kajian ini merupakan sebuah scoping review yang memetakan bukti literatur mengenai hubungan kompleks (nexus) antara kinerja Environmental, Social, and Governance (ESG), cost of capital, dan investment hurdle rates berdasarkan 34 jurnal terpilih dari database Scopus dari tahun 2020–2025 . Hasil pemetaan mengidentifikasi dua proposisi utama dalam literatur: (1) kinerja ESG memengaruhi cost of capital melalui mekanisme reduksi information asymmetry dan agency costs; (2) penurunan Weighted Average Cost of Capital (WACC) yang dihasilkan kemudian menurunkan hurdle rate, memperluas kelayakan investasi berkelanjutan. Review ini juga memetakan tantangan konsisten yang dihadapi, termasuk keragaman metrik ESG, masalah endogenitas, serta peran faktor moderasi seperti kualitas pelaporan ESG dan tata kelola perusahaan. Berdasarkan pemetaan tersebut, disimpulkan bahwa diperlukan standarisasi metrik ESG, penguatan metodologi penelitian, dan dukungan kebijakan yang lebih baik untuk mengoptimalkan peran ESG sebagai strategi finansial dalam keputusan alokasi modal.
References
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Feldhütter, P., & Pedersen, L. H. (2025). Is Capital Structure Irrelevant with ESG Investors? Review of Financial Studies, 38(8), 2362–2385. https://doi.org/10.1093/rfs/hhae059
Ferriani, F. (2023). Issuing bonds during the Covid-19 pandemic: Was there an ESG premium? International Review of Financial Analysis, 88. https://doi.org/10.1016/j.irfa.2023.102653
Gao, L., He, J., & Wu, J. (2024). Standing Out from the Crowd via CSR Engagement: Evidence from Non-Fundamental-Driven Price Pressure. Journal of Financial and Quantitative Analysis, 59(1), 39–67. https://doi.org/10.1017/S0022109023000686
Gonçalves, T. C., Dias, J., & Barros, V. (2022). Sustainability Performance and the Cost of Capital. International Journal of Financial Studies, 10(3). https://doi.org/10.3390/ijfs10030063
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Gregory, R. P. (2024). How Greenwashing Affects Firm Risk: An International Perspective. Journal of Risk and Financial Management, 17(11). https://doi.org/10.3390/jrfm17110526
Johnstone, D., & Grant, A. (2025). Zero-beta risks and required returns: ESG and CAPM. Financial Management, 54(1), 33–52. https://doi.org/10.1111/fima.12475
Khorin, A., & Krikunov, A. (2021). ESG-Risk Factors and Value Multiplier of Telecommunications Companies. Journal of Corporate Finance Research, 15(4), 56–65. https://doi.org/10.17323/j.jcfr.2073-0438.15.4.2021.56-65
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Li, Z., Li, Z., & Qin, W. (2025). ESG Risk and Market Return Predictability: New Evidence From the Eurozone. European Financial Management. https://doi.org/10.1111/eufm.12553
Lynch, B., & O’Hagan-Luff, M. (2024). Relative corporate social performance and cost of equity capital: International evidence. International Journal of Finance and Economics, 29(3), 2882–2910. https://doi.org/10.1002/ijfe.2808
Martínez-Ferrero, J., Banerjee, S., & García-Sánchez, I. M. (2016). Corporate Social Responsibility as a Strategic Shield Against Costs of Earnings Management Practices. Journal of Business Ethics, 133(2), 305–324. https://doi.org/10.1007/s10551-014-2399-x
Mohanty, S. S., Mohanty, O., & Ivanof, M. (2021). Alpha enhancement in global equity markets with ESG overlay on factor-based investment strategies. Risk Management, 23(3), 213–242. https://doi.org/10.1057/s41283-021-00075-6
Moussa, A. S., & Elmarzouky, M. (2024). Beyond Compliance: How ESG Reporting Influences the Cost of Capital in UK Firms. Journal of Risk and Financial Management, 17(8). https://doi.org/10.3390/jrfm17080326
Nazarova, V., & Lavrova, V. (2022). Do ESG Factors Influence Investment Attractiveness of the Public Companies? Journal of Corporate Finance Research, 16(1), 38–64. https://doi.org/10.17323/j.jcfr.2073-0438.16.1.2022.38-64
Ofogbe, N. S., Nnamani, C., Anisiuba, C. A., & Ezuwore-Obodoekwe, C. N. (2021). The Relationship Between The Corporate Social Responsibility And The Cost Of The Capital Of The Companies Listed On The Nigerian Stock Exchange. Economic Horizons, 23(3), 277–292. https://doi.org/10.5937/ekonhor2103289O
Ofogbe, O. N., Anastesia, A. C., Ojiakor Ijeama, P., Chidiebere, N., Ihegboro, I. M., & Lass, R. (2021). Long-run relationship of corporate social responsibility and cost of capital of quoted companies in nigeria stock exchange: nigeria evidence. Universal Journal of Accounting and Finance, 9(5), 946–960. https://doi.org/10.13189/ujaf.2021.090506
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2022). Dissecting green returns. Journal of Financial Economics, 146(2), 403–424. https://doi.org/10.1016/j.jfineco.2022.07.007
Pangestika, P., & Widiatmoko, J. (2021). Pengaruh Good Corporate Governance Dan Intellectual Capital Disclosure Terhadap Cost Of Equity Capital. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 5(2), 1959-1980. https://doi.org/10.31955/mea.v5i2.1298
Pirgaip, B., & Rizvić, L. (2023). The Impact of Integrated Reporting on the Cost of Capital: Evidence from an Emerging Market. Journal of Risk and Financial Management, 16(7). https://doi.org/10.3390/jrfm16070311
Radu, O.-M., & Dragomir, V. D. (2023). The Relationship between Integrated Thinking and Financial Risk: Panel Estimation in a Global Sample. Risks, 11(1). https://doi.org/10.3390/risks11010006
Saeed, A., & Sroufe, R. (2021). Performance, Risk, and Cost of Capital: Trends and Opportunities for Future CSR Research. Journal of Risk and Financial Management, 14(12). https://doi.org/10.3390/jrfm14120586
Shahrour, M. H., Girerd-Potin, I., & Taramasco, O. (2021). Corporate social responsibility and firm default risk in the Eurozone: a market-based approach. Managerial Finance, 47(7), 975–997. https://doi.org/10.1108/MF-02-2020-0063
Tawfiq, T. T., Tawaha, H., Tahtamouni, A., & Almasria, N. A. (2024). The Influence of Environmental, Social, and Governance Disclosure on Capital Structure: An Investigation of Leverage and WACC. Journal of Risk and Financial Management, 17(12). https://doi.org/10.3390/jrfm17120570
Titisari, K. H., Moeljadi, M., Ratnawati, K., & Indrawati, N. K. (2019). The roles of cost of capital, corporate governance, and corporate social responsibility in improving firm value: Evidence from Indonesia. Investment Management and Financial Innovations, 16(4), 28–36. https://doi.org/10.21511/imfi.16(4).2019.03
Tran, V. L., Westgaard, S., & Lavrutich, M. (2022). Stock Markets During COVID-19. Beta, 36(1). https://doi.org/10.18261/beta.36.1.3
Trojanek, M. (2010). The application of income approach in property valuation in Poland. Economics and Sociology, 3(2), 35–47. https://doi.org/10.14254/2071-789X.2010/3-2/4
Westphaln, K. K., Regoeczi, W. C., Masotya, M., Vazquez-Westphaln, B., Lounsbury, K., McDavid, L., … & Ronis, S. (2021). From arksey and o’malley and beyond: customizations to enhance a team-based, mixed approach to scoping review methodology. MethodsX, 8, 101375. https://doi.org/10.1016/j.mex.2021.101375
Yilmaz, I. (2022). ESG-Based Sustainability Performance and its Impact on Cost of Capital: International Evidence from the Energy Sector. International Journal of Applied Economics, Finance and Accounting, 12(2), 21–30. https://doi.org/10.33094/ijaefa.v12i2.529
Zakhmatov, D., Vagizova, V., & Valitov, G. (2022). Accounting for ESG Risks in the Discount Rate for Business Valuation. Journal of Corporate Finance Research, 16(1), 83–98. https://doi.org/10.17323/j.jcfr.2073-0438.16.1.2022.83-98
Bancel, F., Glavas, D., & Karolyi, G. A. (2025). Do ESG factors influence firm valuations? Evidence from the field. Financial Review, 60(4), 1191–1223. https://doi.org/10.1111/fire.12444
Berk, I., Guidolin, M., & Magnani, M. (2023). New ESG rating drivers in the cross-section of European stock returns. Journal of Financial Research, 46(S1), S133–S162. https://doi.org/10.1111/jfir.12356
Egorova, A. (2025). Role of ESG Ratings in Shaping Investment Attractiveness: Insights from BRICS Countries. Journal of Corporate Finance Research, 19(1), 5–15. https://doi.org/10.17323/j.jcfr.2073-0438.19.1.2025.5-15
Ekawati, E., Napoh, C. F. A., Dhiru, T. F., & Kusuma, I. W. (2025). Unveiling The Link Of Country Compliance, Risks, And Cost Of Capital In Socially Responsible Investing. Investment Management and Financial Innovations, 22(1), 52–67. https://doi.org/10.21511/imfi.22(1).2025.05
Ernst, D., & Woithe, F. (2024). Impact of the Environmental, Social, and Governance Rating on the Cost of Capital: Evidence from the S&P 500. Journal of Risk and Financial Management, 17(3). https://doi.org/10.3390/jrfm17030091
Feldhütter, P., & Pedersen, L. H. (2025). Is Capital Structure Irrelevant with ESG Investors? Review of Financial Studies, 38(8), 2362–2385. https://doi.org/10.1093/rfs/hhae059
Ferriani, F. (2023). Issuing bonds during the Covid-19 pandemic: Was there an ESG premium? International Review of Financial Analysis, 88. https://doi.org/10.1016/j.irfa.2023.102653
Gao, L., He, J., & Wu, J. (2024). Standing Out from the Crowd via CSR Engagement: Evidence from Non-Fundamental-Driven Price Pressure. Journal of Financial and Quantitative Analysis, 59(1), 39–67. https://doi.org/10.1017/S0022109023000686
Gonçalves, T. C., Dias, J., & Barros, V. (2022). Sustainability Performance and the Cost of Capital. International Journal of Financial Studies, 10(3). https://doi.org/10.3390/ijfs10030063
Gregory, A., Tharyan, R., & Whittaker, J. (2014). Corporate Social Responsibility and Firm Value: Disaggregating the Effects on Cash Flow, Risk and Growth. Journal of Business Ethics, 124(4), 633–657. https://doi.org/10.1007/s10551-013-1898-5
Gregory, R. P. (2024). How Greenwashing Affects Firm Risk: An International Perspective. Journal of Risk and Financial Management, 17(11). https://doi.org/10.3390/jrfm17110526
Johnstone, D., & Grant, A. (2025). Zero-beta risks and required returns: ESG and CAPM. Financial Management, 54(1), 33–52. https://doi.org/10.1111/fima.12475
Khorin, A., & Krikunov, A. (2021). ESG-Risk Factors and Value Multiplier of Telecommunications Companies. Journal of Corporate Finance Research, 15(4), 56–65. https://doi.org/10.17323/j.jcfr.2073-0438.15.4.2021.56-65
Kräussl, R., Oladiran, T., & Stefanova, D. (2024). A review on ESG investing: Investors’ expectations, beliefs and perceptions. Journal of Economic Surveys, 38(2), 476–502. https://doi.org/10.1111/joes.12599
Li, Z., Li, Z., & Qin, W. (2025). ESG Risk and Market Return Predictability: New Evidence From the Eurozone. European Financial Management. https://doi.org/10.1111/eufm.12553
Lynch, B., & O’Hagan-Luff, M. (2024). Relative corporate social performance and cost of equity capital: International evidence. International Journal of Finance and Economics, 29(3), 2882–2910. https://doi.org/10.1002/ijfe.2808
Martínez-Ferrero, J., Banerjee, S., & García-Sánchez, I. M. (2016). Corporate Social Responsibility as a Strategic Shield Against Costs of Earnings Management Practices. Journal of Business Ethics, 133(2), 305–324. https://doi.org/10.1007/s10551-014-2399-x
Mohanty, S. S., Mohanty, O., & Ivanof, M. (2021). Alpha enhancement in global equity markets with ESG overlay on factor-based investment strategies. Risk Management, 23(3), 213–242. https://doi.org/10.1057/s41283-021-00075-6
Moussa, A. S., & Elmarzouky, M. (2024). Beyond Compliance: How ESG Reporting Influences the Cost of Capital in UK Firms. Journal of Risk and Financial Management, 17(8). https://doi.org/10.3390/jrfm17080326
Nazarova, V., & Lavrova, V. (2022). Do ESG Factors Influence Investment Attractiveness of the Public Companies? Journal of Corporate Finance Research, 16(1), 38–64. https://doi.org/10.17323/j.jcfr.2073-0438.16.1.2022.38-64
Ofogbe, N. S., Nnamani, C., Anisiuba, C. A., & Ezuwore-Obodoekwe, C. N. (2021). The Relationship Between The Corporate Social Responsibility And The Cost Of The Capital Of The Companies Listed On The Nigerian Stock Exchange. Economic Horizons, 23(3), 277–292. https://doi.org/10.5937/ekonhor2103289O
Ofogbe, O. N., Anastesia, A. C., Ojiakor Ijeama, P., Chidiebere, N., Ihegboro, I. M., & Lass, R. (2021). Long-run relationship of corporate social responsibility and cost of capital of quoted companies in nigeria stock exchange: nigeria evidence. Universal Journal of Accounting and Finance, 9(5), 946–960. https://doi.org/10.13189/ujaf.2021.090506
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2022). Dissecting green returns. Journal of Financial Economics, 146(2), 403–424. https://doi.org/10.1016/j.jfineco.2022.07.007
Pangestika, P., & Widiatmoko, J. (2021). Pengaruh Good Corporate Governance Dan Intellectual Capital Disclosure Terhadap Cost Of Equity Capital. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 5(2), 1959-1980. https://doi.org/10.31955/mea.v5i2.1298
Pirgaip, B., & Rizvić, L. (2023). The Impact of Integrated Reporting on the Cost of Capital: Evidence from an Emerging Market. Journal of Risk and Financial Management, 16(7). https://doi.org/10.3390/jrfm16070311
Radu, O.-M., & Dragomir, V. D. (2023). The Relationship between Integrated Thinking and Financial Risk: Panel Estimation in a Global Sample. Risks, 11(1). https://doi.org/10.3390/risks11010006
Saeed, A., & Sroufe, R. (2021). Performance, Risk, and Cost of Capital: Trends and Opportunities for Future CSR Research. Journal of Risk and Financial Management, 14(12). https://doi.org/10.3390/jrfm14120586
Shahrour, M. H., Girerd-Potin, I., & Taramasco, O. (2021). Corporate social responsibility and firm default risk in the Eurozone: a market-based approach. Managerial Finance, 47(7), 975–997. https://doi.org/10.1108/MF-02-2020-0063
Tawfiq, T. T., Tawaha, H., Tahtamouni, A., & Almasria, N. A. (2024). The Influence of Environmental, Social, and Governance Disclosure on Capital Structure: An Investigation of Leverage and WACC. Journal of Risk and Financial Management, 17(12). https://doi.org/10.3390/jrfm17120570
Titisari, K. H., Moeljadi, M., Ratnawati, K., & Indrawati, N. K. (2019). The roles of cost of capital, corporate governance, and corporate social responsibility in improving firm value: Evidence from Indonesia. Investment Management and Financial Innovations, 16(4), 28–36. https://doi.org/10.21511/imfi.16(4).2019.03
Tran, V. L., Westgaard, S., & Lavrutich, M. (2022). Stock Markets During COVID-19. Beta, 36(1). https://doi.org/10.18261/beta.36.1.3
Trojanek, M. (2010). The application of income approach in property valuation in Poland. Economics and Sociology, 3(2), 35–47. https://doi.org/10.14254/2071-789X.2010/3-2/4
Westphaln, K. K., Regoeczi, W. C., Masotya, M., Vazquez-Westphaln, B., Lounsbury, K., McDavid, L., … & Ronis, S. (2021). From arksey and o’malley and beyond: customizations to enhance a team-based, mixed approach to scoping review methodology. MethodsX, 8, 101375. https://doi.org/10.1016/j.mex.2021.101375
Yilmaz, I. (2022). ESG-Based Sustainability Performance and its Impact on Cost of Capital: International Evidence from the Energy Sector. International Journal of Applied Economics, Finance and Accounting, 12(2), 21–30. https://doi.org/10.33094/ijaefa.v12i2.529
Zakhmatov, D., Vagizova, V., & Valitov, G. (2022). Accounting for ESG Risks in the Discount Rate for Business Valuation. Journal of Corporate Finance Research, 16(1), 83–98. https://doi.org/10.17323/j.jcfr.2073-0438.16.1.2022.83-98
Published
2026-01-31
How to Cite
Solihin, I., & Pramelia, S. (2026). SCOPING REVIEW : NEXUS ANTARA KINERJA ESG, COST OF CAPITAL DAN INVESTMENT HURDLE RATES. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(1), 444-461. https://doi.org/10.31955/mea.v10i1.6856
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