Kinerja Environmental, Social, and Governance (ESG) dan Kualitas Pelaporan Keuangan: Bukti dari Pasar Berkembang ASEAN-5 pada Periode Pemulihan Pascapandemi COVID-19
DOI:
https://doi.org/10.38035/dar.v3i3.3661Keywords:
ESG Performance, Financial Reporting Quality, Earnings Management, Stakeholder theoryAbstract
Penelitian ini bertujuan untuk menganalisis hubungan antara kinerja ESG dan FRQ di pasar negara berkembang ASEAN-5 selama periode pemulihan pasca-COVID-19, sebuah konteks yang secara empiris belum banyak dieksplorasi. Penelitian ini menggunakan data panel perusahaan non-keuangan yang terdaftar di bursa saham ASEAN-5 selama 2021–2024. Metode regresi data panel dengan estimasi Fixed Effect diterapkan untuk menguji hipotesis penelitian. Hasil penelitian menunjukkan perbedaan arah dan signifikansi. Kinerja ESG terbukti berpengaruh negatif dan signifikan terhadap earning management berbasis akrual, sehingga mendukung Hipotesis 1 dan konsisten dengan argumen Teori Stakeholder bahwa komitmen keberlanjutan meningkatkan integritas pelaporan. Namun, kinerja ESG ditemukan tidak berpengaruh signifikan terhadap earning management berbasis riil, sehingga Hipotesis 2 tidak terdukung. Perbedaan ini mengindikasikan bahwa ESG mampu menekan manipulasi akuntansi yang mudah terdeteksi, tetapi tidak cukup efektif terhadap praktik manipulasi riil yang lebih tersembunyi. Temuan ini menunjukkan bahwa implementasi ESG di kawasan ASEAN-5 berpotensi masih bersifat simbolis atau taktis, bukan sepenuhnya substantif. Dengan demikian, skor ESG tidak dapat dijadikan indikator tunggal untuk menilai FRQ, terutama di pasar dengan tingkat asimetri informasi yang tinggi. Temuan ini memiliki implikasi bagi investor, regulator, auditor, dan pembuat kebijakan untuk meningkatkan mekanisme pengawasan, memastikan transparansi, dan mengurangi potensi greenwashing melalui aktivitas operasional riil.
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Copyright (c) 2026 Khalida Utami, Salis Musta’ani, Syamsul Bahri, Salma Atikah
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