Implementasi ESG dan Kinerja Keuangan: Wawasan dari Perusahaan Multi Sektor di Indonesia
DOI:
https://doi.org/10.38035/jafm.v6i4.2361Keywords:
Implementasi ESG, Performa Keuangan, Pelaporan BerkelanjutanAbstract
Pengungkapan risiko Lingkungan, Sosial, dan Tata Kelola (Environmental, Social, and Governance/ESG) semakin penting bagi perusahaan tercatat, menarik perhatian regulator dan pengawas. Studi ini bertujuan mengeksplorasi hubungan antara praktik keberlanjutan dan kinerja keuangan dalam perusahaan multi sektor—termasuk sektor keuangan, FMCG, dan industri ekstraktif—yang masih jarang diteliti. Secara spesifik, penelitian ini menyelidiki bagaimana kinerja ESG memengaruhi hasil keuangan perusahaan multi sektor di Indonesia pada tahun 2023. Menggunakan data ESG dari Thomson Reuters, studi ini menerapkan analisis data linier berganda, korelasi statistik, dan model regresi. Kinerja keuangan diukur melalui indikator utama: Return on Assets (ROA) dan Return on Equity (ROE). Menggunakan statistik deskriptif dan analisis regresi untuk menguji hipotesis penelitian, hasilnya mengungkap bahwa pengungkapan ESG berdampak pada kinerja keuangan secara spesifik sektor. Inisiatif sosial secara konsisten meningkatkan ROA dan ROE, sedangkan upaya lingkungan hanya meningkatkan ROA, dan praktik tata kelola menunjukkan hubungan negatif dengan keduanya. Selain itu, penelitian menemukan bahwa keberlanjutan yang lebih besar terkait signifikan dengan peningkatan kinerja keuangan pada metrik ROA dan ROE. Studi ini memberikan sejumlah rekomendasi untuk mendorong implementasi ESG di perusahaan tercatat dan memperkuat komitmen tanggung jawab sosial dalam mendukung pembangunan berkelanjutan.
References
Bag, S., Gupta, S., & Kumar, S. (2021). Industry 4.0 adoption and 10R advance manufacturing capabilities for sustainable development. International Journal of Production Economics, 231, 107844. https://doi.org/10.1016/j.ijpe.2020.107844
Buallay, A. (2019a). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
Buallay, A. (2019b). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
C.Ramu, D., & .C, V. (2019). CUSTOMERS PERCEPTION OF CSR IMPACT ON FMCG COMPANIES -AN ANALYSIS. 7, 39–48.
Del Gesso, C., & Lodhi, R. N. (2025). Theories underlying environmental, social and governance (ESG) disclosure: a systematic review of accounting studies. Journal of Accounting Literature, 47(2), 433–461. https://doi.org/10.1108/JAL-08-2023-0143
Esteban-Sanchez, P., de la Cuesta-Gonzalez, M., & Paredes-Gazquez, J. D. (2017). Corporate social performance and its relation with corporate financial performance: International evidence in the banking industry. Journal of Cleaner Production, 162, 1102–1110. https://doi.org/10.1016/j.jclepro.2017.06.127
Gutiérrez-Ponce, H., & Wibowo, S. A. (2023). Do Sustainability Activities Affect the Financial Performance of Banks? The Case of Indonesian Banks. Sustainability (Switzerland), 15(8). https://doi.org/10.3390/su15086892
Hasanuzzaman, Chakraborty, K., & Bag, S. (2024). Forging a sustainable path: improving India’s (Bharat’s) coal mining operations for a better tomorrow. Benchmarking. https://doi.org/10.1108/BIJ-08-2023-0572
Nguyen, T. H., Vu, Q. T., Nguyen, D. M., & Le, H. L. (2021). Factors influencing corporate social responsibility disclosure and its impact on financial performance: the case of Vietnam. Sustainability (Switzerland), 13(15). https://doi.org/10.3390/su13158197
Nizam, E., Ng, A., Dewandaru, G., Nagayev, R., & Nkoba, M. A. (2019). The impact of social and environmental sustainability on financial performance: A global analysis of the banking sector. Journal of Multinational Financial Management, 49, 35–53. https://doi.org/10.1016/j.mulfin.2019.01.002
Prabhakaran Sandhya. (2023). Corporate Social Responsibility in FMCG Industry in India. Journal of Legal Studies & Research, 9(2).
Prashar, A. (2023). Supply chain sustainability drivers for fast-moving consumer goods (FMCG) sector: an Indian perspective. International Journal of Productivity and Performance Management, 72(8), 2397–2419. https://doi.org/10.1108/IJPPM-10-2021-0582
Saleem, F., Mateou, S., & Malik, M. I. (2024). How Green Transformational Leaders Trigger Environmental Performance? Unleashing the Missing Links Through Green Self-Efficacy, Green Empowerment, and Green Training of Employees. Sustainability, 16(22), 9982. https://doi.org/10.3390/su16229982
Shen, C.-H., Wu, M.-W., Chen, T.-H., & Fang, H. (2016). To engage or not to engage in corporate social responsibility: Empirical evidence from global banking sector. Economic Modelling, 55, 207–225. https://doi.org/10.1016/j.econmod.2016.02.007
Tjahjadi, B., Soewarno, N., & Mustikaningtiyas, F. (2021). Good corporate governance and corporate sustainability performance in Indonesia: A triple bottom line approach. Heliyon, 7(3). https://doi.org/10.1016/j.heliyon.2021.e06453
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
Widnyana, I. W., Wiksuana, I. G. B., Artini, L. G. S., & Sedana, I. B. P. (2021). Influence of financial architecture, intangible assets on financial performance and corporate value in the Indonesian capital market. International Journal of Productivity and Performance Management, 70(7), 1837–1864. https://doi.org/10.1108/IJPPM-06-2019-0307
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Nurafifah Nurafifah, Shiva Vinneza, Maria Ariestha Utha, Kurniawati Kurniawati, Asep Hermawan, Albert Mihály
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Journal of Accounting and Finance Management (JAFM) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Journal of Accounting and Finance Management (JAFM).
