PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG), INVESTASI LINGKUNGAN DAN GENDER DIVERSITY TERHADAP KINERJA PERUSAHAAN
Keywords:
ESG Disclosure, Environmental Investment, Gender Diversity, Company Performance, ROA
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan ESG (Environmental, Social, and Governance), investasi lingkungan, dan keragaman gender terhadap kinerja perusahaan yang terdaftar di indeks IDX ESG Leaders (IDXESGL) di Bursa Efek Indonesia pada periode 2020–2023. Pendekatan yang digunakan dalam penelitian ini adalah pendekatan deskriptif dan regresi data panel untuk menganalisis hubungan antar variabel. Data yang digunakan diperoleh melalui teknik dokumentasi dengan sampel 72 observasi perusahaan yang terdaftar di IDXESGL, menggunakan teknik purposive sampling. Variabel independen yang dianalisis meliputi pengungkapan ESG, investasi lingkungan, dan keragaman gender, sedangkan variabel dependen yang digunakan adalah Return on Assets (ROA) sebagai indikator kinerja perusahaan. Analisis data dilakukan menggunakan EVIEWS 13.0, dengan uji asumsi klasik (normalitas, multikolinearitas, dan heteroskedastisitas) yang menunjukkan bahwa model regresi valid dan andal. Uji Chow, uji Hausman, dan uji Lagrange Multiplier digunakan untuk memilih model terbaik. Pada penelitian ini model terbaik adalah model Random Effect (REM). Hasil penelitian menunjukkan bahwa pengungkapan ESG berpengaruh signifikan terhadap ROA, sedangkan investasi lingkungan dan keragaman gender tidak berpengaruh signifikan terhadap kinerja perusahaan. Implikasi dari penelitian ini adalah pentingnya perusahaan untuk meningkatkan pengungkapan ESG sebagai faktor yang dapat meningkatkan profitabilitas, sedangkan investasi lingkungan dan keragaman gender perlu dievaluasi lebih lanjut dalam jangka panjang dan integrasi strategis perusahaan.
References
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Alamsyah, S. A. L., & Muljo, H. H. (2023). The Effect of ESG Dimensions on Banking Performance: An Empirical Investigation in Asia Pacific. E3S Web of Conferences, 426, 1–11. https://doi.org/10.1051/e3sconf/202342602053
Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting and Information Management, 28(3), 429–444. https://doi.org/10.1108/IJAIM-09-2019-0108
Ali, Q., Salman, A., & Parveen, S. (2022). Evaluating the effects of environmental management practices on environmental and financial performance of firms in Malaysia: the mediating role of ESG disclosure. Heliyon, 8(12), e12486. https://doi.org/10.1016/j.heliyon.2022.e12486
Amanuma, N., Zusman, E., & Langlet, D. (2023). The relationship between female and younger legislative representation and performance on the Sustainable Development Goals (SDGs). Environmental Research Letters, 18(5), 23–34. https://doi.org/10.1088/1748-9326/acca96
Baran, M., Kuźniarska, A., Makieła, Z. J., Sławik, A., & Stuss, M. M. (2022). Does ESG Reporting Relate to Corporate Financial Performance in the Context of the Energy Sector Transformation? Evidence from Poland. Energies, 15(2), 1–22. https://doi.org/10.3390/en15020477
Bostian, M., Färe, R., Grosskopf, S., & Lundgren, T. (2016). Environmental investment and firm performance: A network approach. Energy Economics, 57, 243–255. https://doi.org/10.1016/j.eneco.2016.05.013
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Cho, Y. (2022). ESG and Firm Performance: Focusing on the Environmental Strategy. Sustainability (Switzerland), 14(13), 1–19. https://doi.org/10.3390/su14137857
Chouaibi, S., Rossi, M., Siggia, D., & Chouaibi, J. (2022). Exploring the moderating role of social and ethical practices in the relationship between environmental disclosure and financial performance: evidence from esg companies. Sustainability (Switzerland), 14(1), 1–17. https://doi.org/10.3390/su14010209
Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. The Academy of Management Review, 20(1), 92–117. https://doi.org/10.2307/258888
Farooq, O. (2015). Financial centers and the relationship between ESG disclosure and firm performance: Evidence from an emerging market. Journal of Applied Business Research, 31(4), 1239–1244. https://doi.org/10.19030/jabr.v31i4.9298
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Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The Ownership Structure, and the Environmental, Social, and Governance (ESG) Disclosure, Firm Value and Firm Performance: The Audit Committee as Moderating Variable. Economies, 10(12), 1–16. https://doi.org/10.3390/economies10120314
Gholami, A., Murray, P. A., & Sands, J. (2022). Environmental, Social, Governance & Financial Performance Disclosure for Large Firms: Is This Different for SME Firms? Sustainability (Switzerland), 14(10), 1–21. https://doi.org/10.3390/su14106019
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Giannopoulos, G., Fagernes, R. V. K., Elmarzouky, M., & Hossain, K. A. B. M. A. (2022). The ESG Disclosure and the Financial Performance of Norwegian Listed Firms. Journal of Risk and Financial Management, 15(6), 1–16. https://doi.org/10.3390/JRFM15060237
Harlos, K., Gulseren, D., O’Farrell, G., Josephson, W., Axelrod, L., Hinds, A., & Montanino, C. (2023). Gender and perceived organizational support as moderators in the relationship between role stressors and workplace bullying of targets. Frontiers in Communication, 8, 1–18. https://doi.org/10.3389/fcomm.2023.1176846
Huang, D. Z. X. (2022). Environmental, social and governance factors and assessing firm value: valuation, signalling and stakeholder perspectives. Accounting and Finance, 62(S1), 1983–2010. https://doi.org/10.1111/acfi.12849
Jiang, X., & Akbar, A. (2018). Does increased representation of female executives improve corporate environmental investment? Evidence from China. Sustainability (Switzerland), 10(12), 2–19. https://doi.org/10.3390/su10124750
Jin, Z., & Xu, J. (2020). Impact of environmental investment on financial performance: Evidence from chinese listed companies. Polish Journal of Environmental Studies, 29(3), 2235–2245. https://doi.org/10.15244/pjoes/111230
Kengkathran, S. (2019). Environmental, social and governance (ESG) disclosure and its impact on financial performance of top 100 companies in Malaysia and Australia. International Journal of Engineering and Advanced Technology, 9(1), 3579–3584. https://doi.org/10.35940/ijeat.A2691.109119
Kusuma, A., & K, R. K. A. (2020). Pengaruh Modal Intelektual dan Internasionalisasi terhadap Adopsi Pelaporan Terintegrasi di Indonesia. Diponegoro Journal of Accounting, 9(3), 1–11.
Lubis, M. F. F., & Rokhim, R. (2021). The Effect of Environmental, Social, and Governance (ESG) Disclosure and Competitive Advantage on Companies Performance as An Implementation of Sustainable Economic Growth in Indonesia for Period of 2015-2019. IOP Conference Series: Earth and Environmental Science, 940(1), 1–19. https://doi.org/10.1088/1755-1315/940/1/012059
Manita, R., Bruna, M. G., Dang, R., & Houanti, L. (2018). Board gender diversity and ESG disclosure: evidence from the USA. Journal of Applied Accounting Research, 19(2), 206–224. https://doi.org/10.1108/JAAR-01-2017-0024
Mohammad, W. M. W., & Wasiuzzaman, S. (2021a). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2(September 2020), 100015. https://doi.org/10.1016/j.cesys.2021.100015
Mudzakir, F. U., & Pangestuti, I. R. D. (2023). Pengaruh Environmental, Social and Governance Disclosure Terhadap Nilai Perusahaan dengan ROA dan DER sebagai Variabel Kontrol. Diponegoro Journal of Management, 12(2), 1–13. http://ejournal-s1.undip.ac.id/index.php/dbr
Nakamura, E. (2011). Does Environmental Investment Really Contribute to Firm Performance? An Empirical Analysis Using Japanese Firms. Eurasian Business Review, 1(2), 91–111. https://doi.org/10.14208/BF03353800
Ouni, Z., Mansour, J. Ben, & Arfaoui, S. (2020). Board/executive gender diversity and firm financial performance in Canada: The mediating role of environmental, social, and governance (ESG) orientation. Sustainability (Switzerland), 12(20), 1–17. https://doi.org/10.3390/su12208386
Pangestu, S. H., & Sudarma, M. (2023). Pengaruh Pengungkapan Coorporate Social Responsibility Terhadap Pangsa Pasar Perusahaan. Reaksi, 2(1), 214–220.
Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG Disclosure Influence Firm Performance? Sustainability (Switzerland), 14(13), 1–18. https://doi.org/10.3390/su14137595
Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and social disclosures: Link with corporate financial performance. British Accounting Review, 48(1), 102–116. https://doi.org/10.1016/j.bar.2014.10.007
Rodríguez-Fernández, M., Sánchez-Teba, E. M., López-Toro, A. A., & Borrego-Domínguez, S. (2019). Influence of ESGC indicators on financial performance of listed travel and leisure companies. Sustainability (Switzerland), 11(19), 1–20. https://doi.org/10.3390/su11195529
Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, social and governance) performance and board gender diversity: The moderating role of CEO duality. Sustainability (Switzerland), 12(21), 1–16. https://doi.org/10.3390/su12219298
Sekaran, U., & Bougie, R. (2016). Research Methods for Business A Skill-Building Approach. In John Wiley & Sons Ltd. (Seventh ed). John Wiley & Sons Ltd. https://doi.org/10.1007/978-94-007-0753-5_102084
Setiani, E. P. (2023). The Impact of ESG Scores on Corporate Financial Performance: Moderating Role of Gender Diversity. Nominal Barometer Riset Akuntansi Dan Manajemen, 12(1), 128–139. https://doi.org/10.21831/nominal.v12i1.59778
Shabbir, M. S., & Wisdom, O. (2020). The relationship between corporate social responsibility, environmental investments and financial performance: evidence from manufacturing companies. Environmental Science and Pollution Research, 27(32), 39946–39957. https://doi.org/10.1007/s11356-020-10217-0
Shaikh, I. (2021). Environmental, Social, and Governance (Esg) Practice and Firm Performance: an International Evidence. Journal of Business Economics and Management, 23(1), 218–237. https://doi.org/10.3846/jbem.2022.16202
Sharma, R. B., Lodha, S., Sharma, A., Ali, S., & Elmezughi, A. M. (2022). Environment, Social and Governance Reporting and Firm Performance: Evidence from GCC Countries. International Journal of Innovative Research and Scientific Studies, 5(4), 419–427. https://doi.org/10.53894/ijirss.v5i4.1006
Triyani, A., Setyahuni, S. W., & Kiryanto, K. (2020). The Effect Of Environmental, Social and Governance (ESG) Disclosure on Firm Performance: The Role of Ceo Tenure. Jurnal Reviu Akuntansi Dan Keuangan, 10(2), 261. https://doi.org/10.22219/jrak.v10i2.11820
Widarjono, A. (2013). Ekonometrika: Pengantar dan Aplikasinya Disertai Panduan Eviews. In UPP STIM YKPN.
Yen-Yen, Y. (2019). The value relevance of esg disclosure performance in influencing the role of structured warrants in firm value creation. Polish Journal of Management Studies, 20(1), 468–477. https://doi.org/10.17512/pjms.2019.20.1.40
Al-Jalahma, A., Al-Fadhel, H., Al-Muhanadi, M., & Al-Zaimoor, N. (2020). Environmental, Social, and Governance (ESG) disclosure and firm performance: Evidence from GCC Banking sector. 2020 International Conference on Decision Aid Sciences and Application, DASA 2020, 54–58. https://doi.org/10.1109/DASA51403.2020.9317210
Alamsyah, S. A. L., & Muljo, H. H. (2023). The Effect of ESG Dimensions on Banking Performance: An Empirical Investigation in Asia Pacific. E3S Web of Conferences, 426, 1–11. https://doi.org/10.1051/e3sconf/202342602053
Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting and Information Management, 28(3), 429–444. https://doi.org/10.1108/IJAIM-09-2019-0108
Ali, Q., Salman, A., & Parveen, S. (2022). Evaluating the effects of environmental management practices on environmental and financial performance of firms in Malaysia: the mediating role of ESG disclosure. Heliyon, 8(12), e12486. https://doi.org/10.1016/j.heliyon.2022.e12486
Amanuma, N., Zusman, E., & Langlet, D. (2023). The relationship between female and younger legislative representation and performance on the Sustainable Development Goals (SDGs). Environmental Research Letters, 18(5), 23–34. https://doi.org/10.1088/1748-9326/acca96
Baran, M., Kuźniarska, A., Makieła, Z. J., Sławik, A., & Stuss, M. M. (2022). Does ESG Reporting Relate to Corporate Financial Performance in the Context of the Energy Sector Transformation? Evidence from Poland. Energies, 15(2), 1–22. https://doi.org/10.3390/en15020477
Bostian, M., Färe, R., Grosskopf, S., & Lundgren, T. (2016). Environmental investment and firm performance: A network approach. Energy Economics, 57, 243–255. https://doi.org/10.1016/j.eneco.2016.05.013
Carmo, C., Alves, S., & Quaresma, B. (2022). Women on Boards in Portuguese Listed Companies: Does Gender Diversity Influence Financial Performance? Sustainability (Switzerland), 14(10), 1–21. https://doi.org/10.3390/su14106186
Cho, Y. (2022). ESG and Firm Performance: Focusing on the Environmental Strategy. Sustainability (Switzerland), 14(13), 1–19. https://doi.org/10.3390/su14137857
Chouaibi, S., Rossi, M., Siggia, D., & Chouaibi, J. (2022). Exploring the moderating role of social and ethical practices in the relationship between environmental disclosure and financial performance: evidence from esg companies. Sustainability (Switzerland), 14(1), 1–17. https://doi.org/10.3390/su14010209
Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. The Academy of Management Review, 20(1), 92–117. https://doi.org/10.2307/258888
Farooq, O. (2015). Financial centers and the relationship between ESG disclosure and firm performance: Evidence from an emerging market. Journal of Applied Business Research, 31(4), 1239–1244. https://doi.org/10.19030/jabr.v31i4.9298
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
Freeman, R. E. (2004). The Stakeholder Approach Revisited. Zeitschrift Für Wirtschafts- Und Unternehmensethik, 5(3), 228–241. https://doi.org/10.5771/1439-880x-2004-3-228
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The Ownership Structure, and the Environmental, Social, and Governance (ESG) Disclosure, Firm Value and Firm Performance: The Audit Committee as Moderating Variable. Economies, 10(12), 1–16. https://doi.org/10.3390/economies10120314
Gholami, A., Murray, P. A., & Sands, J. (2022). Environmental, Social, Governance & Financial Performance Disclosure for Large Firms: Is This Different for SME Firms? Sustainability (Switzerland), 14(10), 1–21. https://doi.org/10.3390/su14106019
Ghozali Imam. (2011). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (Sembilan). Semarang, Universitas Diponegoro, 12(1), 490.
Giannopoulos, G., Fagernes, R. V. K., Elmarzouky, M., & Hossain, K. A. B. M. A. (2022). The ESG Disclosure and the Financial Performance of Norwegian Listed Firms. Journal of Risk and Financial Management, 15(6), 1–16. https://doi.org/10.3390/JRFM15060237
Harlos, K., Gulseren, D., O’Farrell, G., Josephson, W., Axelrod, L., Hinds, A., & Montanino, C. (2023). Gender and perceived organizational support as moderators in the relationship between role stressors and workplace bullying of targets. Frontiers in Communication, 8, 1–18. https://doi.org/10.3389/fcomm.2023.1176846
Huang, D. Z. X. (2022). Environmental, social and governance factors and assessing firm value: valuation, signalling and stakeholder perspectives. Accounting and Finance, 62(S1), 1983–2010. https://doi.org/10.1111/acfi.12849
Jiang, X., & Akbar, A. (2018). Does increased representation of female executives improve corporate environmental investment? Evidence from China. Sustainability (Switzerland), 10(12), 2–19. https://doi.org/10.3390/su10124750
Jin, Z., & Xu, J. (2020). Impact of environmental investment on financial performance: Evidence from chinese listed companies. Polish Journal of Environmental Studies, 29(3), 2235–2245. https://doi.org/10.15244/pjoes/111230
Kengkathran, S. (2019). Environmental, social and governance (ESG) disclosure and its impact on financial performance of top 100 companies in Malaysia and Australia. International Journal of Engineering and Advanced Technology, 9(1), 3579–3584. https://doi.org/10.35940/ijeat.A2691.109119
Kusuma, A., & K, R. K. A. (2020). Pengaruh Modal Intelektual dan Internasionalisasi terhadap Adopsi Pelaporan Terintegrasi di Indonesia. Diponegoro Journal of Accounting, 9(3), 1–11.
Lubis, M. F. F., & Rokhim, R. (2021). The Effect of Environmental, Social, and Governance (ESG) Disclosure and Competitive Advantage on Companies Performance as An Implementation of Sustainable Economic Growth in Indonesia for Period of 2015-2019. IOP Conference Series: Earth and Environmental Science, 940(1), 1–19. https://doi.org/10.1088/1755-1315/940/1/012059
Manita, R., Bruna, M. G., Dang, R., & Houanti, L. (2018). Board gender diversity and ESG disclosure: evidence from the USA. Journal of Applied Accounting Research, 19(2), 206–224. https://doi.org/10.1108/JAAR-01-2017-0024
Mohammad, W. M. W., & Wasiuzzaman, S. (2021a). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2(September 2020), 100015. https://doi.org/10.1016/j.cesys.2021.100015
Mudzakir, F. U., & Pangestuti, I. R. D. (2023). Pengaruh Environmental, Social and Governance Disclosure Terhadap Nilai Perusahaan dengan ROA dan DER sebagai Variabel Kontrol. Diponegoro Journal of Management, 12(2), 1–13. http://ejournal-s1.undip.ac.id/index.php/dbr
Nakamura, E. (2011). Does Environmental Investment Really Contribute to Firm Performance? An Empirical Analysis Using Japanese Firms. Eurasian Business Review, 1(2), 91–111. https://doi.org/10.14208/BF03353800
Ouni, Z., Mansour, J. Ben, & Arfaoui, S. (2020). Board/executive gender diversity and firm financial performance in Canada: The mediating role of environmental, social, and governance (ESG) orientation. Sustainability (Switzerland), 12(20), 1–17. https://doi.org/10.3390/su12208386
Pangestu, S. H., & Sudarma, M. (2023). Pengaruh Pengungkapan Coorporate Social Responsibility Terhadap Pangsa Pasar Perusahaan. Reaksi, 2(1), 214–220.
Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG Disclosure Influence Firm Performance? Sustainability (Switzerland), 14(13), 1–18. https://doi.org/10.3390/su14137595
Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and social disclosures: Link with corporate financial performance. British Accounting Review, 48(1), 102–116. https://doi.org/10.1016/j.bar.2014.10.007
Rodríguez-Fernández, M., Sánchez-Teba, E. M., López-Toro, A. A., & Borrego-Domínguez, S. (2019). Influence of ESGC indicators on financial performance of listed travel and leisure companies. Sustainability (Switzerland), 11(19), 1–20. https://doi.org/10.3390/su11195529
Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, social and governance) performance and board gender diversity: The moderating role of CEO duality. Sustainability (Switzerland), 12(21), 1–16. https://doi.org/10.3390/su12219298
Sekaran, U., & Bougie, R. (2016). Research Methods for Business A Skill-Building Approach. In John Wiley & Sons Ltd. (Seventh ed). John Wiley & Sons Ltd. https://doi.org/10.1007/978-94-007-0753-5_102084
Setiani, E. P. (2023). The Impact of ESG Scores on Corporate Financial Performance: Moderating Role of Gender Diversity. Nominal Barometer Riset Akuntansi Dan Manajemen, 12(1), 128–139. https://doi.org/10.21831/nominal.v12i1.59778
Shabbir, M. S., & Wisdom, O. (2020). The relationship between corporate social responsibility, environmental investments and financial performance: evidence from manufacturing companies. Environmental Science and Pollution Research, 27(32), 39946–39957. https://doi.org/10.1007/s11356-020-10217-0
Shaikh, I. (2021). Environmental, Social, and Governance (Esg) Practice and Firm Performance: an International Evidence. Journal of Business Economics and Management, 23(1), 218–237. https://doi.org/10.3846/jbem.2022.16202
Sharma, R. B., Lodha, S., Sharma, A., Ali, S., & Elmezughi, A. M. (2022). Environment, Social and Governance Reporting and Firm Performance: Evidence from GCC Countries. International Journal of Innovative Research and Scientific Studies, 5(4), 419–427. https://doi.org/10.53894/ijirss.v5i4.1006
Triyani, A., Setyahuni, S. W., & Kiryanto, K. (2020). The Effect Of Environmental, Social and Governance (ESG) Disclosure on Firm Performance: The Role of Ceo Tenure. Jurnal Reviu Akuntansi Dan Keuangan, 10(2), 261. https://doi.org/10.22219/jrak.v10i2.11820
Widarjono, A. (2013). Ekonometrika: Pengantar dan Aplikasinya Disertai Panduan Eviews. In UPP STIM YKPN.
Yen-Yen, Y. (2019). The value relevance of esg disclosure performance in influencing the role of structured warrants in firm value creation. Polish Journal of Management Studies, 20(1), 468–477. https://doi.org/10.17512/pjms.2019.20.1.40
Published
2024-11-10
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Copyright (c) 2024 Zilwan Zilwan, Said Kelana Asnawi, Faizul Mubarok
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
