Pengaruh Pengungkapan ESG, Financial Leverage, Operating Leverage Terhadap Risiko Sistematis
Abstract
This study aims to analyze the effect of corporate sustainability, financial leverage, operating leverage on systematic risk. This research uses quantitative methods. The data used is ESG scores and financial reports available on the Indonesian Stock Exchange. The samples used in this study are company that listed on ESGL Index in period quartal 1st in 2021 until quartal 1st in 2023. Data were collected using purposive sampling. The total number of sample in this study is 46 companies with 9 period quartals, resulted 197 data. The result of the study using liniear regression analysis indicate that financial leverage has a positive effect on systematic risk. Then the results of linier regression analysis indicate that operational leverage and esg disclosure doesn't have any effect on systematic risk.
Keywords: Systematic Risk, Esg Disclosure; Financial Leverage; Operating Leverage
References
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Caeli, R., Komalasari, A., & Komaruddin, K. (2020). Pengaruh Asset Growth, Financial Leverage, dan Liquidity terhadap Risiko Sistematis pada Saham LQ 45 yang Terdaftar Di BEI Periode 2010-2018. Jurnal Akuntansi dan Keuangan (JAK), 25(1), 1-12.
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Gibson, C.H. (1990). Financial Statement Analysis 12th Edition. Canada: South- Western, Cengage Learning.
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Spence, M. (1973). l the MIT press. The Quarterly Journal of Economics, 87(3), 355-374
Sugiyono, (2021). METODE PENELITIAN KUANTITATIF KUALITATIF dan R&D. Bandung: ALFABETA.
Suyanti, E., & Hadi, N. U. (2019). Analisis Motivasi Dan Pengetahuan Investasi Terhadap Minat Investasi Mahasiswa di Pasar Modal. Edunomic Jurnal Pendidikan Ekonomi, 7(2), 108-116.
Syafira, D. M., & Zainul, Z. R. (2021). Pengaruh operating leverage dan financial leverage terhadap risiko sistematis pada perusahaan infrastruktur, utilitas, dan transportasi yang go public di bursa efek indonesia. INOVASI, 17(3), 539-548.
Syafrullah, S., & Muharam, H. (2017). ANALISIS PENGARUH KINERJA ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP ABNORMAL RETURN (Studi pada Perusahaan Indonesia dan Malaysia yang mengungkapkan ESG score dan terdaftar pada Bursa Efek Indonesia dan Bursa Malaysia Tahun 2010-2015). Diponegoro Journal of Management, 6(2), 222-235.
Tekin, B. (2021). Financial Ratios Affecting Systematic Risk in Joint-Stock Companies: BIST Technology (XUTEK) Industry Companies Case in Turkey. Financial Studies, 1.
Triyani, A. Setyahuni, S.W. & Makwuna, F.D. (2021). Pengaruh Kinerja Non Keuangan (Environmental, Social, Governance) terhadap Resiko Investasi Perusahaan. Jurnal Akuntansi dan Bisnis: Jurnal Program Studi Akuntansi. 7 (2): 155-165
Turnip, P. S., Muda, I., Rujiman. (2022). Pengaruh Operating Leverage, Financial Leverage, Profitabilitas, Ukuran Perusahaan Pertumbuhan Aset dan Beta Akuntansi terhadap Risiko Sistematis Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. International Journal of Research and Review, 9(7) ,49-59
Younas, K., & Sarmad, M. (2020). The Impact Of Degree Of Financial Leverage And Degree Of Operating Leverage On The Systematic Risk Of Common Stock. Malaysian E Commerce Journal (MECJ), 4(1), 24-32
Xue, B., Li, P., & Zhang, Z. (2017, June). The impact of multi-dimensional environmental performance on firm performance and risk. In European Financial Management Association, Annual Meetings (Vol. 28)
Aldieri, L., Amendola, A., & Candila, V. (2023). The Impact of ESG Scores on Risk Market Performance. Sustainability, 15(9), 7183
Almeyda, R., & Darmansyah, A. (2019). The Influence of Environmental, Social, and Governance (ESG) Disclosure on Firm Financial Performance. IPTEK Journal of Proceeding Series No. (5), 278-290.
Anita, A., & Lim, L. (2021). Tanggung Jawab Sosial Dan Risiko Sistematis: Efek Moderasi Dari Fleksibilitas Keuangan Dan Investasi Penelitian Dan Pengembangan. Jurnal Akademi Akuntansi, 4(2), 162-185.
Atan, R. et al. (2018) ‘The impacts of environmental , social , and governance factors on firm performance Panel study of Malaysian companies’, Management of Environmental Quality: An International Journal, 29, pp. 182–194.
Caeli, R., Komalasari, A., & Komaruddin, K. (2020). Pengaruh Asset Growth, Financial Leverage, dan Liquidity terhadap Risiko Sistematis pada Saham LQ 45 yang Terdaftar Di BEI Periode 2010-2018. Jurnal Akuntansi dan Keuangan (JAK), 25(1), 1-12.
Chelindiva, F., & Osesoga, M. S. (2020). Profit management analysis of property and real estate companies. Riset Akuntansi Keuangan, 5(2), 132-146.
Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, 20(1), 92-117.
Dewi G. A. K. R. S. dan Vijaya D. P. (2018). Investasi Dan Pasar Modal Indonesia. Depok: PT. Rajagrafindo Persada
Dorfleitner, G., & Grebler, J. (2022). Corporate social responsibility and systematic risk: International evidence. The Journal of Risk Finance.
Elkington, J. (1997) Cannibals with Forks: The Triple Bottom Line of 21st Century Business. Capstone, Oxford.
Eratalay, M. H., & Cortés Ángel, A. P. (2022). The impact of ESG ratings on the systemic risk of European blue-chip firms. Journal of Risk and Financial Management, 15(4), 153.
Financial Services Commision of Ontario (FSCO). (2016), “Environmental, Social, and Governance Factors”, https://www.fsco.gov.on.ca/en/pensions/policies/ active/ Documents/IGN-004-2017.pdf
Freeman, R. E. (1984). Strategic management: A stakeholder approach. In Strategic Management: A Stakeholder Approach. https://doi.org/10.1017/CBO9781139192675
Freeman, R. E. (2015). Strategic Management: A Stakeholder Approach. In Managing in Turbulent Times
Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 Edisi 10. Badan Penerbit Universitas Diponegoro.
Gibson, C.H. (1990). Financial Statement Analysis 12th Edition. Canada: South- Western, Cengage Learning.
Hery. (2017). Analisis Laporan Keuangan Integrated and Comprehensive Edition. Jakarta: Grasindo.
Husnan, S. (2019). Dasar-Dasar Teori Protofolio dan Analisis Sekuritas
Irfani, R., & Anhar, M. (2019). Pengaruh profitabilitas, leverage, kepemilikan manajerial, dan kepemilikan institusional terhadap harga saham. Jurnal STEI Ekonomi, 28(01), 143-152.
Kasmir. (2017). Analisis Laporan Keuangan. Jakarta: PT Rajagrafindo Persada.
Korinth, F., & Lueg, R. (2022). Corporate sustainability and risk management—The u-shaped relationships of disaggregated esg rating scores and risk in the German capital market. Sustainability, 14(9), 5735.
Marridhani, A. R., & Amanah, L. (2020). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Property And Real Estate Yang Terdaftar Di Bursa Efek Indonesia) Lailatul Amanah Sekolah Tinggi Ilmu Ekonomi Indonesia (Stiesia) Surabaya. Jurnal Ilmu dan Riset Akuntansi, 9(7), 1–17.
Nelsa, N., & Kasim, M. Y. (2022). PENGARUH DOL, DFL TERHADAP RISIKO SISTEMATIS SAHAM INDUSTRI MAKANAN, MINUMAN DI BEI. Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT), 8(4), 346-355.
Nuzula, N. F., Damayanti, C. R., & Sulasmiyati, S. (2019). Pengaruh environmental risk terhadap kinerja keuangan perusahaan (Studi pada perusahaan-perusahaan di Indonesia, Singapura, Malaysia, Thailand, Filipina dan Vietnam). PROFIT: JURNAL ADMINISTRASI BISNIS, 13(2), 12-23.
Parhusip, P. T., & Silalahi, E. (2017). Pengaruh faktor fundamental dan risiko sistematik terhadap return saham pada perusahaan manufaktur yang go publik di Bursa Efek Indonesia. Jurnal Riset Akuntansi & Keuangan, 71-88.
Park, S., Song, S., & Lee, S. (2017). Corporate social responsibility and systematic risk of restaurant firms : The moderating role of geographical diversification. Tourism Management, 59, 610–620. https://doi.org/10.1016/j.tourman.2016.09.016
Ruhadi, B. P. G., & Gautama, B. P. (2020). PENGUJIAN DAMPAK LEVERAGE TERHADAP RISIKO SISTEMATIK PERUSAHAAN (Studi pada Bank Syariah di Bursa Efek Indonesia). IMAGE: Jurnal Riset Manajemen, 9(2), 111-124.
Sa’adah, L., & Ningsih, A. S. W. (2022). PENGARUH OPERATING LEVERAGE DAN FINANCIAL LEVERAGE TERHADAP RISIKO SISTEMATIS SAHAM (Pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2021). Juremi: Jurnal Riset Ekonomi, 2(2), 237-246.
Schall, V. Harley.(1992). Financial Management. New Jersey: Prantice Hall, 212.
Sustainalytics (2021). ESG Risk Ratings – Methodology Abstract, Version 2.1. United States:Morning Star Company.
Spence, M. (1973). l the MIT press. The Quarterly Journal of Economics, 87(3), 355-374
Sugiyono, (2021). METODE PENELITIAN KUANTITATIF KUALITATIF dan R&D. Bandung: ALFABETA.
Suyanti, E., & Hadi, N. U. (2019). Analisis Motivasi Dan Pengetahuan Investasi Terhadap Minat Investasi Mahasiswa di Pasar Modal. Edunomic Jurnal Pendidikan Ekonomi, 7(2), 108-116.
Syafira, D. M., & Zainul, Z. R. (2021). Pengaruh operating leverage dan financial leverage terhadap risiko sistematis pada perusahaan infrastruktur, utilitas, dan transportasi yang go public di bursa efek indonesia. INOVASI, 17(3), 539-548.
Syafrullah, S., & Muharam, H. (2017). ANALISIS PENGARUH KINERJA ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP ABNORMAL RETURN (Studi pada Perusahaan Indonesia dan Malaysia yang mengungkapkan ESG score dan terdaftar pada Bursa Efek Indonesia dan Bursa Malaysia Tahun 2010-2015). Diponegoro Journal of Management, 6(2), 222-235.
Tekin, B. (2021). Financial Ratios Affecting Systematic Risk in Joint-Stock Companies: BIST Technology (XUTEK) Industry Companies Case in Turkey. Financial Studies, 1.
Triyani, A. Setyahuni, S.W. & Makwuna, F.D. (2021). Pengaruh Kinerja Non Keuangan (Environmental, Social, Governance) terhadap Resiko Investasi Perusahaan. Jurnal Akuntansi dan Bisnis: Jurnal Program Studi Akuntansi. 7 (2): 155-165
Turnip, P. S., Muda, I., Rujiman. (2022). Pengaruh Operating Leverage, Financial Leverage, Profitabilitas, Ukuran Perusahaan Pertumbuhan Aset dan Beta Akuntansi terhadap Risiko Sistematis Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. International Journal of Research and Review, 9(7) ,49-59
Younas, K., & Sarmad, M. (2020). The Impact Of Degree Of Financial Leverage And Degree Of Operating Leverage On The Systematic Risk Of Common Stock. Malaysian E Commerce Journal (MECJ), 4(1), 24-32
Xue, B., Li, P., & Zhang, Z. (2017, June). The impact of multi-dimensional environmental performance on firm performance and risk. In European Financial Management Association, Annual Meetings (Vol. 28)
Published
2024-03-26
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