ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) AS A PRIMARY FACTOR IN FINANCIAL PERFORMANCE AND FIRM VALUE ASSESMENT: REGRESSION APPROACH

Authors

  • Dea Ananda Putri Fakultas Ekonomi Dan Bisnis, Universitas Bengkulu, Indonesia
  • Lismawati Lismawati Fakultas Ekonomi Dan Bisnis, Universitas Bengkulu, Indonesia

DOI:

https://doi.org/10.29040/jie.v8i2.11920

Abstract

Riset ini menyelidiki dengan secara empiris pengaruh Environmental, Social, and Governance (ESG) terhadap kinerja keuangan yang diproksikan yaitu dengan Return on Asset (ROA) dan nilai perusahan yang diproksikan dengan Tobin's Q. Riset ini dilaksanakan pada insatnsi maupun organisasi yang atau terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019-2023 yang mengungkapkan Kinerja ESG Score. Penelitian ini mencakup 80 data dari 26 sampel instansi yang dapat masuk dalam kriteria riset ini. Hasil analisis yang dilakukan dengan menggunakan teknik pemilihan maupun mengkaji dengan regresi linear berganda, sehingga hasil yang didapatkan bahwa skor ESG tinggi tidak selalu berdampak positif. Hubungan negatif ditemukan antara skor ESG dan Return on Assets (ROA), menandakan ROA yang lebih rendah pada perusahaan dengan skor ESG tinggi. Leverage dan ukuran perusahaan juga mempengaruhi ROA. Value dari instansi yang diproksikan dengan Tobin's Q juga dipengaruhi oleh negatif dengan skor ESG tinggi. Hasil ini menyoroti kompleksitas faktor-faktor yang memengaruhi kinerja dan penilaian nilai perusahaan dalam konteks ESG. Leverage tidak signifikan memengaruhi Tobin’s Q, sementara ukuran perusahaan memiliki pengaruh negatif. Model mampu menjelaskan sekitar 45,3% variasi dalam ROA dan 26% variasi dalam Tobin’s Q Kata Kunci: Environmental, Social, and Governance (ESG), Kinerja Keuangan, Nilai Perusahaan

References

Aboud, A., & Diab, A. (2018). The Impact of Social, Environmental and Corporate Governance Disclosures on Firm Value: Evidence from Egypt. Journal of Accounting in Emerging Economies,, 8(4), 442-458.

Ahmad, N., Mobarek, A., & Roni, N. (2021). Revisiting the Impact of ESG on Financial Performance of FTSE350 UK Firms: Static and Dynamic Panel Data Analysis. Cogent Business and Management,, 8(1).

Ahmad, Salman, & Shamsi. (2015). Impact of Financial Leverage on Firms Profitability: An Investigation from Cement Sector of Pakistan,. Research Journal of Finance and Accounting, 6, 75-81.

Akerlof, G. (1970). The Market for Lemons : Quality Uncertainly and the Market Mechanism, . Quarterly Journal of Economic, Vol. 84 No.3, pp., 488-500.

Bani-Khalid, T., & Hassan, A. (2017). The Impact of Corporate Characteristics on Social and Environmental Disclosure (CSED): The Case of Jordan. Journal of Accounting and Auditing: Research & Practice, 2017, 1-29.

Braam, G., L, U., Hauck, M., & Huijbregts, M. (2016). Determinants of Corporate Enviromental Reporting : THe Importance of Enviromental Performance and Assurance. Ournal of Cleaner Production, 129, 724-734.

Buallay, A. (2019). Is Sustainability Reporting (ESG) Associated with Performance? Evidence form the European Banking Sector. Management of Environmental Quality: An International Journal,, 30(1), 98-115.

Donaldson, T., & Preston, L. (2016). The Stakeholder Theory of the Corporation: Concepts, Evidence and Implications. The Corporation and Its Stakeholders, 1, 173-204.

Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG Performance and Firm Value: The Moderating Role of Disclosure. Global Finance Journal,, 38, 45-64.

Fiakas, D. (2005). Tobin'sq: Valuing Small Capitalization Companies. . New York, NY: Crystal Equity Research.

Inawati, W., & Rahmawati. (2023). Dampak Environmental, Social, dan Governance (ESG) Terhadap Kinerja Keuangan. Jurnal Akademik Akuntansi, 6(2), 235-241.

Melinda, A., & Wardhani, R. (2020). The Effect of Environmental, Social, Governance, and Controversies on Firms' Value: Evidence form Asia. 27, 147-173.

Melinda, D., & Wardhani, M. (2019). Faktor-Faktor yang Mempengaruhi Peringkat Sukuk Pada Perusahaan Penerbit di Bursa Efek Indonesia. Kompartemen : Jurnal Ilmiah Akuntansi, 16(2), 69-90.

Nawangsari, F., & Iswajuni, I. (2019). The Effects of Auditor Switching Towards Abnormal Return in Manufacturing Company. Asian Journal of Accounting Research,, 4(1), 157-168.

Nikmah, N., & Apriyanti, H. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Akuntansi, 6(1)., 53-74.

Nugroho, & Hersugondo. (2022). Analysis Of The Effect Of Environment, Social, Governance (ESG) Disclosure on The Company's Financial Performance. Jurnal Ilmiah Ekonomi dan Bisnis., 15(2).

Penman, S. (2013). Financial Statement Analysis and Valuation. McGraw-Hill.

Safriani, M., & Utomo, D. (2020). Pengaruh Environmental, Social, Governance (ESG) Disclosure Terhadap Kinerja Perusahaan. Diponegoro Journal of Accounting, 9, 1-11.

Scott-Philips, T., Kirby, S., & Ritchie, G. (2009). Signilling Signal-Hood and The Emergence of Communication. Cognition, 113(2), 226-233.

Shakil, M. (2021). Environmental, Social and Governance Performance and Financial Risk:Moderating Role of ESG Controversies and Board Gender Diversity. Resources Policy,, 72, 102144.

Shakil, M., Mahmood, N., Tasnia, M., & Munim, Z. (2019). Do Environmental, Social, and Governance Performance Affect the Financial Performance of Banks? A Cross-Country Study of Emerging Market Banks? Management of Environmental Quality: An International Journal,, 30(6), 1331-1344.

Spence. (1973). Job Market Signalling,. Quarterly Journal of Economic, Vol.87 No.3, pp. 355-374.

Sugiono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alphabet., 69.

Sutrisno, H. (2009). Manajemen Keuangan Teori, Konsep dan aplikasi. Yogyakarta:Ekonosia.

Triyani, A., Setyahuni, S., & 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.

Velte, P. (2017). Does ESG Performance have an Impact on Financial Performance? Evidence form Germany. Journal of Global Responsibility,, 8(2), 169-178.

Downloads

Published

2024-03-03

How to Cite

Putri, D. A., & Lismawati, L. (2024). ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) AS A PRIMARY FACTOR IN FINANCIAL PERFORMANCE AND FIRM VALUE ASSESMENT: REGRESSION APPROACH. JURNAL ILMIAH EDUNOMIKA, 8(2). https://doi.org/10.29040/jie.v8i2.11920

Issue

Vol. 8 No. 2 (2024): EDUNOMIKA

Section

Articles

Citation Check