Pengaruh Corporate Governance Terhadap Environmental, Social, And Governance (ESG) Score (Studi Kasus Pada Perusahaan Sektor Energi Dan Material Yang Go-Public Di Negara China, India, Jepang, Dan Indonesia Periode 2020-2023)
Abstract
Penelitian dimaksudkan guna mengkaji pengaruh corporate governance terhadap skor Environmental, Social, and
Governance (ESG) perusahaan lingkup persektoran energi dan material yang terdaftar di bursa efek China, India,
Jepang, dan Indonesia rentang 2020–2023. Variabel independen yang dimanfaatkan meliputi ukuran dewan direksi
(board size), frekuensi rapat dewan (board diligence), proporsi dewan independen (board independence), dan
keberagaman gender (board gender diversity), dengan firm size, firm age, leverage, dan profitabilitas sebagai
variabel kontrol. Data ESG diperoleh dari platform Refinitiv dan dianalisis menggunakan metode regresi data
panel. Refinitiv menilai ESG Score melalui lima tahapan, termasuk pemberian bobot berdasarkan relevansi sektor
industri disertai penyesuaian terhadap isu kontroversi. Hasil penelitian mengungkap ukuran dewan, ketekunan
dewan, dan independensi dewan punya pengaruhnya yang positif signifikan terhadap skor ESG. Sebaliknya,
keberagaman gender tidak mengungkap pengaruhnya dengan signifikan, kemungkinan karena rendahnya proporsi
perempuan dalam struktur dewan di perusahaan yang diteliti. Temuan ini memberikan kontribusi teoritis dalam
pengembangan literatur tata kelola perusahaan dan ESG, serta menyajikan implikasi praktis bagi manajemen serta
investor dalam membentuk struktur dewan yang efektif untuk meningkatkan kinerja keberlanjutan perusahaan di
negara berkembang.
Kata Kunci-ESG skor, ukuran dewan, ketekunan dewan, dewan independen, keberagaman gender
References
Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value
and financial performance (FP) in airline industry: the moderating role of size and age. Environment,
Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w
Ade, R., Mukhzarudfa, & Salman, J. (2019). Pengaruh Ukuran Perusahaan, Profitabilitas, Umur Perusahaan, Dan
Leverage Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan (Studi Pada Perusahaan Consumer
Goods Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2018). 1–22.
Al Amosh, H., Khatib, S. F. A., & Ananzeh, H. (2023). Environmental, social and governance impact on financial
performance: evidence from the Levant countries. Corporate Governance (Bingley), 23(3), 493–513.
https://doi.org/10.1108/CG-03-2022-0105
Apriani, S., & Mursal, M. (2022). Analisis Pengaruh Komite Audit, Kepemilikan Manajerial, Dewan Direksi Dan
Dewan Komisaris Terhadap Nilai Perusahaan Pada Perusahaan Perkebunan Yang Terdaftar Di Bursa Efek
Indonesia Periode Tahun 2014-2018. Zona Keuangan: Program Studi Akuntansi (S1) Universitas Batam,
(2), 57–68. https://doi.org/10.37776/zuang.v11i2.805
Arayssi, M., Jizi, M., & Tabaja, H. H. (2020). The impact of board composition on the level of ESG disclosures in
GCC countries. Sustainability Accounting, Management and Policy Journal, 11(1), 137–161.
https://doi.org/10.1108/SAMPJ-05-2018-0136
Basuki, A. T. (2021). Analisis Data Panel Dalam Penelitian Ekonomi dan Bisnis. PT Rajagrafindo Persada, 1–161.
Bhatia, S., & Marwaha, D. (2022). The Influence of Board Factors and Gender Diversity on the ESG Disclosure
Score: A Study on Indian Companies. Global Business Review, 23(6), 1544–1557.
https://doi.org/10.1177/09721509221132067
Bigelli, M., Mengoli, S., & Sandri, S. (2023). ESG score, board structure and the impact of the non-financial
reporting directive on European firms. Journal of Economics and Business, 127(June), 106133.
https://doi.org/10.1016/j.jeconbus.2023.106133
Cadbury, A. (1992). Corporate Governance -the Committee on the Financial Aspects of Corporate Governance – a
Study. London : Gee (a Division of Professional Publishing Ltd), 64–66.
Chebbi, K., & Ammer, M. A. (2022). Board Composition and ESG Disclosure in Saudi Arabia: The Moderating
Role of Corporate Governance Reforms. Sustainability (Switzerland), 14(19).
https://doi.org/10.3390/su141912173
Cordeiro, J. J., Profumo, G., & Tutore, I. (2020). Board gender diversity and corporate environmental performance:
The moderating role of family and dual-class majority ownership structures. Business Strategy and the gan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures – a theoretical
foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311.
https://doi.org/10.1108/09513570210435852
Dowling, J., & Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and
Organizational Behavior. Source: The Pacific Sociological Review, 18(1), 122–136.
Fadilah, F., Uzliawati, L., & Mulyasari, W. (2022). The Effect of Firm Size and Firm Age on Sustainability
Reporting and The Impact on Earnings Management. Jurnal Riset Akuntansi Terpadu, 15(1), 84.
https://doi.org/10.35448/jrat.v15i1.14510
Fahad, P., & Rahman, P. M. (2020). Impact of corporate governance on CSR disclosure. International Journal of
Disclosure and Governance, 17(2–3), 155–167. https://doi.org/10.1057/s41310-020-00082-1
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (A. Tejokusumo (ed.); 9th ed.).
Universitas Diponegoro.
Grannes, W. L. (2023). The Effect of Board Characteristics on ESG Performance: Evidence from Scandinavia.
Master of Science in Accounting and Auditing University of Stavanger Business School.
Ho, K.-C., Wang, Q., Sun, X., & Wang, L. F. S. (2022). How does corporate social responsibility affect firm
leverage? Kybernetes, 51(10), 2902–2926. https://doi.org/10.1108/K-10-2020-0708
Hollindale, J., Kent, P., Routledge, J., & Chapple, L. (2019). Women on boards and greenhouse gas emission
disclosures. Accounting and Finance, 59(1), 277–308. https://doi.org/10.1111/acfi.12258
Imperiale, F., Pizzi, S., & Lippolis, S. (2023). Sustainability reporting and ESG performance in the utilities sector.
Utilities Policy, 80, 101468. https://doi.org/https://doi.org/10.1016/j.jup.2022.101468
Indrawati. (2015). Metode Penelitian Manajemen dan Bisnis Konvergensi Teknologi Komunikasi dan Informasi (D.
Sumayyah (ed.); 1st ed.). PT Refika Aditama.
Jackson, G., Bartosch, J., Avetisyan, E., Kinderman, D., & Knudsen, J. S. (2020). Mandatory Non-financial
Disclosure and Its Influence on CSR: An International Comparison. Journal of Business Ethics, 162(2), 323–
https://doi.org/10.1007/s10551-019-04200-0
Kamaludin, K., Ibrahim, I., Sundarasen, S., & Faizal, O. (2022). ESG in the boardroom: evidence from the
Malaysian market. International Journal of Corporate Social Responsibility, 7(1).
https://doi.org/10.1186/s40991-022-00072-2
Kasmir. (2019). Analisis Laporan Keuangan. In Rajawali Pers.
Kateb, I., & Alahdal, W. M. (2024). Tracing the path to sustainable governance: CSR committees as mediators of
board impact on ESG performance in the MENA region. Corporate Governance (Bingley), March.
https://doi.org/10.1108/CG-03-2024-0147
Khalid, F., Razzaq, A., Ming, J., & Razi, U. (2022). Firm characteristics, governance mechanisms, and ESG
disclosure: how caring about sustainable concerns? Environmental Science and Pollution Research, 29(54),
–82077. https://doi.org/10.1007/s11356-022-21489-z
LCDI. (2024). ENERGI. https://lcdi-indonesia.id/grk-energi/#
Li, T. T., Wang, K., Sueyoshi, T., & D. Wang, D. (2021). ESG: Research Progress and Future Prospects.
Sustainability, 13(21). https://doi.org/https://doi.org/10.3390/su132111663
