Pengaruh Environmental, Social, Dan Governance (ESG) Terhadap Kinerja Keuangan Perusahaan Dengan Firm Size Dan Leverage Sebagai Variabel Kontrol (Studi Kasus Perusahaan Manufaktur di Asia Pasifik Tahun 2020-2023)
Abstract
Penelitian ini ditujukan untuk mengevaluasi sejauh mana Environmental, Social, dan Governance (ESG)
mempengaruhi kinerja keuangan perusahaan pada perusahaan manufaktur yang tercatat di Indonesia, Malaysia,
Singapura, dan Hong Kong, dengan variabel kontrol ukuran perusahaan dan leverage. Kinerja perusahaan diukur
menggunakan Return on Assets (ROA). Metode analisis pada penelitian ini adalah panel data regression dengan
jumlah sampel sebanyak 41 perusahaan selama periode 2020–2023. Data ESG diperoleh dari Refinitiv Eikon,
sementara data keuangan diperoleh dari laporan tahunan perusahaan. Temuan penelitian mengindikasikan bahwa
secara parsial, skor Environmental, Social, dan Governance (ESG) tidak menunjukkan pengaruh yang signifikan
terhadap Return on Assets (ROA). Namun, ketika diuji secara bersamaan, ketiga variabel ESG berpengaruh signifikan
terhadap kinerja perusahaan. Hal ini menunjukkan bahwa integrasi aspek ESG secara menyeluruh dapat memberikan
kontribusi positif terhadap kinerja keuangan, meskipun pengaruh masing-masing dimensi tidak signifikan jika
dianalisis secara terpisah. Selain itu, Ukuran Perusahaan berpengaruh positif sedangkan Leverage berpengaruh
negatif terhadap ROA. Temuan ini memberikan implikasi bahwa perusahaan perlu mengintegrasikan praktik ESG
secara strategis dalam upaya meningkatkan kinerja keuangan jangka panjang.
Kata Kunci- Asia Pasifik, ESG Skor, Kinerja KeuanganPerusahaan Manufaktur
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