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)
Abstrak
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
Referensi
Ahmad, S., Mohti, W., Khan, M., Irfan, M., & Bhatti, O. K. (2024). Creating a bridge between ESG and firm’s financial
performance in Asian emerging markets: catalytic role of managerial ability and institutional quality. Journal of
Economic and Administrative Sciences. https://doi.org/10.1108/JEAS-01-2024-0004
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul
Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Aziz, A. (2024). IMPLEMENTASI KENAIKAN UPAH BERKALA DENGAN MEMPERHATIKAN TINGKAT INFLASI,
EVALUSI, KEMAMPUAN PERUSAHAAN, LINGKUNGAN DAN KENAIKAN UMSP DITINJAU DARI HUKUM
KETENAGAKERJAAN. 11(2), 231–240.
Bina Nusantara. (2024). DAMPAK PERKEMBANGAN INDUSTRI TERHADAP LINGKUNGAN BAGI
KESEHATAN – TFI. Retrieved January 5, 2025, from https://student-activity.binus.ac.id/tfi/2024/01/dampakperkembangan-industri-terhadap-lingkungan-bagi-kesehatan/
British Columbia. (2019). Environmental, Social and Governance (ESG) 101 Guide. In Journal of Language Relationship.
https://doi.org/10.31826/9781463236984-toc
Bui, H., & Krajcsák, Z. (2024). The impacts of corporate governance on firms’ performance: from theories and approaches
to empirical findings. Journal of Financial Regulation and Compliance, 32(1), 18–46.
https://doi.org/10.1108/JFRC-01-2023-0012
Chininga, E., Alhassan, A. L., & Zeka, B. (2024). ESG ratings and corporate financial performance in South Africa.
Journal of Accounting in Emerging Economies, 14(3), 692–713. https://doi.org/10.1108/JAEE-03-2023-0072
Daradkeh, M. (2023). Exploring the Curvilinear Relationship between Academic-Industry Collaboration Environment
and Innovation Performance: A Multilevel Perspective. Sustainability (Switzerland), 15(10).
https://doi.org/10.3390/su15108349
Eisenhardt, K. M. (1985). Control: Organizational and Economic Approaches.
https://doi.org/https://doi.org/10.1287/mnsc.31.2.134
Farooq, M., Noor, A., & Ali, S. (2022). Corporate governance and firm performance: empirical evidence from Pakistan.
Corporate Governance (Bingley), 22(1), 42–66. https://doi.org/10.1108/CG-07-2020-0286
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000
empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210–233.
https://doi.org/10.1080/20430795.2015.1118917
Gong, Y., Ho, K. C., & Cheng, Y. (2020). The effect of managerial ability on corporate social responsibility and firm
value in the energy industry. https://doi.org/https://doi.org/10.1002/csr.2070
Handoyo, S., & Anas, S. (2024). The effect of environmental, social, and governance (ESG) on firm performance: the
moderating role of country regulatory quality and government effectiveness in ASEAN. Cogent Business and
Management, 11(1). https://doi.org/10.1080/23311975.2024.2371071
Haque, F., Arun, T. G., & Kirkpatrick, C. (2011). Corporate governance and capital structure in developing countries: A
case study of Bangladesh. Applied Economics, 43(6), 673–681. https://doi.org/10.1080/00036840802599909
Ho, L., Nguyen, V. H., & Dang, T. L. (2024). ESG and firm performance: do stakeholder engagement, financial
constraints and religiosity matter? Journal of Asian Business and Economic Studies, 31(4), 263–276.
https://doi.org/10.1108/JABES-08-2023-0306
Jung, Y. L., & Yoo, H. S. (2023). Environmental, social, and governance activities and firm performance: Global evidence
and the moderating effect of market competition. Corporate Social Responsibility and Environmental Management,
(6), 2830–2839. https://doi.org/10.1002/csr.2518
Khan, M. K., Naeem, K., & Xie, M. (2022). Does managerial ability transform organization from the inside out? Evidence
from sustainability performance of financially constrained firms in an emerging economy. Borsa Istanbul Review,
(5), 897–910. https://doi.org/10.1016/j.bir.2022.06.006
Khanchel, I., Lassoued, N., & Baccar, I. (2023). Sustainability and firm performance: the role of environmental, social
and governance disclosure and green innovation. Management Decision, 61(9), 2720–2739.
https://doi.org/10.1108/MD-09-2021-1252
Krasniqi, B. A., & Mustafa, M. (2016). Small firm growth in a post-conflict environment: the role of human capital,
institutional quality, and managerial capacities. International Entrepreneurship and Management Journal.
https://doi.org/https://doi.org/10.1007/s11365-016-0384-9
Kurniadi, A. F., & Wardoyo, D. U. (2022). Pengaruh Karakteristik Perusahaan Terhadap Pengungkapan Corporate Social
Responsibility Pada Perusahaan Manufaktur Dalam Perspektif Teori Agensi (Studi Empiris Pada Perusahaan
Manufaktur Yang Terdaftar di BEI Tahun 2018-2020). Jurnal Ilmiah Multidisiplin, 1(2), 141–150. Retrieved from
https://journal-nusantara.com/index.php/JIM/article/view/50
Murti, G. T., Saraswati, RR. S., & Mayumi Yorianti, Y. (2023). Does Intellectual Capital and Board Characteristics Affect
Financial Performance? Jurnal Akuntansi Manado (JAIM), 4(2), 304–319. https://doi.org/10.53682/jaim.vi.7225
PwC. (2023a). Sustainability Counts II : Situasi Pelaporan Keberlanjutan di Asia Pasifik. In PwC Global. Retrieved from
