PENGARUH ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) DISCLOSURE TERHADAP KINERJA KEUANGAN PERUSAHAAN PADA ENAM BANK TERBESAR DI INDONESIA
Keywords:
The Influence Of Environmental, Social, And Governance (ESG) Disclosure On Company Financial Performance.Abstract
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on the financial performance of banks in Indonesia. This study uses a quantitative approach with a causal associative design. The data used are secondary data sourced from the annual reports and sustainability reports of the six largest banks in Indonesia, namely BNI, BRI, Bank Mandiri, BTN, BCA, and CIMB Niaga, for the period 2020-2024. Data analysis was performed using multiple linear regression after meeting the classical assumption test. The results show that environmental and social disclosures do not significantly affect financial performance as measured by ROA. Conversely, governance disclosure has a positive and significant effect on ROA, indicating that governance quality plays a significant role in increasing bank profitability. Meanwhile, ESG disclosure as a whole does not show a significant effect on financial performance. Based on the results of the study, it can be concluded that ESG disclosure has not consistently improved the financial performance of banks in Indonesia. The governance dimension is the only aspect proven to contribute positively to ROA, while the environmental, social and ESG dimensions, in aggregate, tend to be neutral on profitability. These findings indicate that ESG disclosures at large banks in Indonesia still have the potential to function as a legitimacy and compliance mechanism, rather than as a substantive economic value creation strategy.
Downloads
References
Ariasinta, T., Indarwanta, D., & Utomo, H. J. N. (2024). Pengaruh Environmental , Social , and Governance (ESG) Disclosure dan Intellectual Capital terhadap Firm Value dengan Firm Size sebagai Variabel Moderasi ( Studi pada Perusahaan Indeks LQ45 Tahun 2018-2022 ). Jurnal Administrasi Bisnis, 22(2), 255–273.
Astuti, I. N., Mediyanti, S., Eliana, & Ridha, A. (2022). Menuju Sustainability: Apakah Lingkungan, Sosial dan Tata Kelola berdampak pada Kinerja Keuangan? Jurnal Akademi Akuntansi, 5(4), 579–594. https://doi.org/10.22219/jaa.v5i4.23017
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
Buallay, A. (2019). Sustainability Reporting and Firm’s Performance: Comparative Study Between Manufacturing and Banking Sectors. International Journal of Productivity and Performance Management, 69(3), 431–445. https://doi.org/10.1108/IJPPM-10-2018-0371
Du, X., Feng, F., & Lv, W. (2022). Bibliometric Overview of Organizational Legitimacy Research. SAGE Open, 12(2). https://doi.org/10.1177/21582440221099524
Fadilah, A., & Rosdiana, Y. (2024). Pengaruh Environmental, Social, dan Governance Disclosure Terhadap Financial Performance Perusahaan. Bandung Conference Series: Accountancy, 4(1), 318–327. https://doi.org/10.60036/jbm.v5i1.369
Freeman, R. E., & McVea, J. (1984). A Stakeholder Approach to Strategic Management. In Blackwell Publishing. https://doi.org/10.1002/jctb.619
Istutik, Hale, E. R., & Budianto, I. (2024). The Influence of Financial Performance and Earning Management on Firm Value (Case Study in the Food and Beverage Industry). Journal of Economics, Finance and Management Studies, 07(02), 823–830. https://doi.org/10.47191/jefms/v7-i2-01
Kaya, N., Bozcuk, A. E., Tutcu, B., Terzioğlu, M., & Uyar, G. F. Ü. (2025). Evaluating ESG Practices from the Perspective of Transparency and Accountability Through Clustering Analysis and MCDM Methods. Sustainability, 17(23), 10440. https://doi.org/10.3390/su172310440
Kilic, Y., Destek, M. A., Cevik, E. I., Bugan, M. F., Korkmaz, O., & Dibooglu, S. (2022). Return and Risk Spillovers between the ESG Global Index and Stock Markets: Evidence from Time and Frequency Analysis. Borsa Istanbul Review, 22, S141–S156. https://doi.org/10.1016/j.bir.2022.11.015
Li, L., Wang, Y., Sun, H., Shen, H., & Lin, Y. (2023). Corporate Social Responsibility Information Disclosure and Financial Performance: Is Green Technology Innovation a Missing Link? Sustainability, 15(19). https://doi.org/10.3390/su151914544
Lin, J., & Qamruzzaman, M. (2023). The Impact of Environmental Disclosure and the Quality of Financial Disclosure and IT adoption on Firm Performance: Does Corporate Governance Ensure Sustainability? Frontiers in Environmental Science, 11, 1–16. https://doi.org/10.3389/fenvs.2023.1002357
Prasetyo, W., & Musmini, L. S. (2025). Pengaruh Environmental, Social, and Governance (ESG) dan Efisiensi Operasional terhadap Kinerja Keuangan Perusahaan Perbankan yang Terdaftar di BEI pada Periode 2020-2023. Jurnal Ilmiah Akuntansi Dan Humanika, 15(2), 326–333.
Prihandini, W. (2024). ESG Disclosure in the Sustainability Reports of Indonesian Banks 2022. International Journal of Economics, Bussiness and Accounting Research, 8(4), 4–6.
Rizki, M. H., & Putra, I. N. N. A. P. (2024). The Impact of ESG Pillars on Banking Financial Performance in ASEAN-5 Countries. Journal of Enterprise and Development, 6(3), 572–584.
Rosalia, & Prihandini, W. (2024). Analysis of the Effect of Environmental Disclosure, Social Disclosure, and Governance Disclosure on Financial Performance in Companies Listed in the ESG Sector Leader Index of the Indonesia Stock Exchange in 2023. International Journal of Economics,Businessand Accounting Research, 8(1), 1–16.
Setiawati, A., & Hidayat, T. (2023). The Influence of Environmental, Social, and Governance (ESG) Disclosures on Financial Performance. Jurnal Ekonomi, Manajemen Dan Perbankan, 9(3), 149–161.https://doi.org/10.38142/ijesss.v6i1.1315
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Innovative Approaches. Academy of Management Review, 20(3), 571–610.
http://www.downloadmaghaleh.com/wp-content/uploads/edd/9817.pdf
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
