Pengungkapan Enviromental, Social, dan Governance (ESG), Kepemilikan Institusional, Kinerja Perusahaan: Perspektif Teori Signaling

Triyono Triyono; Famita  Azzakhhusna

doi:10.59395/ahsana.v4i2.433

Authors

Triyono Triyono Program Studi Akuntansi, Fakultas Ekonomi & Bisnis, Universitas Horizon Indonesia
Famita Azzakhhusna Program Studi Akuntansi, Fakultas Ekonomi & Bisnis, Universitas Horizon Indonesia

DOI:

https://doi.org/10.59395/ahsana.v4i2.433

Keywords:

ESG disclosure, kinerja perusahaan, kepemilikan institusional, ROA, tata kelola perusahaan

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan Environmental, Social, and Governance (ESG) terhadap kinerja perusahaan serta peran kepemilikan institusional sebagai variabel moderasi. Populasi penelitian adalah perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia untuk periode 2020-2025 dengan metode purposive sampling. Variabel independen adalah pengungkapan Environmental, pengungkapan Social, dan pengungkapan Governance, sedangkan variabel dependen adalah Return on Assets (ROA). Variabel moderasi adalah kepemilikan institusional dan variabel kontrol adalah ukuran perusahaan, leverage, dan pertumbuhan penjualan. Data dianalisis menggunakan regresi linier berganda dan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa masing-masing dimensi ESG berpengaruh positif dan signifikan terhadap kinerja perusahaan. Kepemilikan institusional berdampak positif terhadap kinerja perusahaan dan memperkuat hubungan antara pengungkapan ESG dan kinerja perusahaan. Hasil tersebut menyiratkan bahwa penerapan ESG lebih efektif dalam menghasilkan nilai perusahaan dengan pengawasan institusional. Studi ini memiliki implikasi yang signifikan untuk meningkatkan kualitas pelaporan keberlanjutan, meningkatkan tata kelola perusahaan, serta membuat keputusan investasi berdasarkan ESG.

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