ESG Disclosure: Financial Performance Improvement or Risk-Taking Behavior?

Andi Adelia Dwi Fitriyani; Marvin  Franko; Mukhtaruddin Mukhtaruddin

doi:10.31004/riggs.v5i1.7914

Authors

Andi Adelia Dwi Fitriyani Universitas Sriwijaya
Marvin Franko Universitas Sriwijaya
Mukhtaruddin Mukhtaruddin Universitas Sriwijaya

DOI:

https://doi.org/10.31004/riggs.v5i1.7914

Keywords:

ESG Disclosure, Financial Performance, Sustainability Reporting

Abstract

Artikel ini mengeksplorasi dua aspek dari pengungkapan Environmental, Social, and Governance (ESG) dengan mengintegrasikan temuan empiris terbaru dari 20 studi yang telah melalui proses peer-review yang dipublikasikan pada jurnal akademik dari tahun 2020 hingga 2026 yang tersedia dalam basis data ScienceDirect, Scopus, dan Wiley. Temuan menunjukkan bahwa pengungkapan ESG dapat sekaligus memberikan peluang untuk peningkatan finansial serta menimbulkan risiko dan ketidakstabilan, dengan hasil yang bergantung pada faktor-faktor seperti kualitas pengungkapan, lingkungan regulasi, karakteristik industri, dan karakteristik unik perusahaan yang terlibat. Pengungkapan ESG yang menyeluruh dan dapat dipercaya meningkatkan kinerja keuangan melalui berbagai saluran seperti penurunan biaya modal, peningkatan akses terhadap investasi yang berfokus pada ESG, menarik investor institusional, peningkatan efisiensi operasional melalui inovasi berkelanjutan, penguatan hubungan dengan para pemangku kepentingan, serta peningkatan efisiensi dalam penetapan harga di pasar modal. Pengungkapan ESG juga dapat menimbulkan risiko keuangan, terutama melalui peningkatan fluktuasi harga saham ketika muncul berita keberlanjutan yang negatif, upaya pengungkapan strategis yang dapat menyebabkan kelebihan informasi, peluang untuk klaim keberlanjutan yang menyesatkan dan pengelolaan laba, hubungan non-linear di mana pengungkapan yang berlebihan menghasilkan biaya kepatuhan yang tidak proporsional, serta ketidakkonsistenan dalam penilaian ESG yang menimbulkan ketidakpastian serta tantangan yang terkait dengan penerapan praktik pengungkapan wajib. Tinjauan ini menyimpulkan bahwa hubungan antara pengungkapan ESG dan kinerja keuangan pada dasarnya bergantung pada konteks, bukan bersifat secara universal menguntungkan atau merugikan.

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