Dampak Laporan Lingkungan, Sosial, dan Tata Kelola (ESG) terhadap Kinerja Perusahaan Manufaktur

One Sabili Rosyidin; Firdaus Indrajaya Tuharea; Dini Ayu Pramitasari

doi:10.31004/riggs.v5i2.8599

Authors

One Sabili Rosyidin Universitas Gresik
Firdaus Indrajaya Tuharea Universitas Gresik
Dini Ayu Pramitasari Universitas Gresik

DOI:

https://doi.org/10.31004/riggs.v5i2.8599

Keywords:

ESG, Kinerja Perusahaan, Perusahaan Manufaktur, Keberlanjutan, BEI

Abstract

Penelitian ini menganalisis pengaruh pelaporan Lingkungan, Sosial, dan Tata Kelola (ESG) terhadap kinerja perusahaan manufaktur di Indonesia. Perubahan paradigma global dalam penilaian kinerja perusahaan menekankan pentingnya aspek Lingkungan, Sosial, dan Tata Kelola (ESG) di samping kinerja finansial. Penelitian ini menginvestigasi pengaruh pelaporan ESG terhadap kinerja perusahaan manufaktur di Indonesia selama periode 2021–2024. Mengingat pergeseran paradigma global menuju penilaian kinerja yang mencakup aspek non-finansial dan penguatan pelaporan keberlanjutan di Indonesia, studi ini bertujuan mengungkap relevansi ESG dalam konteks pasar modal di Indonesia yang masih menjadi perdebatan. Menggunakan pendekatan kuantitatif dengan data panel dari 45 perusahaan manufaktur, penelitian ini menerapkan model Fixed Effect untuk menguji hubungan antara skor ESG (keseluruhan dan per dimensi) serta kinerja perusahaan yang diukur melalui ROA dan Tobin’s Q dan mengontrol variabel ukuran perusahaan dan leverage. Hasil studi secara konsisten menunjukkan bahwa pengungkapan ESG berpengaruh positif dan signifikan terhadap kinerja perusahaan manufaktur, baik dari sisi akuntansi maupun pasar. Temuan ini menegaskan bahwa praktik keberlanjutan tidak hanya memenuhi regulasi, tetapi telah menjadi mekanisme penciptaan nilai dan sinyal kualitas manajemen yang diapresiasi secara ekonomi oleh pasar modal Indonesia. Hal ini mengindikasikan bahwa praktik keberlanjutan tidak hanya memenuhi kewajiban regulasi, tetapi juga berkontribusi pada efisiensi operasional, pengelolaan risiko yang lebih baik, dan peningkatan kepercayaan investor, menjadikannya mekanisme penciptaan nilai perusahaan. Analisis dimensi ESG menunjukkan kontribusi komplementer, dengan tata kelola menjadi fondasi penting. Implikasinya, integrasi ESG ke dalam strategi korporasi dapat meningkatkan daya saing dan keberlanjutan perusahaan.

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