Pengungkapan ESG Terhadap Kinerja Keuangan dan Biaya Utang: Peran Moderasi Ukuran Perusahaan
DOI:
https://doi.org/10.21067/jrma.v14i2.14688Keywords:
Biaya Utang, Kinerja Keuangan, Pengungkapan Lingkungan, Sosial dan Tata Kelola, Sektor Energi, Ukuran PerusahaanAbstract
Penelitian ini bertujuan menganalisis pengaruh Environmental, Social, and Governance (ESG) terhadap kinerja keuangan dan biaya utang dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2022–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan dan laporan keberlanjutan perusahaan. Berdasarkan metode purposive sampling, diperoleh 31 perusahaan dengan 93 observasi awal. Setelah 12 observasi dari 4 perusahaan dikeluarkan karena teridentifikasi sebagai outlier, sampel akhir yang digunakan dalam analisis terdiri atas 27 perusahaan dengan 81 observasi. Analisis data dilakukan dengan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa pengungkapan ESG berpengaruh signifikan terhadap kinerja keuangan dengan arah hubungan negatif. Sementara itu, pengungkapan ESG tidak berpengaruh signifikan terhadap biaya utang. Selain itu, ukuran perusahaan tidak mampu memoderasi hubungan antara pengungkapan ESG dengan kinerja keuangan maupun biaya utang. Temuan ini mengindikasikan bahwa pengungkapan ESG belum memberikan manfaat ekonomi secara optimal, sementara ukuran perusahaan belum mampu memperkuat pengaruh ESG terhadap kinerja keuangan maupun biaya utang. Perusahaan diharapkan meningkatkan kualitas implementasi dan pengungkapan ESG dalam laporan keberlanjutan, serta mengintegrasikan strategi keberlanjutan ke dalam strategi bisnis agar mampu menciptakan nilai ekonomi dan mendukung peningkatan kinerja keuangan perusahaan. Bagi investor dan kreditor, pengungkapan ESG dalam laporan keberlanjutan dapat menjadi sumber informasi yang lebih komprehensif untuk mengevaluasi tingkat risiko perusahaan dan mendukung pengambilan keputusan ekonomi yang lebih tepat.
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