Pengaruh Kinerja ESG dan Ukuran Perusahaan terhadap Kinerja Keuangan Perusahaan Manufaktur di BEI Periode 2020-2024

Azzahra Suci Rahmadani; Dwila Maresti; Syarifah Zuhra

doi:10.71456/sur.v5i1.2365

Authors

Azzahra Suci Rahmadani Universitas Mohammad Natsir Bukittinggi
Dwila Maresti Universitas Mohammad Natsir Bukittinggi
Syarifah Zuhra Universitas Mohammad Natsir Bukittinggi

DOI:

https://doi.org/10.71456/sur.v5i1.2365

Keywords:

Environmental, Social, and Governance (ESG), Kinerja Keuangan, Perusahaan Manufaktur, Return on Assets (ROA), Ukuran Perusahaan

Abstract

Peningkatan implementasi Environmental, Social, and Governance (ESG) serta penguatan regulasi keuangan berkelanjutan di Indonesia mendorong perusahaan untuk mengintegrasikan aspek keberlanjutan ke dalam strategi bisnis, namun bukti empiris mengenai pengaruh ESG terhadap kinerja keuangan masih menunjukkan hasil yang beragam. Penelitian ini bertujuan menganalisis pengaruh kinerja ESG dan ukuran perusahaan terhadap kinerja keuangan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2020 hingga 2024. Penelitian menggunakan pendekatan kuantitatif dengan desain asosiatif. Populasi penelitian terdiri atas 67 perusahaan manufaktur, sedangkan sampel dipilih menggunakan purposive sampling sehingga diperoleh 40 perusahaan dengan 200 observasi data panel. Data sekunder diperoleh dari Refinitiv Eikon dan laporan keuangan perusahaan. Instrumen penelitian berupa skor ESG, Return on Assets (ROA), logaritma natural total aset, dan leverage sebagai variabel kontrol. Analisis data dilakukan menggunakan regresi linier berganda data panel dengan bantuan STATA 17 dan robust standard error. Hasil penelitian menunjukkan bahwa kinerja ESG berpengaruh positif dan signifikan terhadap ROA, ukuran perusahaan berpengaruh negatif dan signifikan terhadap ROA, sedangkan leverage tidak berpengaruh signifikan. Secara simultan, model penelitian berpengaruh signifikan terhadap kinerja keuangan. Kesimpulannya, peningkatan praktik ESG berkontribusi terhadap peningkatan profitabilitas perusahaan manufaktur, sementara pertumbuhan ukuran perusahaan tidak selalu diikuti peningkatan efisiensi keuangan sehingga implementasi keberlanjutan perlu diimbangi dengan pengelolaan aset yang efektif.

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