Environmental, Social, and Governance Disclosure dan Implikasinya terhadap ROE, ROA, dan Tobin’s Q pada Perusahaan Manufaktur
DOI:
https://doi.org/10.61994/econis.v3i2.1599Keywords:
Environmental, Social, Governance, Kinerja Perusahaan, Industri Manufaktur, Regresi Data Panel, Bursa Efek IndonesiaAbstract
Penelitian ini menganalisis pengaruh pengungkapan Environmental, Social, and Governance (ESG) terhadap kinerja perusahaan sektor manufaktur di Indonesia. Pendekatan kuantitatif digunakan dengan regresi data panel terhadap 20 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2019–2023. Pengungkapan ESG diukur menggunakan indeks berbasis standar Global Reporting Initiative (GRI) 2016 dan 2021, sedangkan kinerja perusahaan diproksikan melalui Return on Equity (ROE), Return on Assets (ROA), dan Tobin’s Q. Hasil penelitian menunjukkan bahwa dimensi environmental tidak berpengaruh signifikan terhadap ROE dan ROA, tetapi berpengaruh positif terhadap Tobin’s Q. Dimensi social berpengaruh signifikan terhadap ROA, namun tidak terhadap ROE maupun Tobin’s Q. Sementara itu, dimensi governance tidak menunjukkan pengaruh signifikan terhadap seluruh indikator kinerja. Temuan ini menegaskan bahwa manfaat ESG di sektor manufaktur Indonesia belum sepenuhnya tercermin dalam profitabilitas jangka pendek, tetapi mulai diapresiasi pasar sebagai sinyal mitigasi risiko dan keberlanjutan jangka panjang.
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