Pengaruh ESG Terhadap Kinerja Keuangan Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia
DOI:
https://doi.org/10.63822/0vzv1v33Keywords:
ESG; Environmental; Social; Governance; financial performance; ROA; miningAbstract
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) on the financial performance of mining companies listed on the Indonesia Stock Exchange. Financial performance is proxied by Return on Assets (ROA), while ESG is measured through three dimensions: Environmental, Social, and Governance. This research uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, the Indonesia Stock Exchange, and ESG scores from BGK Foundation. The population consists of mining companies listed on the IDX, while the sample was selected using purposive sampling, resulting in 8 companies and 48 observations during 2018-2023. The analytical technique employed is panel data regression using the Fixed Effect Model with clustered standard errors. The results show that Environmental, Social, and Governance have no significant partial effect on ROA. However, the three ESG dimensions simultaneously have a significant effect on ROA. These findings indicate that ESG is more relevant when understood as an integrated strategy rather than as separate policies in explaining the financial performance of mining companies.
References
Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance, 20(7), 1409–1428. https://doi.org/10.1108/CG-06-2020-0258
Barbier, E. B., & Burgess, J. C. (2020). Sustainability and development after COVID-19. World Development, 135, 105082. https://doi.org/10.1016/J.WORLDDEV.2020.105082
Basuki, A. T., & Prawoto, N. (2019). Analisis Regresi dalam Penelitian Ekonomi dan Bisnis (3rd ed.). Rajagrafindo Persada. https://www.rajagrafindo.co.id/produk/analisis-regresi-dalam-penelitian-ekonomi-bisnis-ilengkapi-aplikasi-spss-eviews/
Cavazotte, F., & Chang, N. C. (2016). Internal corporate social responsibility and performance: A study of publicly traded companies. Brazilian Administration Review, 13(4). https://doi.org/10.1590/1807-7692BAR2016160083
Deegan, C. (2023). Financial Accounting Theory. Cengage Learning Australia.
Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Sociological Perspectives, 18(1), 122–136. https://doi.org/10.2307/1388226;PAGE:STRING:ARTICLE/CHAPTER
Freeman, R. E. (1984). Stakeholder theory. Cambridge University Press. https://library.iimk.ac.in/downloadebook/1/eyJpdiI6IjgvMU9leTZTNGRwV1hxVFU3Rk1VV3c9PSIsInZhbHVlIjoiNzR6bU56UTJKSW1pRGZPcHZZT1ozMmc4Y3FBaFFMS2VyZFNYckg0L0NOWT0iLCJtYWMiOiIwZTQzYjhhYTVmMjBlZDg3YWUyMWY0MWZkYWRkNjcwOTY4MjFkYzE4NzczYWI0MWUyZjMxY2JmMDg0ZDdjNDc1IiwidGFnIjoiIn0=
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/J.JCORPFIN.2021.101889
Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th ed.). Douglas Reiner.
Khoury, R. E. L., Naimy, V., & Iskandar, S. (2021). ESG Versus Corporate Financial Performance: Evidence from East Asian Firms in the Industrials Sector. Studies of Applied Economics, 39(3). https://doi.org/10.25115/EEA.V39I3.4457
Kraus, A., & Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
Liang, Y., Lee, M. J., & Jung, J. S. (2022). Dynamic Capabilities and an ESG Strategy for Sustainable Management Performance. Frontiers in Psychology, Volume 13. https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2022.887776
Liu, D. (2022). The Impact of ESG on Financial Performance of Listed Companies - An Analysis Based on Corporate Reputation Perspective. BCP Business & Management, 20, 1258–1273. https://doi.org/10.54691/BCPBM.V20I.1125
Peng, L. S., & Isa, M. (2020). Environmental, Social and Governance (ESG) Practices and Performance in Shariah Firms: Agency or Stakeholder Theory? Asian Academy of Management Journal of Accounting and Finance, 16(1 SE-Articles), 1–34. https://doi.org/10.21315/aamjaf2020.16.1.1
Pintea, M.-O., Pop, A. M., Gavriletea, M. D., & Sechel, I. C. (2021). Corporate governance and financial performance: evidence from Romania. Journal of Economic Studies, 48(8), 1573–1590. https://doi.org/10.1108/JES-07-2020-0319
PwC. (2020). Mine 2020: Resilient and resourceful. Mine 2020. https://www.pwc.com/id/en/pwc-publications/industries-publications/energy--utilities---mining-publications/mine-2020.html
Senadheera, S. S., Withana, P. A., Dissanayake, P. D., Sarkar, B., Chopra, S. S., Rhee, J. H., & Ok, Y. S. (2021). Scoring environment pillar in environmental, social, and governance (ESG) assessment. Sustainable Environment, 7(1). https://doi.org/10.1080/27658511.2021.1960097
Suchman, M. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20, 571-611. The Academy of Management Review, 20, 571. https://doi.org/10.2307/258788
Velte, P. (2020). Does CEO power moderate the link between ESG performance and financial performance?: A focus on the German two-tier system. Management Research Review, 43(5), 497–520. https://doi.org/10.1108/MRR-04-2019-0182
Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data.
World Health Organization. (2020). Coronavirus. World Health Organization. https://www.who.int/health-topics/coronavirus#tab=tab_1
Xu, Y., & Zhu, N. (2024). The Effect of Environmental, Social, and Governance (ESG) Performance on Corporate Financial Performance in China: Based on the Perspective of Innovation and Financial Constraints. In Sustainability (Vol. 16, Issue 8). https://doi.org/10.3390/su16083329
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Benny Mohammed Edres, Rasyidi Faiz Akbar (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
