Pengaruh Skor Lingkungan, Sosial, dan Tata Kelola terhadap Kinerja Keuangan di Bursa Efek Indonesia Periode 2021-2024

Anak Agung Bagus Amlayasa; Ni Made Wisni Arie Pramuki

doi:10.30587/jcaa.v4i2.10964

Authors

Anak Agung Bagus Amlayasa Universitas Warmadewa, Denpasar Bali
Ni Made Wisni Arie Pramuki Universitas Warmadewa, Denpasar Bali

DOI:

https://doi.org/10.30587/jcaa.v4i2.10964

Keywords:

Environmental, Social, Governance, Financial Performance

Abstract

This study aims to analyze the direct influence of the Environmental, Social, and Governance (ESG) score – measured using Bloomberg's ESG composite score which includes environmental, social, and governance dimensions – on financial performance, proxied using Return on Assets (ROA), in non-financial companies listed on the Indonesia Stock Exchange (IDX). Using a quantitative approach in the form of panel data regression analysis on a sample of 30 companies (120 observations) during the period 2021 to 2024, this empirical study in emerging markets presents significant findings that ESG has a significant negative influence on financial performance (ROA). These findings reinforce the literature that states that ESG implementation in emerging markets tends to incur large costs in the short term, which in turn depresses the company's profitability

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