Publisher

WYMWYM

Journal Jurnal Bina AkuntansiJurnal Bina Akuntansi Abstract

This study rigorously examines the extent to which environmental performance, Corporate Social Responsibility (CSR), and Good Corporate Governance (GCG) influence financial performance within Indonesias basic materials sector. Prompted by the escalating global emphasis on sustainability and the inconsistency of prior empirical findings, this research adopts a quantitative, causal approach, drawing upon secondary data from 30 firms listed on the Indonesia Stock Exchange (IDX) between 2021 and 2023. The sample was selected through purposive sampling, with considerations including environmental performance ratings (PROPER), the availability of annual and sustainability disclosures, and institutional ownership as a proxy for governance quality. Employing multiple linear regression analysis, the results demonstrate that environmental performance does not exert a statistically significant effect on financial performance. In contrast, both CSR practices and institutional ownership exhibit a positive and statistically significant influence on Return on Assets (ROA). These findings underscore the greater financial relevance of social and governance factors relative to environmental indicators. The study enriches the ESG-financial performance literature by highlighting the strategic importance of CSR and governance mechanisms in enhancing corporate value, offering salient implications for practitioners and policymakers committed to sustainable and transparent business conduct.

Conclusion

The study concludes that Corporate Social Responsibility (CSR) and Good Corporate Governance (GCG), as measured by institutional ownership, significantly enhance the financial performance of firms in the basic materials sector.These findings affirm the relevance of stakeholder theory in explaining how socially and institutionally responsive companies are better positioned to deliver economic value.The absence of a significant relationship between environmental performance and financial outcomes suggests that environmental efforts may not yet be fully integrated into stakeholder assessments of firm value.

Future Research

Berdasarkan temuan penelitian ini, beberapa saran penelitian lanjutan dapat diajukan. Pertama, penelitian lebih lanjut dapat dilakukan dengan memperluas cakupan sektor industri di Indonesia untuk menguji generalisasi hubungan antara ESG dan kinerja keuangan. Kedua, studi longitudinal yang melacak kinerja perusahaan dalam jangka waktu yang lebih panjang dapat memberikan wawasan yang lebih mendalam tentang dampak kumulatif dari praktik ESG terhadap nilai perusahaan. Ketiga, penelitian dapat menggali lebih dalam mekanisme mediasi dan moderasi yang menjelaskan hubungan antara ESG dan kinerja keuangan, seperti peran inovasi, reputasi perusahaan, atau regulasi pemerintah. Penelitian ini dapat menggunakan metode kualitatif, seperti studi kasus atau wawancara mendalam, untuk memahami bagaimana perusahaan mengintegrasikan prinsip-prinsip ESG ke dalam strategi bisnis mereka dan bagaimana hal ini memengaruhi pengambilan keputusan. Dengan demikian, penelitian lanjutan ini dapat memberikan kontribusi yang lebih komprehensif terhadap pemahaman tentang peran strategis ESG dalam konteks bisnis Indonesia dan memberikan rekomendasi yang lebih tepat bagi para pemangku kepentingan.

References

1. Pengaruh Good Corporate Governance, Kepemilikan Institusional, Dan Ukuran Perusahaan Terhadap Kinerja... journal.unesa.ac.id/index.php/akunesa/article/view/12331Pengaruh Good Corporate Governance Kepemilikan Institusional Dan Ukuran Perusahaan Terhadap Kinerja journal unesa ac index php akunesa article view 12331
2. PENGARUH PELAPORAN CORPORATE SOCIAL RESPONSIBILITY (CSR) TERHADAP KINERJA KEUANGAN | Jurnal Riset Akuntansi... jurnal.stieww.ac.id/index.php/jrabi/article/view/783PENGARUH PELAPORAN CORPORATE SOCIAL RESPONSIBILITY CSR TERHADAP KINERJA KEUANGAN Jurnal Riset Akuntansi jurnal stieww ac index php jrabi article view 783
3. Pengaruh Kinerja Lingkungan Dan Corporate Social Responsibility Terhadap Kinerja Keuangan | Gorontalo... jurnal.unigo.ac.id/index.php/gaj/article/view/3488Pengaruh Kinerja Lingkungan Dan Corporate Social Responsibility Terhadap Kinerja Keuangan Gorontalo jurnal unigo ac index php gaj article view 3488
4. Corporate Social Responsibility and Sustainability. A Bibliometric Analysis of Their Interrelations.... mdpi.com/2071-1050/13/4/1636Corporate Social Responsibility and Sustainability A Bibliometric Analysis of Their Interrelations mdpi 2071 1050 13 4 1636

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