Environmental, Social, and Governance (ESG) dan Implikasinya terhadap Keberlanjutan Keuangan Perusahaan
DOI:
https://doi.org/10.32534/jpk.v12i4.8110Kata Kunci:
Environmental, Social, Governance, Financial Performance, Bankruptcy RiskAbstrak
Main Purpose - This study aims to analyze the effect of the Environmental, Social, and Governance (ESG) Score on financial performance and bankruptcy risk in banking and mining sector companies in Indonesia.
Method - This research employs a quantitative approach using simple linear regression analysis to examine the relationship between ESG Score, financial performance, and bankruptcy probability. Secondary data were collected from annual and sustainability reports of companies listed on the IDX 2022–2023 period, with a total population and sample of 206.
Main Findings - The ESG Score does not have an effect on any indicators of financial performance or bankruptcy risk. The corporate financial performance and stability are more strongly influenced by factors other than ESG.
Theory and Practical Implications - The findings reinforce the Legitimacy Theory and Stakeholder Theory, suggesting that ESG serves primarily as a means of gaining social legitimacy rather than an economic driver. Policymakers, regulators, and corporations should strengthen ESG implementation through enhanced data transparency and sustainability incentives to ensure that ESG practices have a tangible impact on financial and business performance
Novelty - This study contributes by integrating a simultaneous examination of ESG Scores, profitability, and bankruptcy risk within the empirical context of Indonesia’s banking and mining sectors, an area that has received limited attention in previous research.
Unduhan
Referensi
Ahmadl, I., & Ahmed, T. (2025). Towards sustainable futures: Al framework for ESG performance enhancement. In Advances in Science, Engineering and Technology (pp. 95–98). CRC Press.
Al Azizah, U. S., & Haron, R. (2025). A trend analysis of research on environmental, social, and governance (ESG) performance: A bibliometric analysis. Social Sciences & Humanities Open, 12, 101670. https://doi.org/10.1016/j.ssaho.2025.101670
Alejandro, J., Giovanni, E., Useche, A. J., Mart, J., & Reyes, G. E. (2025). Taking ESG strategies for achieving profits : A dynamic panel data analysis Taking ESG strategies for achieving profits : a dynamic panel data analysis. https://doi.org/10.1108/JEFAS-02-2023-0030
Alshareef, M. N. (2025). Artificial Intelligence-Enhanced Environmental , Social , and Governance Disclosure Quality and Financial Performance Nexus in Saudi Listed Companies Under Vision 2030. 1–39. https://doi.org/10.3390/su17167421
Altman, E. I. (2018). Applications of Distress Prediction Models : What Have We Learned After 50 Years from the Z-Score Models ? https://doi.org/10.3390/ijfs6030070
Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112, 106186. https://doi.org/https://doi.org/10.1016/j.eneco.2022.106186
Arslan, A., Yener, S., & Akturan, A. (2025). The Dark Side of ESG Ratings: Future Challenges for Financial Resources of Firms. Foresight and STI Governance, 19(3), 78–85. https://doi.org/10.17323/fstig.2025.26712
Asif, M., Tiwari, S., Saxena, A., Chaturvedi, S., & Bhardwaj, S. (2024). Proceedings on Engineering A Study Of Altman Z-Score Bankruptcy Model For Assessing Bankruptcy Risk Of National Stock Exchange-Listed. 06(2), 789–806. https://doi.org/10.24874/PES06.02A.006
Aslan, A., Poppe, L., & Posch, P. (2021). Are sustainable companies more likely to default? Evidence from the dynamics between credit and ESG ratings. Sustainability, 13(15), 8568. https://doi.org/10.3390/su13158568
Bajaher, M. S., & Asiri, M. (2025). The impact of digital transformation on ESG outcomes in the Saudi stock market. Discover Sustainability, 6(1), 1–21. https://doi.org/10.1007/s43621-025-01572-4
Colantoni, F., Berndt, T., Rudisser, M. S., & Tron, A. (2025). ESG Prioritization: The Impact of Sustainability on Mitigating Bankruptcy Risk. Strategic Change. https://doi.org/10.1002/jsc.2659
Dogan Basar, B., Ekşi, İ. H., & Yudaruddin, R. (2025). Is ownership structure effective in the relationship between ESG and bank performance? Journal of Financial Regulation and Compliance, 33(3), 347–358. https://doi.org/10.1108/JFRC-10-2024-0194
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/https://doi.org/10.1016/j.cpa.2019.102097
Elmaghrabi, M. (2024). ESG Risk Management, Sustainability-Oriented Firms and Financial Distress in the Financial Industry: an AI-aided approach. 2024 25th International Arab Conference on Information Technology (ACIT), 1–3. https://doi.org/10.1109/acit62805.2024.10876999
Fermo, C. Da, Guardabascio, B., & Stanghellini, E. (2025). The Influence of Sustainability on Credit Assessment for the Banking Sector: A Mediation Analysis. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.3266
Freeman, R. B. (1984). Longitudinal analyses of the effects of trade unions. Journal of Labor Economics, 2(1), 1–26. Retrieved from https://www.journals.uchicago.edu/doi/10.1086/298021
Gallas, S., Chouchene, M. R., & Bouzgarrou, H. (2025). Greenwashing Illusion and Financial Performance: The Moderating Role of Environmental Practices. Business Strategy & Development, 8(4), e70234. https://doi.org/10.1002/bsd2.70234
Hamdouni, A. (2025). Value Creation Through Environmental, Social, and Governance (ESG) Disclosures. Journal of Risk and Financial Management, 18(8), 415. https://doi.org/10.3390/jrfm18080415
Hansen, J. D., & Xie, Z. (2025). Financial Performance and ESG in the EU ’ s Core : Effects of the Russian-Ukraine War and Post-COVID Recovery. 15(3), 83–98. https://doi.org/10.32479/ijefi.18450
Hu, S., Chen, J., Xu, J., & Han, L. (2025). Smarter factories, greener futures: does intelligent manufacturing enhance ESG performance in Chinese firms? Applied Economics, 1–19. https://doi.org/10.1080/00036846.2025.2532063
Huang, S., & Ge, J. (2024). Is there heterogeneity in ESG disclosure by mining companies? A comparison of developed and developing countries. Environmental Impact Assessment Review, 104, 107348. https://doi.org/10.1016/j.eiar.2023.107348
Jagannathan, S. K., Bizel, G., & Alpagu, H. (2023). Predicting Bankruptcy of Companies in the Pharmacy and Technology Sectors Using Altman’s Z-score model. 2023 6th International Conference on Recent Trends in Advance Computing (ICRTAC), 610–616. https://doi.org/10.1109/ICRTAC59277.2023.10480832
Jardak, M. K., & Ben Hamad, S. (2022). The effect of digital transformation on firm performance: evidence from Swedish listed companies. The Journal of Risk Finance, 23(4), 329–348. https://doi.org/10.1108/JRF-12-2021-0199
Joni, J., Rapina, R., & Kutubi, S. S. (2025). Sustainable Development: How ESG Score Shapes Corporate Risk‐Taking in Politically Linked Firms. Business Strategy & Development, 8(3), e70196. https://doi.org/10.1002/bsd2.70196
Kim, I.-J., & Kang, S. (2025). The cost of going green: Meta-efficiency and market dominance amid ESG performance. Sustainable Futures, 10, 101256. https://doi.org/10.1016/j.sftr.2025.101256
Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746. https://doi.org/10.3390/su13073746
Lin, H., Gu, X., & Bao, X. (2025). Corporate ESG performance and bankruptcy risk. Finance Research Letters, 76, 106987. https://doi.org/https://doi.org/10.1016/j.frl.2025.106987
Lohmann, C., Möllenhoff, S., & Lehner, S. (2025). On the Relationship Between Financial Distress and ESG Scores. Corporate Social Responsibility and Environmental Management, 32(5), 6377–6401. https://doi.org/https://doi.org/10.1002/csr.70033
Makkar, M. K., Bhat, B. A., Showkat, M., & Mabrouk, F. (2025). The ESG paradox: risk, sustainability, and the smokescreen effect. Sustainability, 17(16), 7539. https://doi.org/10.3390/su17167539
Matsali, C., Skordoulis, M., Papagrigoriou, A., & Kalantonis, P. (2025). ESG Scores as Indicators of Green Business Strategies and Their Impact on Financial Performance in Tourism Services: Evidence from Worldwide Listed Firms. Administrative Sciences, 15(6), 208. https://doi.org/10.3390/admsci15060208
Naseer, M. M., Guo, Y., & Zhu, X. (2025). Short-term costs and long-term gains of ESG initiatives in high-risk environments: Evidence from UK firms. Development and Sustainability in Economics and Finance, 7, 100075. https://doi.org/https://doi.org/10.1016/j.dsef.2025.100075
Nian, H., & Said, F. F. (2025). The impact of ESG on firm risk and financial performance: a systematic literature review. Journal of Scientometric Research, 13(3s), s144–s155. https://doi.org/10.5530/jscires.20041187
Ola, O. S., Lizam, M., Ezwan, E., & Safian, M. (2025). Evaluating The Financial Performance Metrics Of Real Estate Investment Trusts : Identifying Appropriate Metrics For Investment Analysis. 3(2), 20–28. https://doi.org/10.22495/bprv3i2p2
Oluwakemi, A. A., & Mishelle, D. (2025). Effect of ESG financial materiality on financial performance of firms: Does ESG transparency matter? Journal of Risk and Financial Management, 18(6), 315. https://doi.org/10.3390/jrfm18060315
Rao, S., Juma, N., & Srinivasan, K. (2025). Textual analysis of sustainability reports: Topics, firm value, and the moderating role of assurance. Journal of Risk and Financial Management, 18(8), 463. https://doi.org/10.3390/jrfm18080463
Rashwan, M., Farouk, N., & Pasha, R. (2025). Can ESG Strategies Drive Firm Value Growth in the MENA Region? Sustainability, 17(17), 7894. https://doi.org/10.3390/su17177894
Reber, B., Gold, A., & Gold, S. (2022). ESG Disclosure and Idiosyncratic Risk in Initial Public Offerings. Journal of Business Ethics, 179(3), 867–886. https://doi.org/10.1007/s10551-021-04847-8
Rohisham, H. N., Muda, R., Borhan, N. A., & Abdul Malik, H. K. (2025). Towards a Sustainable Growth: How Environmental, Social, and Governance (Esg) Factors and Firm Characteristics Drive Financial Performance in the Ftse4G Bursa Malaysia Firms. International Journal of Business and Society, 26(2), 530–547. https://doi.org/10.33736/ijbs.8100.2025
Sahin, Ö., Bax, K., Czado, C., & Paterlini, S. (2022). Environmental, social, governance scores and the missing pillar—why does missing information matter? Corporate Social Responsibility and Environmental Management, 29(5), 1782–1798. https://doi.org/10.1002/csr.2326
Sharma, P., Panday, P., & Dangwal, R. C. (2020). Determinants of environmental, social and corporate governance (ESG) disclosure: a study of Indian companies. International Journal of Disclosure and Governance, 17(4), 208–217. https://doi.org/10.1057/s41210-019-00071-w
Shi, Y., Li, X., & Asal, M. (2023). Impact of sustainability on financial distress in the air transport industry : the moderating effect of Asia – Pacific. Financial Innovation, 1–23. https://doi.org/10.1186/s40854-023-00506-1
Swalih, M. M., Adarsh, K. B., & Sulphey, M. M. (2021). A study on the financial soundness of indian automobile industries using altman z-score. Accounting, 7(2), 295–298. https://doi.org/10.5267/j.ac.2020.12.001
Tahmid, T., Hoque, M. N., Said, J., Saona, P., & Azad, M. A. K. (2022). Does ESG initiatives yield greater firm value and performance? New evidence from European firms. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2144098
Tahtamoni, T., Hassan, M. K., & Sohag, K. (2025). Impact of ESG practices and economic volatility on firm performance in the US IT Sector: Evidence from 2010–2022. Journal of Environmental Management, 393, 127048. https://doi.org/10.1016/j.jenvman.2025.127048
Tripopsakul, S. (2025). ESG Practices, Green Innovation, and Financial Performance: Panel Evidence from ASEAN Firms. Journal of Risk and Financial Management, 18(8), 467. https://doi.org/10.3390/jrfm18080467
Tu, Z., Cao, Y., Ma, G., Goh, M., & Wang, Y. (2025). Research on the impact of energy transition policies on corporate ESG performance. Journal of Environmental Management, 392, 126702. https://doi.org/10.1016/j.jenvman.2025.126702
Tutar, H., Štreimikienė, D., & Mutlu, H. T. (2025). The Relationship Between ESG and Financial Performance in Global Firms: A Multidimensional Study Across Sectors and Regions for the Period 2015–2025. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.70136?urlappend=%3Futm_source%3Dresearchgate.net%26utm_medium%3Darticle
Wang, Z., & Tian, X. (2025). From Greenwashing to Sustainability: The Mediating Effect of Green Innovation in the Agribusiness Sector on Financial Performance. Agriculture, 15(12), 1316. https://doi.org/10.3390/agriculture15121316
Warokka, A., Woo, J. K., & Aqmar, A. Z. (2025). Herding Behavior, ESG Disclosure, and Financial Performance: Rethinking Sustainability Reporting to Address Climate-Related Risks in ASEAN Firms. Journal of Risk and Financial Management, 18(8), 457. https://doi.org/10.3390/jrfm18080457.
Wattanatorn, W., & Jantarakolica, T. (2025). “The moderating role of legal enforcement in ESG’s impact on corporate crash risk: Evidence from Asian stock market.” Cleaner and Responsible Consumption, 16, 100259. https://doi.org/https://doi.org/10.1016/j.clrc.2025.100259
Ye, S., & Sha, Y. (2025). Common institutional ownership and corporate ESG performance: Perspectives from governance and resource effects. Journal of Cleaner Production, 525, 146587. https://doi.org/10.1016/j.jclepro.2025.146587
Yin, T., He, Y., Gao, H., & Yuan, G. X. (2025). The Effect of ESG on Stock Mispricing: Empirical Evidence From China’s A‐Share Listed Companies. Managerial and Decision Economics. https://doi.org/10.1002/mde.4550
Zahid, R. M. A., Saleem, A., Maqsood, U. S., & Sági, J. (2024). Moderating role of audit quality in ESG performance and capital financing dynamics: insights in China. Environment, Development and Sustainability, 26(5), 12031–12060. https://doi.org/10.1007/s10668-023-03636-9
Zhang, J., & Zhao, Z. (2026). Corporate ESG rating prediction based on XGBoost-SHAP interpretable machine learning model. Expert Systems with Applications, 295, 128809. https://doi.org/10.1016/j.eswa.2025.128809
Zheng, J., Khurram, M. U., & Chen, L. (2022). Can green innovation affect ESG ratings and financial performance? Evidence from Chinese GEM listed companies. Sustainability, 14(14), 8677. Retrieved from https://www.mdpi.com/2071-1050/14/14/8677
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2025 Jovan Febriantoko, Kartika Rachma Sari, Indriani Indah Astuti, Selimarsela, Adinda Annisa Avariza, Sabin Prastio
Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
