Pengaruh ESG Disclosure Quality terhadap Kinerja Keuangan Perusahaan Energi: Peran Financing Cost dan Inefficient Investment sebagai Variabel Mediasi

Sari, Adestya Nurlita (2026) Pengaruh ESG Disclosure Quality terhadap Kinerja Keuangan Perusahaan Energi: Peran Financing Cost dan Inefficient Investment sebagai Variabel Mediasi. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Kesadaran terhadap isu keberlanjutan mendorong perusahaan energi untuk meningkatkan transparansi melalui penerapan environmental, social, and governance (ESG). Namun, praktik pengungkapan ESG di Indonesia masih bersifat compliance-driven dan belum terintegrasi dalam strategi bisnis berkelanjutan. Penelitian ini bertujuan untuk menganalisis pengaruh ESG disclosure quality terhadap kinerja keuangan perusahaan energi di Indonesia, serta menguji peran financing cost dan inefficient investment sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder dari 21 perusahaan energi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021-2024. Kualitas pengungkapan ESG diukur menggunakan Sustainability Report Disclosure Index (SRDI) berbasis standar Global Reporting Initiative (GRI), sedangkan kinerja keuangan diukur melalui Return on Assets (ROA), Return on Equity (ROE), dan Tobin’s Q. Hasil penelitian menunjukkan bahwa ESG disclosure quality tidak berpengaruh signifikan terhadap kinerja keuangan, financing cost, maupun inefficient investment. Sebaliknya, financing cost berpengaruh negatif signifikan terhadap kinerja keuangan ROA dan ROE, dan inefficient investment memiliki pengaruh negatif yang lemah terhadap ROA. Kedua variabel tersebut tidak memediasi hubungan antara ESG disclosure quality dan kinerja keuangan. Temuan ini mengindikasikan bahwa penerapan ESG di perusahaan sektor energi Indonesia masih berada pada tahap awal (emerging stage) dan lebih berfungsi sebagai instrumen legitimasi sosial daripada strategi ekonomi. Implikasi penelitian menekankan perlunya integrasi ESG dalam strategi investasi dan kebijakan pembiayaan perusahaan, serta penguatan regulasi pelaporan berbasis kinerja oleh pemerintah.
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Awareness of sustainability issues has encouraged energy companies to enhance transparency through the implementation of environmental, social, and governance (ESG) practices. However, ESG disclosure in Indonesia remains largely compliance-driven and has not yet been fully integrated into sustainable business strategies. This study aims to analyze the effect of ESG disclosure quality on the financial performance of energy companies in Indonesia, as well as to examine the mediating roles of financing cost and inefficient investment. A quantitative approach was employed using secondary data from 21 energy companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. ESG disclosure quality was measured using the Sustainability Report Disclosure Index (SRDI) based on the Global Reporting Initiative (GRI) standards, while financial performance was assessed using Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q. The results show that ESG disclosure quality has no significant effect on financial performance, financing cost, or inefficient investment. Conversely, financing cost has a significantly negative effect on ROA and ROE, while inefficient investment shows a weak negative relationship with ROA. Both mediating variables do not explain the indirect effect of ESG on financial performance. Overall, these findings indicate that ESG implementation in Indonesia’s energy sector is still at an emerging stage and functions more as a social legitimacy tool rather than an economic value creation strategy. The study implies the need for deeper ESG integration into corporate investment and financing strategies, alongside stronger performance-based disclosure policies from regulators.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	ESG Disclosure Quality, Financing Cost, GRI, Inefficient Investment, Kinerja Keuangan, Financial Performance
Subjects:	H Social Sciences > HG Finance > HG4028.V3 Valuation. Economic value
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Adestya Nurlita Sari
Date Deposited:	26 Jul 2026 15:47
Last Modified:	26 Jul 2026 15:47
URI:	http://repository.its.ac.id/id/eprint/137766

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