Pengaruh Kinerja ESG Terhadap Rasio Hutang Dengan Moderasi Manajemen Impresi Pada Perusahaan Tercatat BEI

Syakira, Naila (2026) Pengaruh Kinerja ESG Terhadap Rasio Hutang Dengan Moderasi Manajemen Impresi Pada Perusahaan Tercatat BEI. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Environmental, Social, and Governance (ESG) merupakan salah satu informasi nonkeuangan yang semakin diperhatikan oleh investor dan kreditur dalam mengevaluasi kondisi perusahaan. Namun, pengaruh kinerja ESG terhadap rasio hutang masih menunjukkan hasil yang beragam dan dapat dipengaruhi oleh faktor moderasi seperti praktik manajemen impresi melalui penyajian narasi yang lebih positif (abnormal positive tone). Penelitian ini bertujuan menganalisis pengaruh kinerja ESG terhadap rasio hutang dengan menguji peran moderasi manajemen impresi pada perusahaan tercatat di Bursa Efek Indonesia (BEI). Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan perusahaan dan basis data Refinitiv Eikon pada 50 perusahaan dengan 325 observasi yang dipilih menggunakan metode purposive sampling. Manajemen impresi diukur menggunakan Abnormal Positive Tone yang diekstraksi dari bagian Management Discussion and Analysis (MD&A) menggunakan perangkat lunak R, sedangkan pengujian hipotesis dilakukan menggunakan regresi data panel Fixed Effect Model (FEM) dengan cluster-robust standard errors menggunakan STATA. Hasil penelitian menunjukkan bahwa kinerja ESG tidak berpengaruh signifikan terhadap rasio hutang dan manajemen impresi tidak mampu memoderasi pengaruh kinerja ESG terhadap rasio hutang. Selain itu, asset growth dan sales growth juga tidak berpengaruh signifikan terhadap rasio hutang. Penelitian ini memberikan implikasi bahwa kinerja ESG maupun praktik manajemen impresi belum menjadi faktor utama dalam keputusan pendanaan perusahaan pada perusahaan tercatat di Bursa Efek Indonesia.
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Environmental, Social, and Governance (ESG) has become an increasingly important non-financial indicator considered by investors and creditors in evaluating a firm's financial condition. However, the relationship between ESG performance and debt ratio remains inconclusive, and this relationship may be influenced by moderating factors such as impression management through the use of a more positive narrative (abnormal positive tone). This study aims to examine the effect of ESG performance on debt ratio by investigating the moderating role of impression management among companies listed on the Indonesia Stock Exchange (IDX). A quantitative research approach was employed using secondary data obtained from companies' annual reports and the Refinitiv Eikon database. The sample consisted of 50 listed companies with 325 firm-year observations selected through purposive sampling. Impression management was measured using Abnormal Positive Tone extracted from the Management Discussion and Analysis (MD&A) section through text analysis in R, while the hypotheses were tested using a Fixed Effect Model (FEM) panel data regression with cluster-robust standard errors in STATA. The findings indicate that ESG performance has no significant effect on debt ratio, and impression management does not moderate the relationship between ESG performance and debt ratio. Furthermore, Asset Growth and Sales Growth are also found to have no significant effect on debt ratio. These findings imply that neither ESG performance nor impression management practices have become primary considerations in corporate financing decisions among companies listed on the Indonesia Stock Exchange.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Kinerja ESG, Manajemen Impresi, Rasio Hutang, ESG Performance, Impression Management, Abnormal Positive Tone, Debt Ratio.
Subjects:	H Social Sciences > HG Finance
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Naila Syakira
Date Deposited:	01 Aug 2026 02:40
Last Modified:	01 Aug 2026 02:40
URI:	http://repository.its.ac.id/id/eprint/140616

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