Peran ESG dalam Mendorong Efisiensi Investasi Perusahaan di Indonesia

Lumban Gaol, Ladyvista Tiursari (2026) Peran ESG dalam Mendorong Efisiensi Investasi Perusahaan di Indonesia. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Efisiensi investasi merupakan salah satu penentu utama kualitas alokasi modal perusahaan. Ketika perusahaan terjebak dalam kondisi overinvestment maupun underinvestment, nilai perusahaan tergerus dan kepercayaan pemangku kepentingan menurun ESG diyakini mampu menjadi solusi atas permasalahan ini melalui peningkatan transparansi, pengurangan konflik keagenan, dan perluasan akses pendanaan. Dari ketiga dimensinya, Governance diduga menjadi jalur transmisi yang paling kuat karena secara langsung membatasi perilaku oportunistik manajemen dan memperkuat pengawasan atas keputusan alokasi modal. Penelitian ini bertujuan untuk membuktikan hubungan tersebut secara empiris sekaligus menguji apakah volatilitas kinerja mampu berperan sebagai mediator. Penelitian menggunakan data panel 149 perusahaan non-finansial Indonesia periode 2020–2025 dengan total 524 observasi, dianalisis menggunakan model Fixed Effect Two-Way. Hasil penelitian menunjukkan bahwa ESG tidak berpengaruh signifikan terhadap efisiensi investasi maupun volatilitas kinerja, dan volatilitas kinerja tidak terbukti memediasi hubungan keduanya. Namun temuan ini bukan berarti ESG tidak relevan. Ada beberapa dugaan kuat yang menjelaskan mengapa hubungannya belum terdeteksi: praktik greenwashing yang masih marak, ESG yang belum menjadi prioritas strategis dan masih diperlakukan sebagai kewajiban pelaporan semata, guncangan pandemi COVID-19 yang mendominasi volatilitas pada periode sampel, serta pasar yang masih didominasi investor ritel berorientasi jangka pendek sehingga tekanan disiplin pasar berbasis ESG belum cukup kuat. Ke depan, penelitian lanjutan disarankan untuk memperpanjang periode observasi di luar era pandemi, menguraikan ESG Score ke dalam dimensi E, S, dan G secara terpisah khususnya untuk melihat seberapa besar peran Governance serta mengeksplorasi mediator alternatif seperti kualitas laba atau biaya modal yang mungkin lebih relevan secara kontekstual.
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Investment efficiency is one of the primary determinants of corporate capital allocation quality. When companies fall into conditions of overinvestment or underinvestment, firm value erodes and stakeholder confidence declines. ESG is believed to offer a solution to these challenges by enhancing transparency, reducing agency conflicts, and broadening access to financing. Among its three dimensions, Governance is presumed to be the strongest transmission channel as it directly constrains opportunistic managerial behavior and strengthens oversight of capital allocation decisions. This study aims to empirically examine this relationship while also testing whether performance volatility serves as a mediating variable. The study employs panel data from 149 non-financial companies listed in Indonesia over the period 2020–2025, comprising 524 observations, analyzed using a Fixed Effect Two-Way model. The results show that ESG does not significantly influence investment efficiency or performance volatility, and performance volatility does not mediate the relationship between the two. However, these findings do not imply that ESG is irrelevant. Several plausible explanations account for why the relationship remains undetected: the prevalence of greenwashing practices, ESG being treated as a mere reporting obligation rather than a genuine strategic priority, the COVID-19 pandemic shock dominating volatility during the sample period, and a market still largely driven by short-term retail investors that has yet to generate sufficient ESG-based market discipline. Going forward, future research is encouraged to extend the observation period beyond the pandemic era, decompose ESG Score into its E, S, and G dimensions separately particularly to assess the role of Governance and explore alternative mediators such as earnings quality or cost of capital that may be more contextually relevant.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	ESG, Efisiensi Investasi, Volatilitas Kinerja, Fixed Effect, Pasar Berkembang, Indonesia, Investment Efficiency, Performance Volatility, Fixed Effect, Emerging Market
Subjects:	H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4529 Investment analysis Q Science > QA Mathematics
Divisions:	Faculty of Business and Management Technology > Management Technology > 61101-(S2) Master Thesis
Depositing User:	Ladyvista Tiursari Lumban Gaol
Date Deposited:	27 Jul 2026 02:13
Last Modified:	27 Jul 2026 02:13
URI:	http://repository.its.ac.id/id/eprint/137678

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