Pengaruh Pengungkapan ESG (Environmental, Social, and Governance) Terhadap Kinerja Perusahaan dengan Inisiatif Hijau Sebagai Variabel Moderasi

Shinta Fathrun Nada Dimyati, Moh. Amin, Junaidi Junaidi

Abstract


This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on company performance, with green initiatives as a moderating variable. The study sample consisted of 40 companies in the energy, basic materials, and property sectors listed on the Indonesian Stock Exchange (BEI) during the period 2022-2024. Data were obtained from annual reports and sustainability reports, analyzed using multiple linear regression and moderated regression analysis (MRA). The results indicate that disclosure of Environmental and Social aspects has a significant positive effect on company performance, while Governance aspects have no significant effect. Green initiatives strengthen the influence of Environmental aspects on performance, but weaken the influence of Social and Governance. This finding underscores the importance of integrating sustainability and green initiatives in enhancing company competitiveness.

Keywords: ESG, green initiatives, company performance, moderation, ROA


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References


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