Hubungan Environmental, Social, Governance (ESG) dengan Kinerja Perusahaan: Kajian Literatur Sistematis
DOI:
https://doi.org/10.31004/joecy.v5i3.3729Keywords:
Environmental, Social, Governance (ESG), Kinerja PerusahaanAbstract
Perhatian yang semakin besar terhadap Environmental, Social, and Governance (ESG) menegaskan perannya yang strategis dalam meningkatkan nilai perusahaan, memperbaiki kinerja keuangan, serta mengurangi risiko. Namun demikian, bukti empiris mengenai efektivitas ESG masih terfragmentasi lintas konteks, industri, dan pengaturan regulasi. Penelitian ini melakukan Systematic Literature Review (SLR) dengan panduan PRISMA untuk mensintesis temuan dari berbagai studi internasional dan Indonesia terkait hubungan antara praktik ESG dan kinerja perusahaan. Hasil menunjukkan bahwa ESG berkontribusi positif terhadap nilai perusahaan, reputasi, serta manajemen risiko, meskipun efektivitasnya dipengaruhi oleh faktor internal seperti ukuran perusahaan, profitabilitas, struktur kepemilikan, dan keragaman gender, serta faktor eksternal berupa regulasi dan tekanan investor institusional. Selain itu, ESG menunjukkan dampak yang heterogen pada situasi krisis, di mana efek reputasi dan proteksi lebih kuat dirasakan oleh perusahaan dengan kondisi awal yang lebih lemah. Temuan ini menegaskan bahwa ESG bukan sekadar kewajiban etis, melainkan investasi strategis yang mampu menciptakan nilai jangka panjang bagi pemegang saham sekaligus memperkuat resiliensi perusahaan. Studi ini memperkaya literatur dengan mengintegrasikan wawasan lintas negara dan faktor kontekstual, serta menawarkan implikasi praktis bagi perusahaan dan pembuat kebijakan dalam merancang strategi keberlanjutan yang lebih komprehensif.
References
Agustini, Y., Azwardi, A., & Mukhtaruddin, M. (2023). Pengaruh Environment, Social, and Governance, dan Financial Distress terhadap Tax Aggressiveness di Indonesia: CEO Gender sebagai Variabel Moderasi. Jurnal Informatika Ekonomi Bisnis, 920–926. https://doi.org/10.37034/infeb.v5i3.670
Ahmed, O., & Abu Khalaf, B. (2025). The impact of ESG on firm value: The moderating role of cash holdings. Heliyon, 11(2), e41868. https://doi.org/10.1016/j.heliyon.2025.e41868
Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms.
Alyasa-Gan, S. S., Che-Yahya, N., & Bahrudin, N. Z. (2024). ESG practices disclosure and initial performance of Malaysian IPOS. Investment Management and Financial Innovations, 21(3), 199–210. https://doi.org/10.21511/imfi.21(3).2024.17
Aydoğmuş, M., Gülay, G., & ERGUN, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22. https://doi.org/10.1016/j.bir.2022.11.006
Baker, E. D., Boulton, T. J., Braga‐Alves, M. V, & Morey, M. R. (2021). ESG government risk and international IPO underpricing. Journal of Corporate Finance, 67, 101913. https://doi.org/10.1016/j.jcorpfin.2021.101913
Dian Pramitya Khairunnisa, & Widiastuty, E. (2023). Pengaruh Kinerja ESG Terhadap Kinerja Keuangan Perusahaan. Jurnal Riset Akuntansi Aksioma, 22(2), 16–27. https://doi.org/10.29303/aksioma.v22i2.218
Falikhatun, F., Wahyuni, S., Nilasakti, A. O., & Niswah, M. A. (2020). Sharia Governance and Sustainability Reporting: The Mediating Role of Financial Performance. Al-Uqud Journal of Islamic Economics, 4(2), 218. https://doi.org/10.26740/al-uqud.v4n2.p218-234
Farhana, Siti Adelina, & Elvi, Y. (2019). Relevansi Nilai Laporan Keberlanjutan Di Indonesia. Jurnal Akuntansi Multiparadigma, 10(3), 615–628. https://doi.org/10.21776/ub.jamal.2019.10.3.36
Febriyanti, G. A. (2021). Pengaruh Sustainability Reporting Terhadap Nilai Perusahaan dengan Leverage sebagai Variabel Moderating. JURNAL AKUNTANSI DAN PAJAK, 22(1), 366. https://doi.org/10.29040/jap.v22i1.2598
Feng, Z., & Wu, Z. (2023). ESG Disclosure, REIT Debt Financing and Firm Value. Journal of Real Estate Finance and Economics, 67(3), 388–422. https://doi.org/10.1007/s11146-021-09857-x
Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance: the moderating role of digital transformation. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1256052
Ha, N. T. T., Nguyen, T. C., & Ho, N. T. B. (2024). The impact of environmental, social and governance disclosure on stock prices: Empirical research in Vietnam. Heliyon, 10(19), e38757. https://doi.org/10.1016/j.heliyon.2024.e38757
Habib, A. M., & Mourad, N. (2023). The Influence of Environmental, Social, and Governance (ESG) Practices on US Firms’ Performance: Evidence from the Coronavirus Crisis. Journal of the Knowledge Economy, 15(1), 2549–2570. https://doi.org/10.1007/s13132-023-01278-w
Hu, X., Yu, Z., Fan, H. J., & Wan, J. (2025). How GDP Manipulation by Local Government Affects Corporate Greenwashing in China. Sustainability, 17(8), 3540. https://doi.org/10.3390/su17083540
Husada, E. V., & Handayani, S. (2021). PENGARUH PENGUNGKAPAN ESG TERHADAP KINERJA KEUANGAN PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN SEKTOR KEUANGAN YANG TERDAFTAR DI BEI PERIODE 2017-2019). Jurnal Bina Akuntansi, 8(2), 122–144. https://doi.org/10.52859/jba.v8i2.173
Kweh, Q. L., Alrazi, B., Chan, Y. C., & Abdullah, W. M. T. W. (2017). The Effects of Environmental, Social and Governance on the Corporate Performance of Malaysian Government-Linked Companies. SHS Web of Conferences, 36, 22. https://doi.org/10.1051/shsconf/20173600022
Li, Z., Feng, L., Pan, Z., & Sohail, H. M. (2022). ESG performance and stock prices: evidence from the COVID-19 outbreak in China. Humanities and Social Sciences Communications, 9(1), 1–10. https://doi.org/10.1057/s41599-022-01259-5
Minggu, A. M., Aboladaka, J., & Neonufa, G. F. (2023). Environmental, Social dan Governance (ESG) dan Kinerja Keuangan Perusahaan Publik di Indonesia. Owner, 7(2), 1186–1195. https://doi.org/10.33395/owner.v7i2.1371
Nugrahanti, T. P., & Lysandra, S. (2024). Environmental Audit and CSR Practices on the Financial Performance of Small and Medium Manufacturing Companies in Indonesia. Ilomata International Journal of Tax and Accounting, 5(2), 322–337. https://doi.org/10.61194/ijtc.v5i2.1024
Papafloratos, T., & Fragidis, G. (2025). Corporate Social Responsibility (CSR), Sustainability and ESG Standards Used by ATHEX ESG Index Listed Companies. https://doi.org/10.20944/preprints202502.1077.v1
Rahmaniati, N. P. G., & Ekawati, E. (2024). The role of Indonesian regulators on the effectiveness of ESG implementation in improving firms’ non-financial performance. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2293302
Rizqi, M. A., & Munari, M. (2023). Effect ESG on Financial Performance. Owner, 7(3), 2537–2546. https://doi.org/10.33395/owner.v7i3.1600
Safiq, M., Yustina, A. I., & Firdiastella, K. (2018). Prediksi Arus Kas Masa Depan Melalui Persistensi Laba Dan Komponen Akrual. Firm Journal of Management Studies, 3(1), 49. https://doi.org/10.33021/firm.v3i1.384
Saraswati, E., Febryanti, U. N., & Sagitaputri, A. (2020). Pengungkapan Corporate Sosial Responsibility, Media Exposure dan Profitabilitas. E-Jurnal Akuntansi, 30(12), 3209. https://doi.org/10.24843/eja.2020.v30.i12.p17
Septiana, W. R., & Puspawati, D. (2022). Analisis good corporate governance terhadap pengungkapan ESG di Indonesia tahun 2016-2020. Fair Value Jurnal Ilmiah Akuntansi Dan Keuangan, 4(10), 4274–4283. https://doi.org/10.32670/fairvalue.v4i10.1642
Setiani, E. P. (2023). The Impact of ESG Scores on Corporate Financial Performance: Moderating Role of Gender Diversity. Nominal Barometer Riset Akuntansi Dan Manajemen, 12(1), 128–139. https://doi.org/10.21831/nominal.v12i1.59778
Sri, W. I. F., & Budihardjo, M. A. (2018). Relationship between Company Financial Performance, Characteristic and Environmental Disclosure of ASX Listed Companies. E3S Web of Conferences, 73, 10024. https://doi.org/10.1051/e3sconf/20187310024
Supadi, Y. M., & Sudana, I. P. (2018). Pengaruh Kinerja Lingkungan dan Corporate Social Responsibility pada Perusahaan Sektor Pertambangan. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 1165. https://doi.org/10.24843/eeb.2018.v07.i04.p09
Sustainability Statement. (2024).
Triyani, A., & Setyahuni, S. W. (2020). Pengaruh Karakteristik Ceo Terhadap Pengungkapan Informasi Environmental, Social, and Governance (Esg). Jurnal Ekonomi Dan Bisnis, 21(2), 72. https://doi.org/10.30659/ekobis.21.2.72-83
Wahdan Arum Inawati, & Rahmawati, R. (2023). Dampak Environmental, Social, Dan Governance (ESG) Terhadap Kinerja Keuangan. Jurnal Akademi Akuntansi, 6(2), 225–241. https://doi.org/10.22219/jaa.v6i2.26674
Wan‐Hussin, W. N., Qasem, A., Aripin, N., & Ariffin, M. S. M. (2021). Corporate Responsibility Disclosure, Information Environment and Analysts’ Recommendations: Evidence from Malaysia. Sustainability, 13(6), 3568. https://doi.org/10.3390/su13063568
Wang, L.-H. (2025). ESG and Dividend Payout under the Consideration of Agency Cost. Journal of Mathematical Finance, 15(2), 359–384. https://doi.org/10.4236/jmf.2025.152015
Wang, Y., & Wang, X. (2024). From ratings to action: The impact of ESG performance on corporate innovation. Heliyon, 10(4), e26683. https://doi.org/10.1016/j.heliyon.2024.e26683
Wibawa, D. S., & Khomsiyah, K. (2022). Pengaruh Lingkungan Yang Dimoderasi Oleh Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Pandemi Covid-19. Owner, 6(4), 3501–3509. https://doi.org/10.33395/owner.v6i4.1189
Wu, L., Lam, J. F. I., & Liu, Y. (2024). Can semi-mandatory non-financial disclosure requirements drive firms to improve ESG performance - evidence from Chinese listed companies. Heliyon, 10(14), e34235. https://doi.org/10.1016/j.heliyon.2024.e34235
Wusono, S. T., & Matusin, A. R. (2019). Pengaruh Eko-Efisiensi Terhadap Nilai Perusahaan yang Dimoderasi Dengan Profitabilitas dan Leverage Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Media Riset Bisnis & Manajemen, 19(2), 74–81. https://doi.org/10.25105/mrbm.v19i2.5367
Xu, N., Liu, J., & Dou, H. (2022). Environmental, social, and governance information disclosure and stock price crash risk: Evidence from Chinese listed companies. Frontiers in Psychology, 13(September), 1–15. https://doi.org/10.3389/fpsyg.2022.977369
Yulianty, R., & Nugrahanti, T. P. (2020). Pengaruh Sustainability reporting terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening. Jurnal Riset Perbankan Manajemen Dan Akuntansi, 4(1), 12–24.
Zhong, S., Hou, J., Li, J., & Gao, W. (2022). Exploring the relationship of ESG score and firm value using fsQCA method: Cases of the Chinese manufacturing enterprises. Frontiers in Psychology, 13(October), 1–13. https://doi.org/10.3389/fpsyg.2022.1019469
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Farkhan Al Fathoni, Trinandari Prasetya Nugrahanti
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
