Literature Review: Pengaruh ESG Disclosure terhadap Nilai Perusahaan dan Kinerja Keuangan
DOI:
https://doi.org/10.31004/joecy.v6i1.7130Keywords:
ESG disclosure, nilai perusahaan, kinerja keuangan, faktor moderasi, keberlanjutanAbstract
Seiring meningkatnya perhatian global terhadap isu keberlanjutan, Environmental, Social, and
Governance (ESG) disclosure menjadi indikator strategis dalam menilai kinerja perusahaan.
Pengungkapan ESG mencerminkan komitmen perusahaan terhadap tanggung jawab sosial dan
tata kelola yang baik, sekaligus berimplikasi pada peningkatan nilai perusahaan dan kinerja
keuangan. Kajian ini bertujuan untuk mensintesis hasil penelitian terkini terkait pengaruh ESG
disclosure terhadap nilai perusahaan dan kinerja keuangan, serta mengidentifikasi faktor-faktor
moderasi internal dan eksternal yang memengaruhi hubungan tersebut. Penelitian ini
menggunakan pendekatan Narrative Literature Review terhadap artikel-artikel terindeks
Scopus dan jurnal bereputasi internasional periode 2020–2025, seperti Environment,
Development and Sustainability, Heliyon, dan Borsa Istanbul Review. Hasil sintesis
menunjukkan bahwa ESG disclosure secara umum berpengaruh positif terhadap nilai dan
kinerja perusahaan melalui peningkatan reputasi, efisiensi operasional, dan kepercayaan
investor. Namun, efektivitas pengaruh ini dipengaruhi oleh faktor internal seperti ukuran
perusahaan, usia, cash holdings, struktur kepemilikan, dan independensi dewan komisaris,
serta faktor eksternal seperti karakteristik industri dan konteks pasar. Perusahaan besar, berusia
lama, dan dengan likuiditas tinggi cenderung memperoleh manfaat ESG lebih signifikan
dibandingkan perusahaan kecil atau baru. Selain itu, sektor industri yang sensitif terhadap isu
lingkungan menunjukkan respons pasar yang lebih kuat terhadap pengungkapan ESG. Kajian
ini memberikan kontribusi teoretis dalam memperkuat stakeholder theory dan signaling theory,
serta menawarkan implikasi praktis bagi perusahaan dalam merancang strategi ESG yang
efektif guna menciptakan nilai jangka panjang dan keberlanjutan bisnis.
References
Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG)
disclosure on firm value and financial performance (FP) in airline industry: the
moderating role of size and age. Environment, Development and Sustainability, 24(4),
–5079. https://doi.org/10.1007/s10668-021-01649-w
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
Angela, T., & Sari, N. (2023). The Effect of Environmental, Social, and Governance
Disclosure on Firm Value. E3S Web of Conferences, 426.
https://doi.org/10.1051/e3sconf/202342601078
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value
and profitability. Borsa Istanbul Review, 22, S119–S127.
https://doi.org/10.1016/j.bir.2022.11.006
Bai, X., Han, J., Ma, Y., & Zhang, W. (2022). ESG performance, institutional investors’
preference and financing constraints: Empirical evidence from China. Borsa Istanbul
Review, 22, S157–S168. https://doi.org/10.1016/j.bir.2022.11.013
Bamel, N., Khatri, K., Bamel, U., & Kumar, S. (2025). ESG disclosure and firm performance
in global south economy: Does industry profile and board independence moderate the
relationship. International Review of Economics and Finance, 100(April), 104093.
https://doi.org/10.1016/j.iref.2025.104093
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The Ownership
Structure, and the Environmental, Social, and Governance (ESG) Disclosure, Firm
Value and Firm Performance: The Audit Committee as Moderating Variable.
Economies, 10(12). https://doi.org/10.3390/economies10120314
Hidayat, M., Salam, R., Hidayat, Y. S., Sutira, A., & Nugrahanti, T. P. (2022). Sustainable
Digital Marketing Strategy in the Perspective of Sustainable Development Goals.
KOMITMEN: Jurnal Ilmiah Manajemen, 3(2), 100–106.
https://doi.org/10.15575/jim.v3i2.22687
Ma, S., & Ma, T. (2025). ESG Controversies and Firm Value: Evidence from A-Share
Companies in China. Sustainability (Switzerland), 17(6), 1–26.
https://doi.org/10.3390/su17062750
Mahmood, A., Mehmood, A., Terzani, S., De Luca, F., & Djajadikerta, H. G. (2025). The
effect of ESG disclosure on firm value in the European context. Management Decision,
October. https://doi.org/10.1108/MD-10-2024-2480
Naeem, N., Cankaya, S., & Bildik, R. (2022). Does ESG performance affect the financial
performance of environmentally sensitive industries? A comparison between emerging
and developed markets. Borsa Istanbul Review, 22, S128–S140.
https://doi.org/10.1016/j.bir.2022.11.014
Postiglione, M., Carini, C., & Falini, A. (2024). ESG and firm value: A hybrid literature
review on cost of capital implications from Scopus database. Corporate Social
Responsibility and Environmental Management, 31(6), 6457–6480.
https://doi.org/10.1002/csr.2940
Rohendi, H., Ghozali, I., & Ratmono, D. (2024). Environmental, social, and governance
(ESG) disclosure and firm value: the role of competitive advantage as a mediator.
Cogent Business and Management, 11(1).
https://doi.org/10.1080/23311975.2023.2297446
Sun, Y., Rahman, M. M., Xinyan, X., Siddik, A. B., & Islam, M. E. (2024). Unlocking
environmental, social, and governance (ESG) performance through energy efficiency
and green tax: SEM-ANN approach. Energy Strategy Reviews, 53(March), 101408.
https://doi.org/10.1016/j.esr.2024.101408
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.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Jolanda Treesye Rumende, Trinandari Prasetya Nugrahanti
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
