Pengaruh Pengungkapan Environmental, Social, and Governance terhadap Kinerja Keuangan dengan Financial Slack sebagai Moderasi

Fitri Wahyuni; Hendy Surya Ahdim

doi:10.18196/rabin.v9i1.27002

Authors

Fitri Wahyuni Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Yogyakarta, Daerah Istimewa Yogyakarta, Indonesia
Hendy Surya Ahdim Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Yogyakarta, Daerah Istimewa Yogyakarta, Indonesia

DOI:

https://doi.org/10.18196/rabin.v9i1.27002

Keywords:

ESG, Financial Slack, Kinerja Keuangan

Abstract

Latar Belakang: Dalam beberapa tahun terakhir, keberlanjutan perusahaan menjadi perhatian utama seiring meningkatnya tekanan dari investor, regulator, dan masyarakat terhadap transparansi dan tanggung jawab perusahaan. Pengungkapan Environmental, Social, and Governance (ESG) dipandang sebagai representasi komitmen perusahaan terhadap praktik bisnis berkelanjutan. Namun, literatur sebelumnya menunjukkan hasil yang beragam terkait dampak ESG terhadap kinerja keuangan. Beberapa penelitian menyatakan ESG meningkatkan profitabilitas, sementara yang lain tidak menemukan hubungan yang signifikan. Oleh karena itu, financial slack dipertimbangkan sebagai variabel moderasi yang dapat memperkuat hubungan antara ESG dan kinerja keuangan.
Tujuan: Penelitian ini bertujuan menguji pengaruh masing-masing pilar ESG dan ESG secara kolektif terhadap kinerja keuangan, serta menilai peran financial slack sebagai variabel moderasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama 2021–2023.
Metode Penelitian: Jenis penelitian ini adalah kuantitatif, menggunakan data sekunder dari laporan tahunan dan laporan keberlanjutan. Teknik purposive sampling menghasilkan 209 observasi dari 71 perusahaan. Analisis regresi linier berganda digunakan melalui SPSS.
Hasil Penelitian: Hasil menunjukkan bahwa nilai sosial, ESG secara kolektif, serta ESG yang dimoderasi oleh financial slack berpengaruh positif signifikan terhadap kinerja keuangan. Namun, pilar lingkungan, tata kelola, dan interaksinya dengan financial slack tidak menunjukkan pengaruh signifikan.
Keaslian/Kebaruan Penelitian: Penelitian ini memberikan kontribusi dengan mengkaji secara terpisah masing-masing pilar ESG dan menggunakan financial slack sebagai variabel moderasi. Fokus objek penelitian pada perusahaan manufaktur Indonesia menambah perspektif baru terhadap studi ESG yang sebelumnya lebih banyak dilakukan pada perusahaan multinasional.

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