Pengaruh environment, social, dan good corporate governance (ESG) terhadap kinerja perusahaan dan sustainable growth rate (SGR) di Indonesia = The effect of environment, social, and good corporate governance (ESG) on company performance and sustainable growth rate (SGR) in Indonesia

Waluyo, Herlina (2024) Pengaruh environment, social, dan good corporate governance (ESG) terhadap kinerja perusahaan dan sustainable growth rate (SGR) di Indonesia = The effect of environment, social, and good corporate governance (ESG) on company performance and sustainable growth rate (SGR) in Indonesia. Masters thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh ESG terhadap SGR yang dimediasi oleh ROA sebagai kinerja perusahaan. Data yang digunakan dari data sekunder dengan sampel sebanyak 82 perusahaan dari tahun 2013-2022 dan total observasi sebanyak 471 melalui unbalanced data panel dengan model regresi fixed effect model. Hasil pengujian terhadap pengaruh ESG pada SGR yang dimediasi oleh ROA menunjukkan hasil yang inkonklusif, di mana pada pengujian variabel mediasi melalui uji Sobel hasilnya menunjukkan bahwa ESG secara keseluruhan tidak memediasi hubungan antara ESG dengan SGR. Hubungan antara ESG dengan SGR dimediasi oleh ROA melalui aspek ENV. Hasil penelitian menunjukkan terdapat kekhawatiran penggunaan biaya yang tinggi pada implementasi ESG dapat mempengaruhi profit dalam jangka pendek, meskipun ESG dapat meningkatkan pendapatan dan keuntungan operasional jangka panjang. Masyarakat Indonesia cenderung berinvestasi jangka pendek dan kurang memperhatikan isu ESG. Pada masa krisis perusahaan sulit untuk konsisten terhadap implementasi ESG karena akan lebih berfokus pada maksimalisasi dan efisiensi jangka pendek untuk bertahan selama periode krisis. Dynamics-model desain diperlukan untuk melihat manfaat implementasi ESG dengan mengukur nilai aset dalam jangka panjang melalui hasil investasi pada waktu yang berbeda. / This research aims to determine the influence of ESG on SGR mediated by ROA as a company's performance. Data from secondary sources were used, with a sample of 82 companies from 2013-2022 and a total of 471 observations through unbalanced panel data with a fixed effect model regression. The test results for the influence of ESG on SGR mediated by ROA show inconclusive results. In the mediation test through the Sobel test, the overall result indicates that ESG does not mediate the relationship between ESG and SGR. The relationship between ESG and SGR is mediated by ROA through the ENV aspect. The research results indicate concerns that the high cost of implementing ESG can affect short-term profits, although ESG can increase long-term revenue and operational profits. Indonesian society tends to invest in the short term and pays less attention to ESG issues. During a crisis, companies find it difficult to be consistent in implementing ESG as they focus more on short-term maximization and efficiency to survive the crisis period. A dynamics-model design is needed to assess the benefits of implementing ESG by measuring the value of assets in the long term through investment outcomes at different times.

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