Pengaruh Environmental, Social, dan Governance Disclosure Terhadap Kinerja Keuangan Perusahaan Sektor Energi

Abstract

Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on the financial performance of energy sector companies listed on the Indonesia Stock Exchange (IDX). This research uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, and financial statements of energy sector companies. The sampling technique used was purposive sampling, resulting in 17 companies that met the predetermined criteria during the 2024–2025 period. Financial performance was measured using Return on Assets (ROA), while ESG disclosure was measured through Environmental, Social, and Governance disclosure indices based on information reported by the companies. The data were analyzed using multiple linear regression with the assistance of SPSS 30, including descriptive statistical tests, classical assumption tests, coefficient of determination, t-test, and F-test. The results show that Environmental disclosure does not have a significant effect on financial performance. Social disclosure has a negative and significant effect on financial performance, while Governance disclosure does not have a significant effect. Simultaneously, Environmental, Social, and Governance disclosure has a significant effect on the financial performance of energy sector companies. The coefficient of determination indicates that ESG variables explain 22.9% of the variation in financial performance, while the remaining 77.1% is explained by other factors outside the research model.