The Influence of ESG Disclosure on Company Performance in the Energy Sector

Nabilah Mabrukah; Abdur Rafik

doi:10.55927/fjmr.v4i11.572

Authors

Nabilah Mabrukah Universitas Islam Indonesia
Abdur Rafik Universitas Islam Indonesia

DOI:

https://doi.org/10.55927/fjmr.v4i11.572

Keywords:

ESG (Environmental, Social, Governance), ROE, ROA, Tobin's Q

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) disclosure on company performance in the energy sector. The sample consists of 44 energy companies listed on the Indonesia Stock Exchange from 2021 to 2023, yielding 132 firm-year observations selected through purposive sampling. A quantitative approach is applied using descriptive statistics and a Generalized Linear Model. Company performance is measured through financial (ROE), operational (ROA), and market (Tobin’s Q) indicators. The findings reveal that ESG disclosure does not significantly affect financial and operational performance. However, ESG disclosure simultaneously shows a significant influence on market performance. Partially, Environmental and Social disclosures are insignificant, while Governance disclosure has a significant but negative effect on Tobin’s Q, indicating limited market appreciation of governance practices.

References

Aboud, A., & Diab, A. (2019). The financial and market consequences of environmental, social and governance ratings. Sustainability Accounting, Management and Policy Journal, 10(3), 498–520. https://doi.org/10.1108/SAMPJ-06-2018-0167

Akerlof, G. A. (1970). The Market for “Lemons”: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 84(3), 488. https://doi.org/10.2307/1879431

Amalia, R., & Kusuma, I. W. (2023). Pengaruh Kinerja Lingkungan, Sosial dan Tata Kelola terhadap Kinerja Pasar dengan Kontroversi ESG sebagai Variabel Pemoderasi. ABIS: Accounting and Business Information Systems Journal, 11(2).

Ariefianto, R. M. (2021). Peluang Dan Tantangan Menuju Net Zero Emission (NZE) Menggunakan Variable Renewable Energy (VRE) Pada Sistem Ketenagalistrikan Di Indonesia. https://www.researchgate.net/publication/357448042

Barnett, M. L., & Salomon, R. M. (2012). Does it Pay to Be Really Good? Addressing the Shape of the Relationship between Social and Financial Performance. Strategic Management Journal, 33(11), 1304–1320. https://doi.org/10.1002/smj.1980

Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149

Burnham, K. P., & Anderson, D. R. (2004). Multimodel inference: Understanding AIC and BIC in model selection. In Sociological Methods and Research (Vol. 33, Issue 2, pp. 261–304). https://doi.org/10.1177/0049124104268644

De Lucia, C., Pazienza, P., & Bartlett, M. (2020). Does good ESG lead to better financial performances by firms? Machine learning and logistic regression models of public enterprises in Europe. Sustainability (Switzerland), 12(13). https://doi.org/10.3390/su12135317

Desmi, F. M., Hendrawaty, E., & Muslimin. (2024). Pengaruh Environmental, Social, Governance (ESG) terhadap Profitabilitas Perusahaan. Jurnal Ekonomi, Manjemen Dan Akuntansi, 582–594.

Dowell, G., Hart, S., & Yeung, B. (2000). Do Corporate Global Environmental Standards Create or Destroy Market Value? In Source: Management Science (Vol. 46, Issue 8). https://about.jstor.org/terms

Dowling, J., & Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and Organizational Behavior. In Source: The Pacific Sociological Review (Vol. 18, Issue 1).

Durlista, M. A., & Wahyudi, I. (2023). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) terhadap Kinerja Perusahaan pada Perusahaan Sub Sektor Pertambangan Batu Bara Periode 2017–2022. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(3), 210–232. https://doi.org/10.31955/mea.v7i3.3327

Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758–781. https://doi.org/10.5465/amj.2011.0744

Forum Indonesia untuk Transparansi Anggaran (FITRA). (2025). kasus korupsi tata kelola minyak mentah dan produk kilang di PertaminaPress Release.

Ghazali, A., & Zulmaita. (2020). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) Terhadap Tingkat Profitabilitas Perusahaan (Studi pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia). Prosiding SNAM PNJ.

Husnah, H. (2023). Integrating Environmental, Social and Governance (ESG) Disclosure on Financial Performance of Indonesian Mining Industry Sector. Jurnal Aplikasi Bisnis Dan Manajemen. https://doi.org/10.17358/jabm.9.3.763

Imanullah, W. R., & Syaichu, M. (2023). Analisis Faktor-Faktor yang Memengaruhi Nilai Perusahaan Pada Perusahaan Sektor Energi yang Terdaftar di BEI Periode 2015-2019. DIPONEGORO JOURNAL OF MANAGEMENT, 12. http://ejournal-s1.undip.ac.id/index.php/dbr

Kalpikajati, S. Y., & Hermawan, S. (2022). Hambatan Penerapan Kebijakan Energi Terbarukan di Indonesia. Batulis Civil Law Review, 3(2), 187. https://doi.org/10.47268/ballrev.v3i2.1012

Kujala, J., & Korhonen, A. (2017). Value-Creating Stakeholder Relationships in the Context of CSR (Vol. 46, pp. 63–85). https://doi.org/10.1007/978-3-319-62785-4_4

Kusuma, M., Assih, P., & Zuhroh, D. (2021). Pengukuran Kinerja Keuangan: Return on Equity (ROE) Dengan Atribusi Ekuitas. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2). https://doi.org/10.30596/jimb.v22i2.7935

Lee, M. T., & Raschke, R. L. (2023). Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations?☆. Journal of Business Research, 155. https://doi.org/10.1016/j.jbusres.2022.113393

Martha, H., & Khomsiyah, K. (2023). The Effects of Environmental, Social, and Governance (ESG) on Corporate Performance. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 17(1), 112–120. https://doi.org/10.32815/jibeka.v17i1.1380

Mgbame, C. O., Aderin, A., Ohalehi, P., & Chijoke-Mgbame, A. M. (2020). Achieving Sustainability through Environmental Social Governance Reporting: Overcoming the Challenges (pp. 9–25). https://doi.org/10.1108/S1479-359820200000009002

Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015. https://doi.org/10.1016/j.cesys.2021.100015

Muallifin, O. R. (2016). Dampak Pengungkapan Sustainability Report terhadap Kinerja Keuangan dan Kinerja Pasar. Jurnal Ilmu Dan Riset Akuntansi.

N, I. M., Oktaria, E. T., & Sari, P. N. (n.d.). Tantangan dan Peluang ESG (Environmental, Social, and Governance) Reporting: Analisis Literatur tentang Peran Akuntansi dalam Pengukuran Kinerja Berkelanjutan Perusahaan. JURNAL RELEVANSI : EKONOMI, MANAJEMEN DAN BISNIS.

Nugroho, N. A., & Hersugondo, H. (2022). Analisis Pengaruh Environmental, Social, Governance (ESG) Disclosure terhadap Kinerja Keuangan Perusahaan (Vol. 15, Issue 2). http://journal.stekom.ac.id/index.php/E-Bisnis■page233

Pamungkas, A. C., & Risman, A. (2024). Literature Review : Manajemen Risiko Environmental, Social, And Governance (ESG) Dalam Bisnis Berkelanjutan. Jurnal Doktor Manajemen (JDM), 7(2), 124. https://doi.org/10.22441/jdm.v7i2.28308

POJK. (2015). Peraturan Otoritas Jasa Keuangan Nomor 21/POJK.04/2015 Tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka.

Raftery, A. E. (1995). Bayesian Model Selection in Social Research. Sociological Methodology, 25.

Rahayu, K. (2024). Pengaruh Pengungkapan Environment, Social, Governance Terhadap Kinerja Perusahaan Sektor Perbankan. Jurnal Ekonomi, Koperasi & Kewirausahaan, 14. https://journal.ikopin.ac.id

Safriani, M. N., & Utomo, D. C. (2020). Pengaruh Environmental, Social, Governance (ESG) Disclosure terhadap Kinerja Perusahaan. DIPONEGORO JOURNAL OF ACCOUNTING, 9, 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting

Sandberg, H., Alnoor, A., & Tiberius, V. (2023). Environmental, social, and governance ratings and financial performance: Evidence from the European food industry. Business Strategy and the Environment, 32(4), 2471–2489. https://doi.org/10.1002/bse.3259

Sarante, J. (2024). Energi Baru dan Terbarukan (EBT) Mendukung Pertahanan Negara Ditekindhan Ditjen Pothan Kemhan. https://www.kalderanews.com/2020/05/apa-sih-bedanya-energi-baru-dan-terbarukan/

Setiawati, A., & Hidayat, T. (2023). The Influence of Environmental, Social, Governance (ESG) Disclosures on Financial Performance. Jurnal Ekonomi, Manajemen Dan Perbankan, 9, 225–240.

Simamora, S. L. S., & Imsar. (2025). Analisis Investasi Sektor Energi Terbarukan Terhadap Keberlanjutan Ekonomi Pembangunan Nasional di Era Globalisasi. Journal Economic Excellence Ibnu Sina, 3(3), 148–157. https://doi.org/10.59841/excellence.v3i3.3231

Sisaye, S. (2021). The influence of non-governmental organizations (NGOs) on the development of voluntary sustainability accounting reporting rules. Journal of Business and Socio-Economic Development, 1(1), 5–23. https://doi.org/10.1108/jbsed-02-2021-0017

Tuh Isma, F., & Satyawan, D. (2025). Pengaruh ESG Sustainalytics Score terhadap Kinerja Keuangan dengan Keberagaman Gender sebagai Variabel Pemoderasi. Jurnal Bisnis Dan Akuntansi Unsurya, 10(2). https://doi.org/10.35968/jbau

Utomo, L. P., Pgri, S., & Jombang, D. (2024). Pengungkapan Environmental, Social, Governance terhadap Kinerja Keuangan Perusahaan Sektor Energi di Indonesia. Jurnal Trial Balance (JUTRIANCE), 2(1). https://journal.icma-nasional.or.id/index.php/JUTRIANCE

Wahida, K., & Uyun, H. (2023). Tatanan Indonesia Dalam Mewujudkan Pertumbuhan Ekonomi Berkelanjutan Melalui Green Economy. Harmoni: Jurnal Ilmu Komunikasi Dan Sosial, 1(2), 14–26. https://doi.org/10.59581/harmoni-widyakarya.v1i2.291

Wuryandani, & Dewi. (2023). Berulangnya Insiden Kebakaran Kilang PT Pertamina (Persero).

Yawika, M. K., & Handayani, S. (2019). The Effect of ESG Performance on Economic Performance in the High Profile Industry in Indonesia. JOURNAL OF INTERNATIONAL BUSINESS AND ECONOMICS, 7(2). https://doi.org/10.15640/jibe.v7n2a12

Zahroh, B. M., & Hersugondo, H. (2021). The Effect of ESG Performance on The Financial Performance of Manufacturing Companies Listed in The Indonesian. AFEBI Management and Business Review, 6. https://doi.org/https://doi.org/10.47312/ambr.v6i2.475

Zuraida, Z., Houge, N., & Zijl, T. Van. (2016). Value Relevance of Environmental, Social, and Governance Disclosure.