Financial Performance Memediasi Sustainability Report dan Good Corporate Governance Terhadap Firm Value
DOI:
https://doi.org/10.55587/jla.v6i3.346Kata Kunci:
Sustainability Report, Independent Board of Commissioners, Institutional Ownership, Financial Performance, Firm ValueAbstrak
Purpose: This study was conducted to investigate the influence of sustainability Report, the proportion of independent commissioners on the board, and institutional ownership on firm value. In this relationship, financial performance was positioned as a mediating variable among energy companies listed on the Indonesia Stock Exchange during the 2022–2024 period.
Method: A quantitative research design was employed using secondary data collected from companies’ annual reports and sustainability reports. The research sample comprised 35 energy-sector firms selected through purposive sampling, resulting in a total of 105 firm-year observations. The data were analyzed using panel regression techniques with EViews 13 software, while the mediating role of financial performance was assessed through the Sobel test.
Finding: The findings revealed that sustainability Report contributes positively and significantly to both financial performance and firm value. In contrast, the presence of independent commissioners was found to have a significant negative impact on financial performance as well as firm value. Meanwhile, institutional ownership did not demonstrate a statistically significant effect on either financial performance or firm value. Further analysis indicated that financial performance partially mediates the association between sustainability Report and firm value, as well as the relationship between independent commissioners and firm value. However, no mediating effect of financial performance was identified in the linkage between institutional ownership and firm value.
Novelty: The originality of this study lies in the adoption of the Global Report Initiative (GRI) 2021 framework, which encompasses 117 disclosure indicators, the inclusion of institutional ownership as an additional corporate governance mechanism, and the application of the Quintuple Bottom Line perspective. This framework was utilized to explain the interconnections among sustainability practices, corporate governance, financial performance, and firm value within the context of Indonesia’s energy industry.
Unduhan
Referensi
Abdi, Y., Li, X., & Càmara, 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), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w
Abedin, S. H., Haque, H., Shahjahan, T., & Kabir, M. N. (2022). Institutional Ownership and Firm Performance: Evidence from an Emerging Economy. Journal of Risk and Financial Management, 15(12). https://doi.org/https://doi.org/10.3390/jrfm15120567
Alodat, A. Y., Salleh, Z., Hashim, H. A., & Sulong, F. (2022). Corporate Governance and Fi rm Performance: Empirical Evidence From Jordan. Journal of Financial Reporting and Accounting, 20(5). https://doi.org/10.1108/JFRA-12-2020-0361
Alomran, A. A., & Alsahali, K. F. (2023). The Role Of Long-Term Institutional Ownership In Sustainability Report Assurance: Global Evidence. 15(4), 1–17. https://doi.org/https://doi.org/10.3390/su15043492
Ammer, M. A., Aliedan, M. M., & Alyahya, M. A. (2020). Do Corporate Environmental Sustainability Practices Influence Firm Value? The Role of Independent Directors: Evidence from Saudi Arabia. Sustainability, 12(22), 9768. https://doi.org/https://doi.org/10.3390/su12229768
Asyik, N. F., Dewi, M. A., Respatia, W., Santoso, A., & Ilham, R. N. (2024). Good Corporate Governance Or Corporate Social Responsibility: Which Affects The Firm Value and Performance? Cogent Social Sciences, 10(1). https://doi.org/10.1080/23311886.2024.2378540
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact Of ESG Performance On Firm Value and Profitability. Borsa Istanbul Review, 22(119–127). https://doi.org/10.1016/j.bir.2022.11.006
Brundtland, G. H. (1987). Report of the World Commision on Environmental and Development: Our Common Future.
Bukari, A., Agyemang, A. O., & Bawuah, B. (2024). Assessing The Moderating Role Of ESG Performance On Corporate Governance and Firm Value In Developing Countries. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2333941
Dahlia, A., Hadiwibowo, I., & Azis, M. T. (2024). The Influence Pf Green Accounting, Corporate Social Responsibility and Profitability On Firm Value. Jurnal Ekonomi Dan Bisnis Airlangga, 34(2), 268–283. https://doi.org/10.20473/jeba.V34I22024.268-283
Dewi, N. P. Y., & Sudana, I. P. (2022). Sustainability Reporting dan Pandemi Covid-19. E-Jurnal Akuntansi, 32(9), 2251–2261. https://doi.org/https://doi.org/10.24843/EJA.2022.v32.i09.p02
Erfada, N., & Priono, H. (2024). Pengaruh Kinerja Keuangan, Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi (Sektor Aneka Indsutri di Bursa Efek Indonesia Periode 2018 - 2021). Jurnal Ilmiah Indonesia, 9(2), 1454–1464. https://doi.org/https://doi.org/10.36418/syntax-literate.v9i2.15306
Farisyi, S., Musadieq, M. Al, Utami, H. N., & Damayanti, C. R. (2022). A Systematic Literature Review: Determinants of Sustainability Reporting in Developing Countries. Sustainability, 14(16). https://doi.org/https://doi.org/10.3390/su141610222
Ferriswara, D., Sayidah, N., & Buniarto, E. A. (2022). Do Corporate Governance, Capital Structure Predict Financial Performance and Firm Value? (Empirical Study Of Jakarta Islamic index). Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2147123
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach.
Friske, W., Hoelscher, S. A., & Nik, A. (2023). The Impact Of Voluntary Sustainability Reporting On Firm Value: Insights From Signaling Theory. Journal of the Academy of Marketing Science, 51, 372–392. https://doi.org/10.1007/s11747-022-00879-2
Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 Edisi 10 (10th ed.). Badan Penerbit Universitas Diponegoro.
Helindro, G. (2023). Komunitas Perempuan Peduli Lingkungan Tuntut Polusi PT Medco Aceh. Betahita.ID. https://betahita.id/news/lipsus/8817/komunitas-perempuan-peduli-lingkungan-tuntut-polusi-pt-medco-aceh.html?v=1728509107
Holly, A., Jao, R., Mardiana, A., & Tangke, P. (2023). Pengaruh Kepemilikan Institusional, Ukuran Perusahaan, dan Manajemen Aset Terhadap Nilai Perusahaan. Jurnal Accounting and Finance Edisi, 7(1), 12–26. https://doi.org/10.25124/jaf.v7i1.5642
Jia, F., Li, Y., Cao, L., Hu, L., & Xu, B. (2022). Institutional Shareholders and Firm ESG Performance: Evidence From China. Sustainability, 14(22), 1–17. https://doi.org/https://doi.org/10.3390/su142214674
Kantabutra, S., & Ketprapakorn, N. (2020). Toward a Theory of Corporate Sustainability A Theoretical Integration and Exploration. Journal of Cleaner Production, 270(122292). https://doi.org/https://doi.org/10.1016/j.jclepro.2020.122292
Maryanti, E., & Dianawati, W. (2024). Ownership Structure and Performance: How Does Business Environmental Uncertainty Matter? Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2396540
Meadows, D. H., Meadows, D. L., Randers, J., & III, W. W. B. (1972). The Limits To Growth. Universe Books.
Nasihin, I., & Purwandar, D. (2022). Analysis of the Effect of Profitability, Liquidity, and Firm Size on the Timeliness of Financial Report Submission. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 12(1), 33–44. https://doi.org/http://dx.doi.org/10.30588/jmp.v12i1.989
Nguyen, T. T. D. (2020). An Empirical Study On The Impact Of Sustainability Reportin On Firm Value. Journal of Competitiveness, 12(3), 119–135. https://doi.org/https://doi.org/10.7441/joc.2020.03.07 AN
Novita, H., Samosir, R., Rutmia, Sarumaha, K., & Saragih, E. (2022). Pengaruh Harga Saham, Ukuran Perusahaan, Profitabilitas dan Leverage Terhadap Nilai Perusahaan Manufaktur Terdaftar BEI 2018-2020. Akurasi: Studi Akuntansi Dan Keuangan, 5(1), 77–86. https://doi.org/https://doi.org/10.29303/akurasi.v5i1.150
Oktary, D. (2025). Analisis Nilai Perusahaan Menggunakan Rasio Tobin ’ s Q Pada Perusahaan Tekstil Yang Terdaftar Di BEI. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (Jebma), 5(2), 370–377. https://doi.org/doi.org/jebma.v5n2.6300
Panneels, I. (2023). The Quintuple Bottom Line: A Framework for Place-Based Sustainable Enterprise in the Craft Industry. Sustainability, 15(4). https://doi.org/https://doi.org/10.3390/su15043791
Pratama, I. (2024). Corporate Governance Di Indonesia. Yayasan Tri Edukasi Ilmiah.
Santosa, P. W., Aprilia, O., & Tambunan, M. E. (2020). The Intervening Effect of the Dividend Policy on Financial Performance and Firm Value in Large Indonesian Firms. International Journal of Financial Research, 11(4), 408–420. https://doi.org/10.5430/ijfr.v11n4p408
Setiawan, P. M. D. P., & Nugroho, P. I. (2020). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan dengan Corporate Governance Sebagai Variabel Moderasi. International Journal of Social Science and Business, 4(2), 189–196. https://doi.org/https://doi.org/10.23887/ijssb.v4i2.24229
Sudarmanto, E., Susanti, E., Revida, E., Pelu, M. F. A., Purba, S., Purba, A. B., Silalahi, M., Anggusti, M., Sipayung, P. D., & Krisnawati, A. (2021). Good Corporate Governance (GCG). Yayasan Kita Menulis.
Sugiyono. (2025). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (2nd ed.). Alfabeta.
Suhartini, D., Tjahjadi, B., & Fayanni, Y. (2024). Impact Of Sustainability Reporting and Governance On Firm Value: Insights From The Indonesian Manufacturing Sector. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2381087
Yamani, A., & Hussainey, K. (2021). Does Governance Affect Compliance with IFRS 7? Journal of Risk and Financial Management, 14(6). https://doi.org/https://doi.org/10.3390/jrfm14060239
Yuliyanti, A., & Cahyonowati, N. (2023). Pengaruh Dewan Direksi, Dewan Komisaris, Komisaris Independen, Komite Audit, Kepemilikan Manajerial, dan Kepemilikan Institusional Terhadap Kinerja Keuangan. Diponegoro Journal Of Accounting, 12(3), 1–14. https://doi.org/https://ejournal3.undip.ac.id/index.php/accounting/article/view/40175
Zhou, D., Saeed, U. F., & Agyemang, A. O. (2024). Assessing The Role Of Sustainability Disclosure On Firms’ Financial Performance: Evidence From The Energy Sector Of Belt and Road Initiative Countries. Sustainability, 16(2). https://doi.org/https://doi.org/10.3390/su16020930
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable Development, ESG Performance and Company Market Value: Mediating Effect of Financial Performance. Business Strategy and The Environment, 31(7), 3371–3387. https://doi.org/10.1002/bse.3089
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 Yoga Ardiansah, Dwi Suhartini
Artikel ini berlisensiCreative Commons Attribution-ShareAlike 4.0 International License.
