Praktik ESG dan Nilai Perusahaan: Analisis Mediasi Kinerja Keuangan pada Industri Perbankan di Indonesia

Dedeh Sri Sudaryanti; Agi Rosyadi; Ane Kurniawati

doi:10.37058/jak.v21i1.570

Authors

Dedeh Sri Sudaryanti Universitas Siliwangi
Agi Rosyadi Universitas Siliwangi
Ane Kurniawati Universitas Siliwangi

DOI:

https://doi.org/10.37058/jak.v21i1.570

Keywords:

ESG, Financial Performance, Firm Value, Bank

Abstract

This study aims to examine the effect of ESG practices on firm value with financial performance as a mediating variable in the Indonesian banking industry. The analysis focuses on banks classified under Core Capital Group (KBMI) III and IV during the 2018–2023 period, given their strategic role in the national economy and commitment to sustainable finance implementation. The research applies a quantitative method using secondary data from annual and sustainability reports, analyzed with panel regression and the Sobel mediation test. The findings reveal that ESG practices have a positive and significant impact on financial performance, measured by NIM. Financial performance, in turn, positively affects firm value measured by PBV. However, the direct influence of ESG practices on firm value is not significant. Mediation analysis confirms that financial performance significantly mediates the relationship between ESG practices and firm value. These results highlight that, in the Indonesian banking context, ESG practices are more effective in creating value through improved profitability rather than direct market valuation. The practical implications suggest that banks should integrate ESG into core business strategies, regulators should strengthen sustainability incentives, and investors should consider ESG as an additional signal that enhances long-term prospects and risk management.

References

Basu, S., Vitanza, J., Wang, W., & Zhu, X. R. (2022). Walking the walk? Bank ESG disclosures and home mortgage lending. Review of Accounting Studies, 27(3), 779–821. https://doi.org/10.1007/s11142-022-09691-3

Bhuiyan, F., Baird, K., & Munir, R. (2020). The Association Between Organisational Culture, CSR Practices and Organisational Performance in an Emerging Economy. Meditari Accountancy Research, 28(6), 977–1011. https://doi.org/10.1108/medar-09-2019-0574

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

Budsaratragoon, P., & Jitmaneeroj, B. (2021). Corporate Sustainability and Stock Value in Asian–Pacific Emerging Markets: Synergies or Tradeoffs Among ESG Factors? Sustainability, 13(11), 6458. https://doi.org/10.3390/su13116458

Cheng, B., Ioannou, I., & Serafeim, G. (2013). Corporate Social Responsibility and Access to Finance. Strategic Management Journal, 35(1), 1–23. https://doi.org/10.1002/smj.2131

Faridah, F., Kurniawaty, K., & Ansar, A. (2023). Dimensi Good Corporate Governance dan Penciptaan Nilai Perusahaan Melalui Corporate Social Responsibility Serta Dampaknya pada Kinerja Keuangan. Journal of Economics and Business UBS, 12(2), 1271–1278. https://doi.org/10.52644/joeb.v12i2.201

Gangi, F., Meles, A., D’Angelo, E., & Daniele, L. M. (2019). Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky? Corporate Social Responsibility and Environmental Management, 26(3), 529–547. https://doi.org/10.1002/csr.1699

Gao, H., Tan, S. T., & Syriac, N. (2024). Navigating the Complexities of ESG Integration: Challenges, Opportunities and Path to Sustainable Corporate Development. Journal of Business and Social Sciences, 2024(1). https://doi.org/10.61453/jobss.v2024no27

Gharbi, M., & Jarboui, A. (2023). The Moderating Effect of Dividend Policy on the Relationship Between Corporate Social Responsibility and Financial Performance: Evidence From French Context. International Journal of Economics and Business Administration, XI(Issue 2), 97–114. https://doi.org/10.35808/ijeba/811

Giannarakis, G., Konteos, G., Zafeiriou, E., & Partalidou, X. (2016). The Impact of Corporate Social Responsibility on Financial Performance. Investment Management and Financial Innovations, 13(3), 171–182. https://doi.org/10.21511/imfi.13(3-1).2016.03

Hasanah, K., Chandrayanti, T., & Ayu, P. S. Y. (2023). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Pemoderasi. Jurnal Akuntansi Dan Manajemen, 34(2), 129–143. https://doi.org/10.53916/jam.v34i2.90

Ho, L., Nguyen, V. H., & Dang, T. L. (2024). ESG and Firm Performance: Do Stakeholder Engagement, Financial Constraints and Religiosity Matter? Journal of Asian Business and Economic Studies, 31(4), 263–276. https://doi.org/10.1108/jabes-08-2023-0306

Indriani, E. (2024). Sustainable Investing Drive by ESG Performance. International Journal of Research in Business and Social Science (2147-4478), 13(3), 309–322. https://doi.org/10.20525/ijrbs.v13i3.3287

Jain, M., Sharma, G. D., & Srivastava, M. (2019). Can Sustainable Investment Yield Better Financial Returns: A Comparative Study of ESG Indices and MSCI Indices. Risks, 7(1), 15. https://doi.org/10.3390/risks7010015

Jiang, S., Liu, X., Liu, Z., Shi, H., & Xu, H. (2022). Does Green Finance Promote Enterprises’ Green Technology Innovation in China? Frontiers in Environmental Science, 10. https://doi.org/10.3389/fenvs.2022.981013

Khairunnessa, F., Vázquez‐Brust, D., & Yakovleva, N. (2021). A Review of the Recent Developments of Green Banking in Bangladesh. Sustainability, 13(4), 1904. https://doi.org/10.3390/su13041904

Kumalasari, R. E., Roslina, N. Y., & Alvionita, T. (2024). Influence of Green Accounting, Environmental Performance, and Share Ownership on Corporate Financial Performance With Corporate Social Responsibility as an Intervening Variable in Basic Industrial and Chemical Sector Companies Listed on the IDX, 2018 –. Jurnal Computech & Bisnis, 17(2), 152–167. https://doi.org/10.56447/jcb.v17i2.227

Liu, Y., Kim, C. Y., Lee, E. H., & Yoo, J. W. (2022). Relationship between Sustainable Management Activities and Financial Performance: Mediating Effects of Non-Financial Performance and Moderating Effects of Institutional Environment. Sustainability (Switzerland), 14(3). https://doi.org/10.3390/su14031168

López, C. G., & González, J. I. A. (2020). Sustainability in the Banking Sector: A Predictive Model for the European Banking Union in the Aftermath of the Financial Crisis. Sustainability, 12(6), 2566. https://doi.org/10.3390/su12062566

Lucia, C. De, 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, 12(13), 5317. https://doi.org/10.3390/su12135317

Mangantar, M. (2019). The Influence of Corporate Social Responsibility and Corporate Governance on Banking Financial Performance. European Research Studies Journal, XXII(Issue 3), 95–105. https://doi.org/10.35808/ersj/1459

Nahar, A., & Auliyak, I. (2021). Analisis Creative Accounting Sebagai Variabel Moderasi Dalam Pengaruh Corporate Social Responsibility Terhadap Kinerja Keuangan. Jurnal Ilmu Manajemen Dan Akuntansi Terapan (Jimat), 12(2), 152–162. https://doi.org/10.36694/jimat.v12i2.314

Najam, A. (2002). Financing Sustainable Development: Crises of Legitimacy. Progress in Development Studies, 2(2), 153–160. https://doi.org/10.1191/1464993402ps036xx

Naranova‐Nassauer, A. (2021). Stakeholder Relations of Sustainable Banks: Community Benefit Above the Common Good. Business Ethics the Environment & Responsibility, 32(S2), 96–110. https://doi.org/10.1111/beer.12377

Ovais, D., Jain, R., & Choudhary, S. (2024). Navigating the Nexus: A Comprehensive Analysis of the Evolving Interplay Between Environmental, Social and Governance (ESG) and Sustainability in Contemporary Business. Abhigyan. https://doi.org/10.1177/09702385241277366

Rasyad, R. K., Afgani, K. F., & Ali, Q. (2024). Effects of ESG on Firm Performance and Firm Value: A Study of Indonesian and Malaysian Listed Companies. Journal Integration of Management Studies, 2(1), 1–17. https://doi.org/10.58229/jims.v1i2.118

Saillaja, D. V., Priyadharshini, D. B. I., Tiwari, D. P. A., Natarajan, D. S., Vanithamani, D. M. R., & Mishra, D. B. R. (2024). Sustainable Management Strategies for Enhancing Commercial Growth in the Public Health Sector. South Eastern European Journal of Public Health, 128–136. https://doi.org/10.70135/seejph.vi.1653

Sirisha, G. L., Sukumar, S., Iyer, A. S., & Nakitende, M. G. (2024). Environmental, Social, and Governance (ESG) Investing. Advances in Finance, Accounting, and Economics Book Series, 45–66. https://doi.org/10.4018/979-8-3693-2117-1.ch002

Wang, H., & Shao, R. (2024). Does the Green Finance Policy Affect the Efficiency of Corporate Investment? Evidence From China’s Green Finance Reform and Innovation Pilot Zones. Plos One, 19(11), e0313861. https://doi.org/10.1371/journal.pone.0313861

Zhang, J. (2024). An Empirical Analysis of ESG Scores and Firm Performance Based on the CSI 300 Index. Highlights in Business, Economics and Management, 36, 448–457. https://doi.org/10.54097/zsjvy730

Zhang, Y., & Xiong, T. (2024). More ESG Practices, Higher Financial Performance? The U‐Shaped Pattern in China’s Agricultural and Food Firms. Agribusiness. https://doi.org/10.1002/agr.21989

Zhang, Z., & Ren, X. (2024). A Study on the Impact of Corporate Social Responsibility on Financial Performance From a Multidimensional Perspective. https://doi.org/10.4108/eai.27-10-2023.2341969

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