The Impact of ESG Disclosure Quality on Financial Performance and Firm Value: Moderating Role of Audit Committee Expertise in Emerging Markets
Sari
Kualitas pengungkapan Environmental, Social, and Governance (ESG) menjadi isu strategis dalam membentuk nilai perusahaan, terutama di pasar negara berkembang yang menghadapi tantangan dalam transparansi dan tata kelola. Meskipun berbagai studi telah menyoroti pentingnya ESG terhadap kinerja keuangan dan nilai perusahaan, masih sedikit penelitian yang mengkaji peran mekanisme tata kelola internal, khususnya keahlian komite audit, sebagai variabel moderasi dalam hubungan tersebut. Penelitian ini bertujuan untuk menguji pengaruh kualitas pengungkapan ESG terhadap kinerja keuangan dan nilai perusahaan, serta bagaimana keahlian komite audit memoderasi hubungan tersebut. Data dikumpulkan dari 248 perusahaan publik non-keuangan di pasar negara berkembang selama periode 2018–2022. Metode analisis yang digunakan adalah regresi moderasi dengan pendekatan panel data. Hasil penelitian menunjukkan bahwa kualitas pengungkapan ESG berpengaruh positif signifikan terhadap return on assets (ROA) dan nilai perusahaan (Tobin's Q). Lebih lanjut, kehadiran komite audit dengan keahlian di bidang keuangan, hukum, dan industri memperkuat hubungan positif tersebut. Temuan ini konsisten dengan teori stakeholder dan agency, serta memberikan bukti bahwa penguatan tata kelola internal dapat meningkatkan efektivitas pelaporan keberlanjutan. Implikasi praktis dari penelitian ini mencakup rekomendasi bagi regulator untuk menetapkan standar keahlian komite audit, serta bagi manajemen untuk mengintegrasikan strategi ESG ke dalam pengambilan keputusan jangka panjang.
Kata kunci: ESG, kinerja keuangan, nilai perusahaan, komite audit, tata kelola perusahaan
Teks Lengkap:
PDFReferensi
Adams, C. A., & Abhayawansa, S. (2021). Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting. Critical Perspectives on Accounting, 79, 102309.
Agyemang, A. O., Ansong, A., & Frimpong, J. M. (2023). Environmental, social and governance (ESG) performance and firm value: The moderating role of audit quality. Journal of Sustainable Finance & Investment, 13(1), 1–18.
Al-Najjar, B., & Abed, S. (2022). ESG disclosure and financial performance: Evidence from the Gulf Cooperation Council countries. Journal of International Financial Markets, Institutions and Money, 78, 101597.
Alnaser, M., Samy, M., & Alshubiri, F. (2023). ESG performance and firm valuation: Evidence from MENA region. Journal of Cleaner Production, 389, 136098.
Alqatamin, R. M. (2022). The impact of audit committee characteristics on ESG disclosure quality: Evidence from Jordan. International Journal of Disclosure and Governance, 19, 120–134. https://doi.org/10.1057/s41310-021-00127-2
Alsaadi, A., & Alqaralleh, H. (2022). ESG disclosure, firm performance and firm value: Evidence from GCC countries. Environmental Science and Pollution Research, 29, 42144–42160.
Al-Sartawi, A. M. M. (2022). Corporate governance and ESG disclosure: The moderating effect of board gender diversity. Corporate Governance: The International Journal of Business in Society, 22(2), 354–371.
Al-Shaer, H., & Zaman, M. (2019). CEO compensation and sustainability reporting assurance: Evidence from the UK. Accounting Forum, 43(1), 1–18.
Ariyani, N., & Kusumawardhani, A. (2022). Pengaruh ESG disclosure terhadap nilai perusahaan: Studi pada perusahaan di Indonesia. Jurnal Akuntansi Multiparadigma, 13(1), 112–125.
Atan, R., Wah, Y. B., Saidi, M. A., & Nasir, N. M. (2022). ESG disclosures and firm value: Evidence from Southeast Asia. Asian Journal of Business Ethics, 11(1), 33–51.
Cao, L., Wang, Y., & Zhang, H. (2022). Audit committee expertise and ESG performance: Evidence from emerging markets. Journal of International Accounting, Auditing and Taxation, 47, 100478.
Chatterji, A. K., Levine, D. I., & Toffel, M. W. (2016). Do corporate social responsibility ratings predict corporate social performance? Journal of Business Ethics, 126(1), 1–17.
Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. D. (2020). The relevance of environmental disclosures for investors and other stakeholder groups: Are such disclosures incrementally informative? Accounting, Organizations and Society, 86, 101075.
De Villiers, C., Kuruppu, S., & Dissanayake, D. (2021). A (new) role for business—Promoting the United Nations’ Sustainable Development Goals through corporate social responsibility. Accounting, Auditing & Accountability Journal, 34(2), 457–478.
El-Kassar, A. N., & Singh, S. K. (2022). ESG disclosures and firm value in emerging markets: The moderating effect of institutional quality. Journal of International Financial Management & Accounting, 33(1), 45–70.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325.
Farooq, M. B., & El Jai, H. (2022). Do audit committee financial experts influence ESG disclosure quality? Evidence from MENA region. Sustainability, 14(4), 1990.
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman.
Gerged, A. M. (2021). Does corporate environmental responsibility reduce firm risk? Evidence from the Gulf Cooperation Council countries. Business Strategy and the Environment, 30(1), 276–297.
Gerged, A. M. (2021). Does corporate environmental responsibility reduce firm risk? Evidence from the Gulf Cooperation Council countries. Business Strategy and the Environment, 30(1), 276–297.
Ghoul, S. E., & Karoui, A. (2022). Does ESG performance enhance firm performance? Evidence from emerging markets. International Review of Financial Analysis, 82, 102160.
Haque, F., & Ntim, C. G. (2023). Environmental, social and governance disclosures and firm performance: The role of board gender diversity. Business Strategy and the Environment, 32(1), 120–137.
Hasan, M. M., Hossain, M. I., & Khan, H. U. Z. (2021). Corporate sustainability disclosure and firm value: Evidence from an emerging economy. Sustainability Accounting, Management and Policy Journal, 12(3), 507–529.
Iskandar, D., & Andriyani, Y. (2021). Komite audit dan pengungkapan keberlanjutan: Studi empiris pada perusahaan sektor non-keuangan di Indonesia. Jurnal Akuntansi dan Keuangan Indonesia, 18(1), 45–58.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Jitmaneeroj, B. (2022). Achieving sustainable development goals (SDGs): ESG performance, reporting, and corporate governance. Journal of Multinational Financial Management, 62, 100764. https://doi.org/10.1016/j.mulfin.2022.100764
Khan, H., Muttakin, M. B., & Siddiqui, J. (2022). Corporate governance and sustainability reporting: A review of literature and directions for future research. Journal of Accounting Literature, 48, 1–27.
Kılıç, M., & Kuzey, C. (2019). The effect of corporate governance on sustainability reporting: Empirical evidence from Turkey. Corporate Social Responsibility and Environmental Management, 26(4), 851–865.
Kuo, L., Yeh, C. C., & Yu, H. C. (2022). Exploring legitimacy strategies and ESG performance in Asian firms. Journal of Business Research, 143, 703–713.
Kusnadi, Y., Kim, Y., & Soesilowati, E. (2022). Audit committee characteristics and the quality of financial reporting in Indonesia. Asian Review of Accounting, 30(2), 212–231.
Michelon, G., Rodrigue, M., & Trevisan, E. (2020). The marketization of a social movement: Activists, shareholders and CSR disclosure. Accounting, Organizations and Society, 80, 101074. Nurhayati, A., & Nuryaman, N. (2020). Peran keahlian komite audit dalam pengaruh ESG disclosure terhadap kinerja keuangan. Jurnal Akuntansi dan Keuangan Indonesia, 17(2), 204–219.
Nurhayati, A., & Nuryaman, N. (2020). Peran keahlian komite audit dalam pengaruh ESG disclosure terhadap kinerja keuangan. Jurnal Akuntansi dan Keuangan Indonesia, 17(2), 204–219.
Prayogi, M. A., & Prastiwi, A. (2020). Pengaruh ESG disclosure terhadap nilai perusahaan pada sektor energi dan manufaktur di Indonesia. Jurnal Akuntansi dan Keuangan Indonesia, 17(2), 150–165.
Raimo, N., Vitolla, F., Marrone, A., & Rubino, M. (2021). The role of board monitoring and green innovation in achieving sustainable development goals: Evidence from integrated reporting companies. Corporate Social Responsibility and Environmental Management, 28(1), 299–312.
Raimo, N., Vitolla, F., Marrone, A., & Rubino, M. (2021). The role of board monitoring and green innovation in achieving sustainable development goals: Evidence from integrated reporting companies. Corporate Social Responsibility and Environmental Management, 28(1), 299–312.
reswell, J. W., & Creswell, J. D. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). SAGE Publications.
Rosiana, T., & Yuliana, N. (2021). Keahlian komite audit dan pengaruhnya terhadap pengungkapan keberlanjutan: Bukti dari perusahaan manufaktur di Indonesia. Jurnal Riset Akuntansi dan Keuangan, 9(3), 275–289.
Sarfraz, M., Qun, W., Abdullah, M. I., & Tahir, S. (2020). The impact of corporate governance on corporate sustainability: Empirical evidence from the banking sector of Pakistan. Sustainability, 12(2), 1–21. https://doi.org/10.3390/su12020526
Sila, V., & Cek, K. (2022). The value relevance of ESG disclosures in frontier and emerging markets. Sustainability, 14(8), 4719.
Siregar, S. V., & Bachtiar, Y. (2021). ESG disclosure and firm performance: Empirical evidence from Indonesia. Asian Journal of Business and Accounting, 14(2), 1–25.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610.
Tuwajri, M. A., Quttainah, M. A., & Hussain, M. M. (2020). Audit committees and sustainability reporting quality: Evidence from GCC countries. Journal of Islamic Accounting and Business Research, 11(8), 1541–1558.
Uyar, A., Karaman, A. S., & Kilic, M. (2021). Is corporate governance related to environmental, social, and governance (ESG) performance? Evidence from emerging markets. Corporate Governance: The International Journal of Business in Society, 21(5), 809–829.
Wahyuni, S., & Novitasari, I. (2023). Peran keahlian komite audit dalam memperkuat pengaruh ESG terhadap nilai perusahaan di Indonesia. Jurnal Akuntansi dan Auditing Indonesia, 27(1), 103–116.
Wahyuni, S., & Novitasari, I. (2023). Peran keahlian komite audit dalam memperkuat pengaruh ESG terhadap nilai perusahaan di Indonesia. Jurnal Akuntansi dan Auditing Indonesia, 27(1), 103–116.
Wicaksono, R., & Yuliana, N. (2022). ESG disclosure dan nilai perusahaan: Peran mediasi tata kelola perusahaan. Jurnal Ekonomi dan Bisnis Indonesia, 37(1), 1–20.
Zaki, M., Al-Abdallah, R., & Saleh, F. (2023). ESG reporting and its impact on firm valuation: Evidence from the Gulf Cooperation Council countries. International Journal of Disclosure and Governance, 20(2), 125–141.
Zhang, L., Wang, S., & Liu, Y. (2022). Industry expertise of audit committee and ESG disclosure: Evidence from China. Asia-Pacific Journal of Accounting & Economics, 29(3), 431–450.
Zhou, X., Zhang, Y., & Wang, Y. (2022). ESG disclosure and firm performance: The moderating role of green innovation. Journal of Cleaner Production, 370, 133377.
DOI: https://doi.org/10.37531/yum.v8i1.9792
Refbacks
- Saat ini tidak ada refbacks.
Ciptaan disebarluaskan di bawah Lisensi Creative Commons Atribusi-BerbagiSerupa 4.0 Internasional