Pengaruh Kinerja ESG Terhadap Financial Distress: Bukti dari Indonesia
Keywords:
ESG, Financial Distress, Return on Assets, Z-ScoreAbstract
Perusahaan-perusahaan didorong untuk memasukkan faktor Lingkungan, Sosial, dan Tata Kelola (ESG) guna meningkatkan ketahanan mereka karena meningkatnya fokus pada praktik bisnis berkelanjutan. Namun, masih sedikit data empiris tentang bagaimana kinerja ESG memengaruhi kesulitan keuangan di antara perusahaan-perusahaan publik di Indonesia. Dengan menyesuaikan profitabilitas (Return on Assets), likuiditas, dan leverage, penelitian ini bertujuan untuk menyelidiki bagaimana kinerja ESG memengaruhi kesulitan keuangan. Penelitian ini menggunakan data panel dari 32 perusahaan non-keuangan yang terdaftar antara tahun 2019 dan 2023 di Bursa Efek Indonesia, menghasilkan total 160 observasi. Altman Z Score digunakan untuk mengukur kesulitan keuangan, dan regresi data panel menggunakan Fixed Effect Model (FEM) dan Stata 17 digunakan untuk estimasi empiris. Hasil penelitian menunjukkan bahwa kesulitan keuangan secara signifikan dan negatif dipengaruhi oleh kinerja ESG. Lebih lanjut, Z Score secara signifikan dipengaruhi secara negatif oleh utang, tetapi secara positif oleh profitabilitas dan likuiditas. Penerapan Refinitiv ESG Score untuk menilai secara menyeluruh kinerja ESG perusahaan non-keuangan di Indonesia adalah hal yang menjadikan penelitian ini inovatif.
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Copyright (c) 2026 Muhammad Fadhil Al Amin, Risa Wahyuni EDT, Fathiah, Alhazar Rinaldi (Author)
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