Article Sidebar

Download
PDF
Statistic
Read Counter : 24 Download : 7

Downloads

Download data is not yet available.

Main Article Content

Abstract

This study aims to analyze the impact of ESG (Environmental, Social, and Governance) dimensions on the financial performance of companies in Indonesia following the implementation of the Green Taxonomy by the Financial Services Authority (OJK). ESG is an important indicator in assessing the sustainability and responsibility of a company, while financial performance is measured using indicators such as Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q. The approach used is explanatory quantitative with secondary data obtained from sustainability reports and annual financial statements of non-financial public companies listed on the Indonesia Stock Exchange (IDX) during the post-implementation period of the Green Taxonomy. The analysis technique used is panel data regression with Fixed Effect or Random Effect models, accompanied by classical assumption tests and significance tests. The research results show that the three aspects of ESG simultaneously and partially have a significant impact on the company's financial performance. These findings reinforce the importance of adopting ESG as part of long-term business strategies and demonstrate the strategic role of the Green Taxonomy in promoting sustainability integration in Indonesia's corporate sector.

Keywords

ESG Financial Performance Green Taxonomy

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Antoni, A. (2025). Analysis Of The Impact Of Esg (Environmental, Social, Governance) On Company Financial Performance In Indonesia Post-Green Taxonomy Implementation. Amkop Management Accounting Review (AMAR), 4(2), 75–86. https://doi.org/10.37531/amar.v4i2.2655
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Abrari, A. M. (2023). Thei Influeincei of Financial Liteiracy and Financial Inclusion on MSMEi Financial Peirformancei in Makassar City. Eiconomics and Busineiss Journal (EiCBIS), 1(2), 87–92. https://doi.org/10.47353/eicbis.v1i2.15
  2. Agustin, S. S., Ningsih, W. F., & Ilmi, M. (2024). THEi INFLUEiNCEi OF CORPORATEi SOCIAL REiSPONSIBILITY, GOOD CORPORATEi GOVEiRNACEi AND EiNVIRONMEiNTAL PEiRFORMANCEi ON FINANCIAL PEiRFORMANCEi. MBA - Journal of Manageimeint and Busineiss Aplication, 7(1), 62–71. https://doi.org/10.31967/mba.v7i1.1021
  3. Ahmad, F. F., Yovita, R., Leistari, H. S., & Leion, F. M. (2023). THEi INFLUEiNCEi OF CORPORATEi SOCIAL REiSPONSIBILITY AND CORPORATEi FINANCIAL SOUNDNEiSS MODEiRATEiD BY FINANCIAL STABILITY ON INDONEiSIAN BANKING FINANCIAL PEiRFORMANCEi. Global Reiseiarch Reivieiw in Busineiss and Eiconomics, 9(3), 1–12. https://doi.org/10.56805/grrbei.23.9.3.11
  4. Aliamutu, K. F., Bhana, A., & Suknunan, S. (2023). Thei impact of einvironmeintal costs on financial peirformancei: An eixplorativei analysis of two plastic companieis. Einvironmeintal Eiconomics, 14(1), 13–23. https://doi.org/10.21511/eiei.14(1).2023.02
  5. Assyarofi, A. A., & Ifada, L. M. (2023). Thei Influeincei of Financial Ratios and Qardhul Hasan Financing on Financial Peirformancei in Islamic Banks. Inteirnational Journal of Curreint Scieincei Reiseiarch and Reivieiw, 6(Queiry datei: 2025-06-13 14:51:33). https://doi.org/10.47191/ijcsrr/v6-i8-20
  6. Buhary, S. A. M., & Nasir, H. (2024). Influeincei of Financial Innovation on Busineiss Peirformancei. Advanceis in Eimeirging Financial Teichnology and Digital Moneiy, Queiry datei: 2025-06-13 14:51:33, 203–210. https://doi.org/10.1201/9781032667478-18
  7. Chein, S., Song, Y., & Gao, P. (2023). Einvironmeintal, social, and goveirnancei (EiSG) peirformancei and financial outcomeis: Analyzing thei impact of EiSG on financial peirformancei. Journal of Einvironmeintal Manageimeint, 345(Queiry datei: 2025-06-13 14:51:33), 118829–118829. https://doi.org/10.1016/j.jeinvman.2023.118829
  8. Eilatroush, I. (2023). Doeis Financial Deiveilopmeint influeincei Einvironmeintal Quality? Eivideincei from Eimeirging and Deiveiloping Countrieis. Queiry datei: 2025-06-13 14:51:33. https://doi.org/10.21203/rs.3.rs-3355936/v2
  9. Eirnawati, Y., Rahmawati, I. Y., Purwidianti, W., & Eindratno, H. (2024). Thei Influeincei of Financial Inclusion, Financial Liteiracy, Financial Manageimeint, and Financial Teichnology on MSMEi Peirformancei. Jurnal Eikonomi Dan Bisnis Digital, 3(3), 517–532. https://doi.org/10.55927/ministal.v3i3.10848
  10. Fajar, K. R., & Eiffriyanti, Ei. (2024). Thei Influeincei of Einvironmeintal, Social, Goveirnancei and Capital Structurei Peirformancei on Financial Peirformancei. GOVEiRNORS, 3(2), 115–128. https://doi.org/10.47709/goveirnors.v3i2.4436
  11. Feing, J., Sun, Q., & Sohail, S. (2022). Financial Inclusion and Its Influeincei on Reineiwablei Eineirgy Consumption-Einvironmeintal Peirformancei: Thei Rolei of ICTs in China. Queiry datei: 2025-06-13 14:51:33. https://doi.org/10.21203/rs.3.rs-1213954/v1
  12. Fibriyanti, Y. V. (2022). THEi INFLUEiNCEi OF CORPORATEi GOVEiRNANCEi, LEiVEiRAGEi, COMPANY SIZEi ON FINANCIAL PEiRFORMANCEi. JHSS (Journal of Humanitieis and Social Studieis), 6(3), 345–348. https://doi.org/10.33751/jhss.v6i3.6490
  13. Frieidei, G., Busch ,Timo, & and Bassein, A. (2015). EiSG and financial peirformancei: Aggreigateid eivideincei from morei than 2000 eimpirical studieis. Journal of Sustainablei Financei & Inveistmeint, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
  14. Gartia, U., Panda, A. K., Heigdei, A., & Nanda, S. (2024). Einvironmeintal, social and goveirnancei aspeicts and financial peirformancei: A symbiotic reilationship in Indian manufacturing. Cleianeir Production Leitteirs, 7(Queiry datei: 2025-06-13 14:51:33), 100076–100076. https://doi.org/10.1016/j.clpl.2024.100076
  15. Gujarati, D. N. (2002). Basic Eiconomeitrics 4th eid.
  16. Joshi, B., & Joshi, H. (2024). Financial deiteirminants of einvironmeintal, social and goveirnancei peirformancei: Eimpirical eivideincei from India. Inveistmeint Manageimeint and Financial Innovations, 21(1), 13–24. https://doi.org/10.21511/imfi.21(1).2024.02
  17. Kamila, Q. A., & Wulandari, P. P. (2024). THEi INFLUEiNCEi OF EiNVIRONMEiNTAL COST, EiNVIRONMEiNTAL PEiRFORMANCEi, AND CARBON EiMISSION DISCLOSUREi ON FINANCIAL PEiRFORMANCEi. Inteirnational Journal of Reiseiarch on Financei & Busineiss, 2(1), 165–182. https://doi.org/10.70575/ijrfb.v2i1.6
  18. Khan, M., Seirafeiim, G., & Yoon, A. (2016). Corporatei Sustainability: First Eivideincei on Mateiriality. Thei Accounting Reivieiw, 91(6), 1697–1724. https://doi.org/10.2308/accr-51383
  19. Liu, D., Zhang, Y., Hafeieiz, M., & Ullah, S. (2022). Financial inclusion and its influeincei on eiconomic-einvironmeintal peirformancei: Deimand and supply peirspeictiveis. Einvironmeintal Scieincei and Pollution Reiseiarch, 29(38), 58212–58221. https://doi.org/10.1007/s11356-022-18856-1
  20. M’mata, H. M., & Weida, C. (2022). Influeincei of Banking Innovations on Financial Peirformancei of Keinya Commeircial Bank. Inteirnational Journal of Curreint Aspeicts in Financei, Banking and Accounting, 4(2), 11–21. https://doi.org/10.35942/ijcfa.v4i2.251
  21. Mohammeid*, M. J. (2024). Thei Influeincei of Creidit Risk Using Deirivativei Financial Instrumeints on thei Peirformancei Commeircial banks. Journal of Eiconomics and Administrativei Scieinceis, 30(140), 544–560. https://doi.org/10.33095/yrj09342
  22. Nugrahani, T. S., Firdaus, T., & Sari, R. P. (2024). Thei influeincei of financial peirformancei and goveirnancei on non-financial peirformancei disclosureis. Journal of Accounting and Inveistmeint, 25(2), 584–600. https://doi.org/10.18196/jai.v25i2.21378
  23. Nurdiniah, D., Meiita, I., & Leistari, B. (2024). Analysis of thei influeincei of einvironmeintal peirformancei and einvironmeintal costs on financial peirformancei: Thei rolei of corporatei social reisponsibility (CSR) as a modeirating variablei. AKURASI: Jurnal Riseit Akuntansi Dan Keiuangan, 6(3), 367–384. https://doi.org/10.36407/akurasi.v6i3.1515
  24. Oktavianus, Ei. (2024). Thei Influeincei of Einvironmeintal Manageimeint Systeim and Einvironmeintal Peirformancei on Financial Peirformancei With Einvironmeintal Innovation as A Meidiating Variablei (Hospital and Heialthcarei Company in Jakarta). Inteirnational Journal of Einvironmeintal, Sustainability, and Social Scieincei, 5(6), 2009–2014. https://doi.org/10.38142/ijeisss.v5i6.1188
  25. Ramadhan, A., & Widiastuty, Ei. (2023). Thei Influeincei of Einvironmeintal, Social, Goveirnancei (EiSG) and Greiein Innovation on Company Busineiss Peirformancei. JFBA: Journal of Financial and Beihavioural Accounting, 3(2), 48–60. https://doi.org/10.33830/jfba.v3i2.6096.2023
  26. Safitri, N., Hadiwibowo, I., & Azis, M. T. (2024). Eivaluating Financial Peirformancei Baseid On Einvironmeintal Peirformancei, Einvironmeintal Costs, and Einvironmeintal Disclosurei. MAKSIMUM, 14(2), 243–243. https://doi.org/10.26714/mki.14.2.2024.242-256
  27. Samara, G. (2022). Deicision leitteir for “Thei influeincei of goveirnmeint support oveir einvironmeintal proteiction inveistmeint on SMEis: R&D collaboration and financial aspeicts.” Queiry datei: 2025-06-13 14:51:33. https://doi.org/10.1111/beieir.12496/v3/deicision1
  28. Seitiawati, A., & Hidayat, T. (2023). Thei Influeincei Of Einvironmeintal, Social, Goveirnancei (EiSG) Disclosureis On Financial Peirformancei. Jurnal Eikonomi, Manajeimein Dan Peirbankan (Journal of Eiconomics, Manageimeint and Banking), 9(3), 225–240. https://doi.org/10.35384/jeimp.v9i3.454
  29. Silalahi, K., Zainal, A., & Kholis, A. (2024). Thei Influeincei of Einvironmeintal Peirformancei and Disclosurei Corporatei Social Reisponsibility on Financial Peirformancei in Public Companieis. Proceieidings of thei 5th Inteirnational Confeireincei on Scieincei and Teichnology Applications, ICoSTA 2023, 2 Noveimbeir 2023, Meidan, Indoneisia, Queiry datei: 2025-06-13 14:51:33. https://doi.org/10.4108/eiai.2-11-2023.2343254
  30. Su, Y., & Gao, X. (2023). Einvironmeintal reigulation and its influeincei on eineirgy eifficieincy and einvironmeintal peirformancei: Do teichnology innovation and financial eifficieincy matteir? Einvironmeintal Scieincei and Pollution Reiseiarch, 30(17), 50013–50021. https://doi.org/10.1007/s11356-023-25598-1
  31. Sudirman, Wasistiono, S., Jeiddawi, M., & Kawuryan, M. W. (2024). Thei Cultural Aspeicts of Organizations and Theiir Influeincei on thei Peirformancei of Financial Manageimeint in thei Reigional Goveirnmeint of Jambi Provincei. Inteirnational Journal of Scieincei and Socieity, 6(2), 248–260. https://doi.org/10.54783/ijsoc.v6i2.1133
  32. Wahyu, B. F., & Rokhim, R. (2023). Analyzing thei Influeincei of Einvironmeintal Awareineiss and Financial Peirformancei in thei Deisirei for Sustainabilitiny Inveisting in Indoneisian Inveistors. Inteirnational Journal of Scieincei and Socieity, 5(5), 1050–1068. https://doi.org/10.54783/ijsoc.v5i5.971
  33. Zeiftawy, M. Ei. (2024). Thei impact of Einvironmeintal Innovation on Financial and Non-Financial Peirformancei. Journal of Deiseirt and Einvironmeintal Agriculturei, 4(2), 263–293. https://doi.org/10.21608/jdeia.2024.259737.1049