Skor ESG dan Signal Distress

Zahra Zahra, Alreiska Roudlotul Hikmah

Abstract


Tujuan Penelitian: Penelitian ini bertujuan untuk menguji pengaruh kinerja Lingkungan, Sosial, dan Tata Kelola (ESG) terhadap risiko kesulitan keuangan (financial distress) di antara perusahaan yang terdaftar di bursa efek di Indonesia. Metode Penelitian: Jenis penelitian ini adalah kuantitatif. Penelitian ini menganalisis sampel purposive dari perusahaan LQ45 selama periode 2020–2024. Kesulitan keuangan diukur menggunakan Altman Z-Score, sementara skor ESG berasal dari laporan keberlanjutan perusahaan. Variabel kontrol meliputi ukuran perusahaan, usia perusahaan, inflasi, suku bunga, dan jenis industri. Analisis data dilakukan menggunakan Partial Least Squares Structural Equation Modeling (PLS-SEM).

Originalitas: Penelitian ini mengisi celah akademis dengan menguji secara spesifik hubungan kinerja ESG dan financial distress pada perusahaan LQ45 di Indonesia.

Hasil Penelitian: Temuan menunjukkan bahwa kinerja ESG tidak secara signifikan memengaruhi risiko kesulitan keuangan. Hasil ini menantang perspektif utama yang menekankan ESG sebagai strategi mitigasi risiko, dan sejalan dengan bukti yang muncul dalam konteks negara berkembang.

Implikasi: Temuan ini memberi masukan penting bagi regulator untuk mempertimbangkan kebijakan ESG yang lebih tegas, seperti mandatori ESG assurance guna meningkatkan kredibilitas pengungkapan dan mengurangi praktik greenwashing.

 

Research Objective: This study examines the effect of environmental, social, and governance (ESG) performance on the risk of financial distress among companies listed on the Indonesian stock exchange.

Research Method: This is a quantitative study. It analyzes a purposive sample of LQ45 companies over the period 2020–2024. Financial distress is measured using the Altman Z score, while ESG scores are derived from the companies' sustainability reports. Control variables include company size and age, inflation, interest rates, and industry type. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM).

Originality: This study fills an academic gap by specifically examining the relationship between ESG performance and financial distress among LQ45 companies in Indonesia.

Research Results: The findings indicate that ESG performance does not significantly influence the risk of financial distress. This finding challenges the conventional wisdom that emphasizes ESG criteria as a risk mitigation strategy and aligns with emerging evidence in developing country contexts.

Implications: These findings provide important insights for regulators to consider stricter ESG policies, such as mandatory ESG assurance, to increase the credibility of disclosures and reduce greenwashing practices.

Keywords


ESG Score; Altman Z-Score; Financial distress

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References


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DOI: https://doi.org/10.30596/jakk.v8i2.25342

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