The Impact of ESG Performance on Company Performance of SRI-KEHATI Index-Listed Companies Before and During COVID-19 Pandemic

Alexandra Isabel Nugroho, I Wayan Nuka Lantara, M.Si., Ph.D.

2024 | Skripsi | MANAJEMEN

Dalam beberapa tahun terakhir, kinerja Lingkungan, Sosial, dan Tata Kelola (ESG) perusahaan telah menarik perhatian investor, perusahaan, dan masyarakat umum. Namun, temuan penelitian yang kontradiktif masih terus ada mengenai dampak kinerja ESG terhadap kinerja perusahaan. Studi ini mengkaji pengaruh kinerja ESG terhadap kinerja fundamental dan pasar emiten yang terdaftar di Indeks SRI-KEHATI, pada periode sebelum dan saat pandemi COVID-19. Dengan menggunakan skor ESG dan masing-masing pilarnya berdasar Refinitiv Eikon Thomson-Reuters, variabel yang berpotensi memengaruhi Return on Assets (ROA), Return on Equity (ROE), Tobin's Q (TQ), dan Price-to-earnings Ratio (PER) dianalisis. Sebanyak 90 sampel dari 15 perusahaan diteliti menggunakan Stata. Studi ini mengungkapkan adanya hubungan positif antara kinerja ESG dan kinerja pasar, terutama dalam hal inisiatif dan praktik lingkungan. Temuan ini memberikan wawasan berharga bagi perusahaan, investor, peneliti, dan pemangku kepentingan yang ingin memahami interaksi antara faktor-faktor ESG dan kinerja perusahaan.

In recent years, the Environmental, Social, and Governance (ESG) performance of companies has garnered increasing attention from investors, corporations, and general public. However, conflicting research findings persist regarding the impact of ESG performance on company performance. This study investigates the influence of ESG performance on fundamental and market performance among companies listed on the SRI-KEHATI Index, both before and during the COVID-19 pandemic. Utilizing ESG scores and their respective pillars from Refinitiv Eikon Thomson-Reuters, variables that potentially affects Return on Assets (ROA), Return on Equity (ROE), Tobin's Q (TQ), and Price-to-earnings Ratio (PER) are analyzed. A sample of 90 observations from 15 companies is examined using Stata. The study reveals a positive association between ESG performance and market performance, particularly regarding environmental initiatives and practices. These findings offer valuable insights for companies, investors, researchers, and stakeholders seeking to comprehend the interplay between ESG factors and company performance.

Kata Kunci : ESG performance, fundamental performance, market performance, company performance, SRI-KEHATI Index, COVID-19 pandemic.