ESG, FOREIGN OWNERSHIP, AND FINANCIAL PERFORMANCE DYNAMIC ON IDX-LISTED COMPANIES

AGNES PALUPI DEWI AYUNINGTYAS, I Wayan Nuka Lantara, M.Si, Ph.D

2025 | Skripsi | MANAJEMEN

Narasi Lingkungan, Sosial, dan Tata Kelola sudah semakin menarik perhatian investor, badan bisnis, dan masyarakat umum. Namun, berdampaknya ESG pada profitabilitas masih sulit disimpulkan. Dengan adanya kepemilikan asing di perusahaan-perusahaan pada bursa saham Indonesia, ini dapat mempengaruhi temuan tentang dinamika antara ESG, kepemilikan asing, dan kinerja finansial perusahaan. Studi ini menginvestigasi pengaruh skor ESG terhadap kinerja finansial, dimoderasi dengan kepemilikan asing. Menggunakan perusahaan sampel yang terdaftar di IDX selama periode 2023, riset ini menguji korelasi variabel-variabel dengan menggunakan analisis regresi. Menggunakan skor ESG dari Refinitiv Thomson-Reuters, variabel-variabel yang berpotensi mempengaruhi Return on Assets (ROA), Return on Equity (ROE), dan Tobin’s Q (TQ) dianalisis. Studi ini mengungkap bahwa ketika berdiri sendiri, skor ESG dan kepemilikan asing berkontribusi positif kepada kinerja finansial, baik kinerja fundamental maupun pasar. Akan tetapi, ketika strategi ESG dan kepemilikan asing keduanya berinteraksi, ini mengubah korelasi positifnya. Temuan ini menawarkan wawasan berharga untuk para investor, perusahaan, pemangku kepentingan, dan peneliti untuk memperoleh pemahaman tentang interaksi antara ESG, kepemilikan, dan kinerja perusahaan.

The Environmental, Social, and Governance (ESG) narrative has gathered growing attention from investors, businesses, and public. However, the impact ESG has on profitability remains inconclusive. With the presence of foreign ownership in the Indonesian stock market, it can affect the findings around the dynamic between ESG, foreign ownership, and financial performance. This study investigates the influence of ESG score on financial performance, moderated by foreign ownership. Employing sample companies listed in the IDX during 2023, the research tests the correlation of variables using regression analysis. Utilizing ESG scores from Refinitiv Eikon Thomson-Reuters, variables that potentially affect Return on Assets (ROA), Return on Equity (ROE), and Tobin's Q (TQ) are analyzed. The study reveals that if standalone, ESG score and foreign ownership positively contribute to financial performance, on both fundamental and market performance. However, when both ESG strategy and foreign ownership interact, it brings dilution to the positive influence. These findings offer valuable insights for investors, companies, stakeholders, and researchers seeking to understand the interplay of ESG, ownership, and company performance.

Kata Kunci : The Environmental, Social, and Governance (ESG) narrative has gathered growing attention from investors, businesses, and public. However, the impact ESG has on profitability remains inconclusive. With the presence of foreign ownership in Indonesian stock