Apakah ESG Score dapat Mengurangi Cost of Debt? Bukti Empiris dari Negara-Negara Asia

Naufal Aminuddin Faris, Prof. Dr. Mamduh M. Hanafi, M.B.A.

2025 | Tesis | S2 Magister Ek.Pembangunan

Penelitian ini mengkaji pengaruh skor Environmental, Social, and Governance (ESG) terhadap cost of debt perusahaan di Asia dengan pendekatan kuasi-eksperimental difference-in-differences (DiD) dan dynamic DiD. Menggunakan data firm-level dari 2014 hingga 2023, studi ini mengevaluasi efek kausal ESG terhadap cost of debt secara agregat, lintas regional (Asia Tenggara, Asia Timur, dan Asia Selatan), serta antarsektor industri. Hasil estimasi menunjukkan bahwa peningkatan skor ESG menurunkan cost of debt secara signifikan sebesar 0,2 poin persentase di tingkat agregat Asia. Dampak paling kuat ditemukan pada sektor-sektor defensif, negara-negara berkembang seperti Indonesia dan India, serta ekonomi maju dengan sistem keuangan terbuka seperti Hong Kong dan Taiwan. Sementara itu, negara-negara lain di Asia Timur seperti Tiongkok, Jepang, dan Korea Selatan menunjukkan efek yang tidak signifikan. Hasil dynamic DiD mengungkapkan bahwa efek ESG bersifat sementara dan lebih kuat pada periode waktu menengah. Penelitian ini memperkaya literatur ESG di pasar negara berkembang dan memberikan implikasi kebijakan yang relevan bagi regulator, investor, serta manajer keuangan dalam mengintegrasikan praktik keberlanjutan ke dalam strategi keuangan dan pembiayaan.

This study investigates the impact of Environmental, Social, and Governance (ESG) scores on corporate cost of debt in Asia using a quasi-experimental approach based on difference-in-differences (DiD) and dynamic DiD models. Utilizing firm-level data from 2014 to 2023, the study evaluates the causal effect of ESG on the cost of debt at the aggregate level, across regions (Southeast Asia, East Asia, and South Asia), and across industrial sectors. The results show that an increase in ESG scores significantly reduces the cost of debt by 0.2 percentage points at the aggregate level in Asia. The strongest effects are observed in defensive sectors, in emerging markets such as India and Indonesia, as well as advanced economies with open financial systems such as Hong Kong and Taiwan. In contrast, other East Asian countries—namely China, Japan, and South Korea—exhibit statistically insignificant effects. The dynamic DiD findings reveal that the ESG effect is temporary and more pronounced in the medium term. This research contributes to the ESG literature in emerging markets and offers relevant policy implications for regulators, investors, and financial managers in integrating sustainability practices into financial and funding strategies.

Kata Kunci : ESG, cost of debt, difference-in-difference, dynamic difference-in-difference, pembiayaan berkelanjutan.