ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) DAN KINERJA PERUSAHAAN DI KAWASAN ASEAN-6: PERAN PEMODERASI INDIKATOR SOSIO-EKONOMI

Erlin Eka Wulandari, I Wayan Nuka Lantara, M.Si., Ph.D.

2026 | Tesis | S2 Magister Ek.Pembangunan

Penelitian ini bertujuan untuk menganalisis pengaruh Environmental, Social, and Governance (ESG) terhadap kinerja perusahaan di kawasan ASEAN-6, menguji peran moderasi indikator sosio-ekonomi negara, dan mengidentifikasi heterogenitas pengaruh ESG antarnegara beserta perbedaan efek pemoderasinya. Kinerja perusahaan diukur menggunakan Tobin’s Q dan Return on Assets (ROA). Penelitian menggunakan unbalanced data panel dari 120 perusahaan yang tergabung dalam indeks ESG resmi di kawasan ASEAN-6 selama periode 2015–2024, dengan total 1.200 observasi. Metode analisis yang digunakan meliputi Fixed Effect (FE) untuk pengujian pengaruh langsung ESG, Hierarchical Linear Model (HLM) sebagai model utama pengujian moderasi, dan Generalized Least Squares (GLS) untuk pengujian heterogenitas antarnegara. Hasil penelitian menunjukkan bahwa ESG tidak berpengaruh signifikan terhadap kinerja perusahaan pada seluruh spesifikasi model, sehingga hipotesis pertama ditolak. Indikator sosio-ekonomi terbukti memoderasi hubungan ESG dan kinerja perusahaan secara parsial, terutama pada interaksi komponen governance dengan poverty index terhadap Tobin’s Q dan komponen environmental dengan poverty index terhadap ROA, sehingga hipotesis kedua diterima secara parsial. Heterogenitas pengaruh ESG antarnegara terbukti paling konsisten pada komponen governance, dengan Singapura secara konsisten menunjukkan pengaruh positif dan Vietnam menunjukkan pola yang lebih beragam, sehingga hipotesis ketiga diterima secara parsial. Perbedaan efek moderasi indikator sosio-ekonomi antarnegara terbukti signifikan pada ketiga indikator — poverty index, HDI, dan GDP — dengan Vietnam paling konsisten berbeda dibandingkan Indonesia, sehingga hipotesis keempat diterima secara parsial. Kesimpulan penelitian ini menunjukkan hubungan ESG dan kinerja perusahaan bersifat kondisional dan kontekstual di ASEAN-6. Artinya, hubungannya dipengaruhi oleh kualitas kelembagaan dan kapasitas sosio-ekonomi masing-masing negara.

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) on firm performance in the ASEAN-6 region, examine the moderating role of country-level socioeconomic indicators, and identify the heterogeneity of ESG effect across countries along with differences in its moderating effects. Firm performance is measured using Tobin’s Q and Return on Assets (ROA). The study employs an unbalanced panel dataset of 120 companies listed in official ESG indices across ASEAN-6 over the period 2015–2024, comprising 1,200 observations. The analytical methods include Fixed Effect (FE) for testing the direct effect of ESG, Hierarchical Linear Model (HLM) as the primary model for moderation testing, and Generalized Least Squares (GLS) for cross-country heterogeneity analysis. The results show that ESG does not significantly affect firm performance across all model specifications, leading to the rejection of the first hypothesis. Socioeconomic indicators are found to partially moderate the ESG–firm performance relationship, particularly through the interaction of the Governance component with the Poverty Index on Tobin’s Q and the Environmental component with the Poverty Index on ROA, resulting in partial acceptance of the second hypothesis. Cross-country heterogeneity in ESG effect is confirmed, especially for the Governance component and market-based performance, with Singapore consistently demonstrating a positive effect and Vietnam demonstrating a more varied pattern, leading to partial acceptance of the third hypothesis. Differences in the moderating effect of socioeconomic indicators across countries are confirmed to be significant across all three indicators — poverty index, HDI, and GDP — with Vietnam most consistently differing from Indonesia, resulting in partial acceptance of the fourth hypothesis. Overall, this study concludes that the ESG–firm performance relationship in ASEAN-6 is conditional and context-dependent, highly contingent on the institutional quality and socioeconomic capacity of each country.

Kata Kunci : ESG, Kinerja Perusahaan, Indikator Sosio-Ekonomi, Heterogenitas Antarnegara, ASEAN-6, Pasar Berkembang.