Pengaruh ESG Terhadap Stabilitas dan Kinerja Perbankan di Asia: Peran Kepemilikan Sebagai Variabel Moderasi

Sendy Suwito, Bowo Setiyono, S.E., M.Com., Ph.D.

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Penelitian ini bertujuan untuk menganalisis pengaruh kinerja Environmental, Social, and Governance (ESG) terhadap stabilitas dan kinerja keuangan bank di Asia, serta menguji peran kepemilikan pemerintah sebagai variabel moderasi. Penelitian eksplanatori dengan pendekatan kuantitatif ini menggunakan regresi data panel untuk menguji sampel bank-bank yang terdaftar (listed) di sembilan negara Asia (ASEAN-5 dan Advanced Asia) periode 2018–2024, dengan basis penilaian menggunakan Refinitiv ESG Score. Variabel stabilitas bank diukur melalui pendekatan akuntansi (Z-Score) dan pasar (volatilitas return saham), sedangkan kinerja keuangan diukur menggunakan rasio ROA dan ROE. 

Hasil penelitian menunjukkan bahwa kinerja ESG berpengaruh positif dan signifikan terhadap stabilitas bank (Z-Score) serta profitabilitas bank (ROA dan ROE). Di samping itu, ESG terbukti berpengaruh negatif dan signifikan terhadap volatilitas return saham, yang mengindikasikan bahwa bank dengan komitmen keberlanjutan yang kuat dipandang oleh investor memiliki risiko pasar yang lebih rendah. Namun demikian, pengujian efek interaksi mengungkapkan bahwa kepemilikan pemerintah tidak memoderasi hubungan antara ESG terhadap stabilitas maupun kinerja keuangan perbankan. Hal ini mengindikasikan bahwa dampak positif ESG terhadap aspek keuangan bank lebih ditentukan oleh kualitas manajemen risiko serta tata kelola internal yang diterapkan secara universal, dibanding status kepemilikan bank tersebut. Lebih lanjut, analisis sub-sample membuktikan bahwa penerapan ESG jauh lebih efektif dalam menurunkan risiko pasar serta meningkatkan efisiensi operasional pada kelompok bank milik pemerintah dibandingkan bank swasta akibat kuatnya tekanan regulasi dan legitimasi publik. 

This study aims to analyze the impact of Environmental, Social, and Governance (ESG) performance on the stability and financial performance of banks in the Asian, as well as to examine the role of government ownership as a moderating variable. This explanatory study with a quantitative approach uses panel data regression to test a sample of listed banks in nine Asian countries (ASEAN-5 and Advanced Asia) for the period 2018–2024, using the Refinitiv ESG Score as the assessment basis. Bank stability is measured through accounting (Z-Score) and market (stock return volatility) approaches, while financial performance is measured using ROA and ROE ratios. 

The results of the study indicate that the performance of ESG has a positive and significant effect on bank stability (Z-Score) and bank profitability (ROA and ROE). In addition, ESG was found to have a negative and significant effect on stock return volatility, suggesting that investors perceive banks with a strong commitment to sustainability as having lower market risk. However, testing for interaction effects reveals that government ownership does not moderate the relationship between ESG and banking stability or financial performance. This indicates that the positive impact of ESG on banks’ financial aspects is more determined by the quality of risk management and internal governance applied universally, rather than the bank’s ownership status. Furthermore, sub-sample analysis demonstrates that the implementation of ESG is far more effective in reducing market risk and improving operational efficiency among government-owned banks compared to private banks, due to stronger regulatory pressure and public legitimacy. 

Kata Kunci : ESG Score, Stabilitas Bank, Kinerja Keuangan, Kepemilikan Pemerintah, Perbankan Asia/ ESG Score, Bank Stability, Financial Performance, Government Ownership, Asian Banking