Pengaruh Performa Environmental, Social, Governance (ESG) terhadap Earnings Persistence dengan Firm Size sebagai Variabel Moderasi: Studi Empiris pada Perusahaan Manufaktur ASEAN-5 Tahun 2020-2024

Kresna Oryza Pribadi, Indra Wijaya Kusuma, Prof., Dr., MBA., ; Agung Wicaksono Kusumawardhana, S.E., M.B.I.S., ; Harimurti Yogatama Hadipurnomo, S.E., M.Sc.,

2026 | Skripsi | AKUNTANSI

Penelitian ini bertujuan untuk menguji pengaruh performa ESG terhadap earnings persistence dengan firm size sebagai variabel moderasi pada perusahaan manufaktur di ASEAN-5 selama periode 2020-2024. Performa ESG diuji melalui masing-masing pilar, yaitu environmental, social, governance, serta performa ESG gabungan. Earnings persistence diproksikan melalui hubungan antara ROA periode berjalan dan ROA periode berikutnya. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari LSEG Refinitiv Eikon. Sampel penelitian terdiri atas 360 observasi yang dipilih menggunakan metode purposive sampling. Teknik analisis yang digunakan adalah regresi data panel dengan bantuan perangkat lunak EViews 14. Peran firm size diuji melalui analisis subsampel berdasarkan kelompok perusahaan berukuran kecil dan besar. Hasil penelitian menunjukkan bahwa performa environmental dan ESG gabungan tidak berpengaruh signifikan terhadap earnings persistence, sedangkan performa social dan governance berpengaruh positif signifikan. Selanjutnya, firm size tidak terbukti memoderasi pengaruh positif performa environmental, social, governance, maupun ESG gabungan terhadap earnings persistence. Hasil ini menunjukkan bahwa pengaruh ESG terhadap earnings persistence tidak seragam pada setiap pilar, serta ukuran perusahaan yang lebih besar belum secara otomatis memperkuat efektivitas ESG dalam meningkatkan persistensi laba.

This study aims to examine the effect of ESG performance on earnings persistence with firm size as a moderating variable in manufacturing companies in ASEAN-5 during the 2020–2024 period. ESG performance is examined through environmental, social, governance, and overall ESG performance. Earnings persistence is proxied by the relationship between current-period ROA and subsequent-period ROA. This study employs a quantitative approach using secondary data obtained from LSEG Refinitiv Eikon. The research sample consists of 360 observations selected using the purposive sampling method. The analytical technique used is panel data regression with the assistance of EViews 14 software. The role of firm size is examined through subsample analysis based on small and large firm groups. The results show that environmental and overall ESG performance have no significant effect on earnings persistence, while social and governance performance have a positive and significant effect. Furthermore, firm size is not found to positively moderate the effects of environmental, social, governance, or overall ESG performance on earnings persistence. These findings indicate that the effect of ESG performance on earnings persistence varies across its dimensions, and that larger firm size does not automatically strengthen the effectiveness of ESG performance in improving earnings persistence.

Kata Kunci : Environmental, Social, Governance, earnings persistence, earnings quality, firm size, sektor manufaktur, ASEAN-5.