Pengaruh Environmental, Social, and Governance (ESG) Performance terhadap Real Earnings Management (REM) dengan Audit Quality sebagai Variabel Pemoderasi: Studi Empiris Perusahaan Non-Keuangan di Bursa Efek Indonesia (BEI) tahun 2020 – 2024

Rianti Eka Wulanjani, Jogiyanto Hartono M, Prof., Dr., MBA., Ak., CMA., CA.

2026 | Skripsi | AKUNTANSI

Meningkatnya tekanan investor dan regulator global terhadap komitmen keberlanjutan menjadikan skor environmental, social, and governance (ESG) sebagai tolak ukur utama kredibilitas bisnis. Namun, muncul pertanyaan kritis: apakah ESG yang tinggi benar-benar mencerminkan tata kelola yang lebih baik, atau justru menjadi kedok bagi manipulasi laba yang merugikan pemangku kepentingan? Real earnings management (REM), bentuk manipulasi laba berbasis aktivitas riil yang marak digunakan pasca Sarbanes-Oxley Act 2002, membawa konsekuensi ekonomi signifikan, termasuk meningkatkan risiko kegagalan transaksi strategis seperti merger dan akuisisi. Penelitian ini menguji pengaruh ESG performance terhadap REM serta peran moderasi audit quality pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2020–2024, menggunakan data panel dari 45 perusahaan yang menghasilkan 225 observasi firm-year. Model regresi data panel digunakan untuk menguji hubungan antarvariabel, dengan pemilihan model ditentukan melalui uji Chow dan uji Hausman, sementara statistik deskriptif digunakan untuk memahami karakteristik data. Hasil penelitian menunjukkan bahwa ESG performance berpengaruh positif signifikan terhadap REM, sementara audit quality tidak menunjukkan pengaruh moderasi yang signifikan terhadap hubungan tersebut. Penelitian ini menyimpulkan bahwa kinerja ESG yang tinggi tidak serta-merta mencerminkan kualitas laba yang lebih baik, melainkan berpotensi mengindikasikan penggunaan ESG sebagai instrumen reputasional untuk menutupi manipulasi laba yang tetap berlangsung di baliknya. Pengawasan eksternal melalui afiliasi auditor Big-4 saja belum cukup untuk membendung praktik REM pada perusahaan dengan kinerja ESG tinggi. Penelitian mendatang disarankan memperluas periode dan cakupan sampel, menguji hubungan ini pada sektor tertentu, mengeksplorasi proksi kualitas audit yang lebih beragam, serta membandingkan penilaian ESG antarpenyedia data.

Amidst the mounting pressure from investors and global regulators for companies to demonstrate sustainability commitments, environmental, social, and governance (ESG) scores have become a key benchmark of business credibility. Yet this narrative raises a critical question: does high ESG commitment genuinely reflect stronger governance, or does it serve as a façade for earnings manipulation that ultimately harms stakeholders? Real earnings management (REM), a form of manipulation through real business activities that became more prevalent following the Sarbanes-Oxley Act of 2002, carries significant long-term economic consequences, including an elevated risk of failed strategic transactions such as mergers and acquisitions. This study examines the effect of ESG performance on REM, alongside the moderating role of audit quality, among non-financial companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period, using panel data from 45 firms comprising 225 firm-year observations. Panel regression models were employed to test the relationships among variables, with model selection determined through the Chow and Hausman tests, while descriptive statistics were used to characterize the data. The results show that ESG performance has a significant positive effect on REM, while audit quality does not exhibit a significant moderating effect on this relationship. This study concludes that high ESG performance does not necessarily reflect better earnings quality, rather, it may indicate the use of ESG as a reputational instrument that conceals ongoing real earnings manipulation. Furthermore, external oversight through Big-4 auditor affiliation alone is insufficient to curb REM practices among firms with high ESG performance. Future research is encouraged to extend the observation period and sample coverage, examine this relationship within specific industry sectors, explore more diverse proxies for audit quality, and compare ESG assessments across different data providers.

Kata Kunci : ESG Performance, Real Earnings Management (REM), Audit Quality, Teori Keagenan, Teori Legitimasi, Perspektif Lisensi Moral