Pengaruh Environmental, Social, And Governance (ESG) Terhadap Efisiensi Investasi: Studi Empiris Pada Perusahaan Di Asia Pasifik

Fatimah Tri Khumairah, Mamduh M. Hanafi, Prof. Dr., M.B.A.,

2026 | Tesis | S2 Manajemen

Penelitian ini menguji pengaruh kinerja Environmental, Social, and Governance (ESG) terhadap efisiensi investasi perusahaan non-finansial di kawasan Asia Pasifik. Data panel yang digunakan mencakup 5.157 observasi dari 13 negara Asia Pasifik selama periode 2019-2024. Metode penelitian menggunakan pendekatan dua tahap Biddle et al. (2009) dengan estimasi panel Bilyay-Erdogan et al. (2024), menerapkan fixed effects tiga lapis (industri, negara, dan tahun) serta standard error yang di-cluster pada level perusahaan.

Hasil pengujian delapan hipotesis menunjukkan bahwa seluruh dimensi ESG (ESG komposit, E Score, S Score, dan G Score) berpengaruh positif signifikan terhadap efisiensi investasi (H1a-H4a terdukung). Lebih lanjut, ditemukan hubungan non-linear berbentuk U-terbalik antara ESG komposit, E Score, dan S Score terhadap efisiensi investasi, dengan tipping point masing-masing pada 65,32/100, 3,06/5, dan 3,03/5 (H1b-H3b terdukung). Sementara itu, G Score menunjukkan hubungan linear positif tanpa tipping point yang signifikan (H4b tidak terdukung). Temuan ini konsisten dengan prediksi Trade-off Theory dan bersifat robust lintas kelompok pasar maju dan berkembang di kawasan Asia Pasifik.

This study examines the effect of Environmental, Social, and Governance (ESG) performance on investment efficiency among non-financial companies in the Asia-Pacific region. A panel dataset comprising 5,157 firm-year observations from 13 Asia-Pacific countries over the period 2019-2024 is employed. The methodology follows the two-stage approach of Biddle et al. (2009) with panel estimation following Bilyay-Erdogan et al. (2024), incorporating three-way fixed effects (industry, country, and year) and firm-clustered standard errors.

Results from testing eight hypotheses indicate that all ESG dimensions-composite ESG score, E Score, S Score, and G Score-exert a significant positive effect on investment efficiency (H1a-H4a supported). Moreover, an inverted-U (quadratic) relationship is found between composite ESG, E Score, and S Score and investment efficiency, with tipping points at 65.32/100, 3.06/5, and 3.03/5, respectively (H1b-H3b supported). G Score, however, displays a monotonically positive linear relationship with no significant tipping point (H4b not supported). These findings are consistent with Trade-off Theory predictions and remain robust across developed and emerging market subgroups within the Asia-Pacific region.

Kata Kunci : ESG, efisiensi investasi, hubungan U-terbalik, tipping point, Asia Pasifik