Corporate Characteristics and ESG Performance: The Role of Firm Size and Profitability

Septi Nurmalita; Gentiga Muhammad Zairin; Marsellisa Nindito; Ratna Anggraini; Hera Khairunnisa; Deas Shaqilla Putri

doi:10.47709/jebma.v6i3.9655

Authors

Septi Nurmalita Universitas Negeri Jakarta
Gentiga Muhammad Zairin
Marsellisa Nindito
Ratna Anggraini
Hera Khairunnisa
Deas Shaqilla Putri

DOI:

https://doi.org/10.47709/jebma.v6i3.9655

Abstract

Penelitian ini menguji hubungan ukuran perusahaan dan profitabilitas dengan ESG performance pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI). ESG performance dioperasionalkan melalui ESG Score, sebuah proksi komposit yang lazim digunakan dalam literatur empiris (Drempetic et al., 2020; Gómez Martínez et al., 2024). Dengan sampel cross-sectional 232 perusahaan tahun fiskal 2024, penelitian menggunakan regresi linear berganda dengan robust standard error HC3; afiliasi auditor Big Four dimasukkan sebagai variabel kontrol pada model perluasan. Ukuran perusahaan berasosiasi positif dan signifikan dengan ESG performance, sedangkan profitabilitas (ROE) tidak signifikan secara statistik. Afiliasi Big Four juga tidak signifikan setelah ukuran perusahaan dikendalikan. Temuan konsisten dengan teori legitimasi dan resource-based view, tetapi perlu ditafsirkan secara hati-hati karena ESG Score berpotensi mengandung bias terkait ukuran perusahaan. Penelitian ini memberikan bukti lintas sektor terkini dari Indonesia dan menegaskan pentingnya membedakan karakteristik struktural perusahaan dari kinerja keuangan jangka pendek dalam menjelaskan ESG Score.

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