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All Journal JRAK (Jurnal Riset Akuntansi dan Bisnis) (e-Journal)
Lila Ariana Luky
Universitas Trisakti
Economics, Econometrics & Finance

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Pengaruh Kinerja ESG Dan Intensitas Energi Terhadap Keuangan Berkelanjutan Lila Ariana Luky; Etty Murwaningsari
JRAK (Jurnal Riset Akuntansi dan Bisnis) Vol. 12 No. 2 (2026): JRAK Jurnal Riset Akuntansi dan Bisnis Juli 2026
Publisher : LPPM POLITEKNIK LP3I BANDUNG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38204/jrak.v12i2.3051

Abstract

This study aims to (1) examine the effect of ESG performance on sustainable finance and (2) examine the effect of energy intensity on sustainable finance in companies from the basic materials and consumer non-cyclicals sectors listed on the Indonesia Stock Exchange for the period 2022–2024. To this end, a quantitative approach was employed in the form of panel data regression applied to 135 observations from a total of 45 sample companies. The test results indicate that ESG performance makes a significant positive contribution to sustainable finance, while the relationship with energy intensity tends to be negative but insignificant. These findings simultaneously confirm the relevance of stakeholder theory and legitimacy theory, as well-executed sustainability practices can serve as a signal that a company is stable in the long term. On this basis, companies are advised to integrate ESG strategies as part of their operational efficiency efforts while simultaneously strengthening their legitimacy in the eyes of the public.
Co-Authors Etty Murwaningsari