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All Journal Eksistansi IJEBD (International Journal Of Entrepreneurship And Business Development) Jurnal Riset dan Aplikasi: Akuntansi dan Manajemen Jurnal Proaksi Jurnal Riset Terapan Akuntansi Jurnal Terapan Manajemen dan Bisnis JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Indonesian Journal of Applied Accounting and Finance Matriks Jurnal Riset dan Aplikasi: Akuntansi dan Manajemen Student Research Journal Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Journal of Ekonomics, Finance, and Management Studies
Kartika Rachma Sari
Politeknik Negeri Sriwijaya
Religion Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Neuroscience Social Sciences

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Environmental, Social, and Governance (ESG) dan Implikasinya terhadap Keberlanjutan Keuangan Perusahaan Jovan Febriantoko; Kartika Rachma Sari; Indriani Indah Astuti; Selimarsela; Adinda Annisa Avariza; Sabin Prastio
Jurnal Proaksi Vol. 12 No. 4 (2025): Oktober - Desember
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v12i4.8110

Abstract

Main Purpose - This study aims to analyze the effect of the Environmental, Social, and Governance (ESG) Score on financial performance and bankruptcy risk in banking and mining sector companies in Indonesia.Method - This research employs a quantitative approach using simple linear regression analysis to examine the relationship between ESG Score, financial performance, and bankruptcy probability. Secondary data were collected from annual and sustainability reports of companies listed on the IDX 2022–2023 period, with a total population and sample of 206.Main Findings - The ESG Score does not have an effect on any indicators of financial performance or bankruptcy risk. The corporate financial performance and stability are more strongly influenced by factors other than ESG. Theory and Practical Implications - The findings reinforce the Legitimacy Theory and Stakeholder Theory, suggesting that ESG serves primarily as a means of gaining social legitimacy rather than an economic driver. Policymakers, regulators, and corporations should strengthen ESG implementation through enhanced data transparency and sustainability incentives to ensure that ESG practices have a tangible impact on financial and business performanceNovelty - This study contributes by integrating a simultaneous examination of ESG Scores, profitability, and bankruptcy risk within the empirical context of Indonesia’s banking and mining sectors, an area that has received limited attention in previous research.
Co-Authors Adinda Annisa Avariza Aura Putri Syahrani Bella Rahma Sary Darul Amri Dewanti Citra Arimbi Ditiya Jumaya Eka Jumarni Fithri Fildzah Rahmah Satirah Fitri Angreini Hanina Sari Henny Yulsiati Hilda Salsabila Husin, Farida Indriani Indah Astuti Jovan Febriantoko Kartini binti Che Ibrahim Lambok Vera Riama Pangaribuan Mardiana Ayu Lestari Masnoni Muhamad Gusti Farhan Muhammad Husni Mubarok Mutiara Rizki Agustina Harahap Nella Zhafirah Nurdiah Anjas Kesuma NURHASANAH & MARIA Nurhasanah Nurhasanah Nurkhaliza Richsandianti Riski Ayuni Rizky Anugra Putri Rosy Armaini Sabin Prastio Sandrayati Selimarsela SISKA APRIANTI, SRI HARTATY, INDRA SATRIAWAN Sri Zainab Rahayu Sukmini Hartati Sulaiman Sulaiman Sulaiman Sulaiman Sunanto Sunanto Syukma Indah Nur Khofifah Tri Anggun Pratiwi Yevi Dwitayanti Yuli Antina Aryani Zaliah Zaliah Zulkifli Zulkifli