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All Journal JPBM (Jurnal Pendidikan Bisnis dan Manajemen) STRATEGIC Jurnal Ilmiah Wahana Pendidikan
Junia, Annisa Aghniarahma
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Journal : STRATEGIC

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Impact of ESG Scores on Financial Performance: Evidence from Non-Financial Companies Listed on the Indonesia Stock Exchange Junia, Annisa Aghniarahma; Prasetia, Irsyad Fauzan
Strategic : Jurnal Pendidikan Manajemen Bisnis Vol 25, No 2 (2025): Strategic
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/strategic.v25i2.84546

Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) scores on the financial performance of non-financial sector companies listed on the Indonesia Stock Exchange (IDX). The ESG scores used in this study are obtained from Morningstar Sustainalytics, which provides standardized assessments of ESG risks faced and managed by companies. Financial performance is measured using Return on Assets (ROA) and Tobin’s Q to represent operational performance and market valuation, respectively. This research uses secondary data collected from annual financial reports and Morningstar for the period 2021–2024. The sample is selected through purposive sampling of non-financial companies that have ESG scores on Morningstar and are consistently listed on the IDX. Multiple linear regression analysis is employed to examine the relationship. The results are expected to reveal whether ESG scores significantly influence financial performance, providing insights for investors and management in promoting sustainable business practices.
Co-Authors Dermawan, Moulvi Fauzan Prasetia, Irsyad Heryani, Yani Inomjon, Qudratov Lili Adi Wibowo Lizein, Baandaalr Triansyah, Fadli Agus Utami, Mutiara Gunawan