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All Journal FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi
Irani, Dina Ockta
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Economics, Econometrics & Finance

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From Amanah to Sustainability: CEO Power and ESG in Indonesia Irani, Dina Ockta; Hendrawaty, Ernie; Hasnawati, Sri; Saputra, Adli Rikanda
FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi Vol. 27 No. 4 (2025): Oktober
Publisher : FEB Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jfor.v27i1/3918

Abstract

This study tests whether CEO power shapes ESG performance among Indonesian infrastructure firms. We assemble a balanced panel of 24 IDX issuers (2019–2023; 120 firm-years) from Refinitiv ESG and corporate disclosures. Random-effects regressions with robust errors model ESG on CEO tenure, ownership, and duality, controlling for size, leverage, and profitability. Results show CEO tenure is positively and significantly associated with ESG, suggesting experienced yet non-entrenched leadership advances sustainability. CEO duality exhibits a positive but insignificant coefficient, while CEO ownership is negative and insignificant. Model fit is modest (R²≈0.20), implying external forces and broader governance also matter. Findings align Islamic notions of amanah and maslahah: accountable, seasoned leadership better delivers stakeholder welfare through ESG, whereas concentrated personal control does not reliably improve sustainability
Co-Authors Ernie Hendrawaty Saputra, Adli Rikanda Sri Hasnawati