Konsep Beneficial Ownership Dalam Perspektif Hukum Perdata Bisnis Indonesia

Nasution, Wahyu Al Ikram

Balance : Jurnal Akuntansi dan Manajemen
Vol. 4 No. 3 (2025): Desember 2025

Konsep beneficial ownership merupakan konsep yang berkembang dalam praktik hukum bisnis modern untuk mengungkap kepemilikan dan pengendalian ekonomi yang sesungguhnya di balik kepemilikan formal suatu badan usaha. Dalam sistem hukum perdata Indonesia yang berakar pada tradisi civil law, konsep kepemilikan pada umumnya masih dipahami secara formalistik sebagaimana tercermin dalam Kitab Undang-Undang Hukum Perdata. Kondisi tersebut menimbulkan problematika hukum ketika struktur kepemilikan bisnis disusun secara kompleks melalui perjanjian nominee, kepemilikan tidak langsung, atau badan hukum berlapis. Penelitian ini bertujuan untuk menganalisis konsep beneficial ownership dalam perspektif hukum perdata bisnis Indonesia serta implikasinya terhadap prinsip badan hukum dan kepastian hukum. Metode penelitian yang digunakan adalah penelitian hukum normatif dengan pendekatan perundang-undangan, konseptual, dan doktrinal. Hasil penelitian menunjukkan bahwa meskipun konsep beneficial ownership belum diatur secara eksplisit dalam hukum perdata Indonesia, konsep ini memiliki relevansi penting sebagai pendekatan substantif untuk menilai pengendalian faktual dan pemanfaatan ekonomi suatu badan usaha. Sustainability reporting has become an important mechanism for the banking sector amid increasing global pressure for sustainable business practices to enhance transparency, accountability, and competitiveness in the capital market. This study aims to analyze the role of bank profitability and capital adequacy in moderating the effect of sustainability reporting disclosure (SRD) on firm value in the banking sector. The research employs a quantitative causal approach with a population of 47 commercial banks listed on the Indonesia Stock Exchange. Using purposive sampling, 37 banks met the criteria for the 2020–2023 period, resulting in 148 panel data observations analyzed using a fixed effect model. The results indicate that SRD has a positive and significant effect on firm value in the banking sector. Profitability measured by Return on Equity (ROE) significantly increases firm value and strengthens the influence of SRD on firm value. In contrast, profitability measured by Return on Assets (ROA) has no direct effect and does not moderate the relationship between SRD and firm value. Capital adequacy also shows a positive and significant effect both directly and as a moderating variable in the relationship between SRD and firm value. These findings contribute to the development of stakeholder theory, signalling theory, and legitimacy theory related to sustainability reporting by emphasizing its role in enhancing firm value in the banking sector. The novelty of this study lies in the empirical evidence that the effectiveness of SRD in increasing firm value is not universal but depends on the bank’s profitability and capital adequacy conditions.