<![CDATA[Penelitian ini bertujuan untuk menganalisis pengaruh Environmental Disclosure, Social Disclosure, dan Governance Disclosure terhadap biaya utang pada perusahaan sektor manufaktur dan energi di Indonesia selama periode 2022–2024. Penelitian ini dilatarbelakangi oleh meningkatnya perhatian terhadap praktik Environmental, Social, and Governance (ESG), meskipun bukti empiris mengenai pengaruh ESG terhadap biaya utang masih menunjukkan hasil yang bervariasi, terutama di industri berisiko tinggi di negara berkembang. Menggunakan pendekatan kuantitatif dengan data sekunder dari laporan tahunan dan data ESG perusahaan, penelitian ini menggunakan teknik purposive sampling dan disproportionate stratified sampling dengan data panel. Hasil penelitian menunjukkan bahwa ketiga variabel ESG, yaitu Environmental Disclosure, Social Disclosure, dan Governance Disclosure, berpengaruh signifikan terhadap biaya utang perusahaan. Secara bersama-sama, ketiga variabel ini mampu menjelaskan pengaruh terhadap biaya utang, dengan faktor-faktor kontrol seperti ukuran perusahaan, profitabilitas, dan leverage turut memengaruhi hasil tersebut. Penelitian ini memberikan kontribusi empiris dalam memahami peran ESG dalam memengaruhi biaya utang di sektor manufaktur dan energi di Indonesia. This study aims to analyze the impact of Environmental Disclosure, Social Disclosure, and Governance Disclosure on the cost of debt in manufacturing and energy sector companies in Indonesia for the period 2022–2024. The research is motivated by the growing attention to Environmental, Social, and Governance (ESG) practices, although empirical evidence on the effect of ESG on the cost of debt still shows varied results, particularly in high-risk industries in developing countries. Using a quantitative approach with secondary data from company annual reports and ESG data, the study employed purposive sampling and disproportionate stratified sampling with panel data. The findings indicate that all three ESG variables, Environmental Disclosure, Social Disclosure, and Governance Disclosure, have a significant impact on the cost of debt. Together, these three variables explain their influence on the cost of debt, with factors such as firm size, profitability, and leverage also affecting the results. This study provides empirical contributions to understanding the role of ESG in influencing the cost of debt in the manufacturing and energy sectors in Indonesia.]]>
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