Pengaruh Pengungkapan Lingkungan, Sosial, dan Tata Kelola (ESG) Terhadap Biaya Utang

Argianov Ramadhan (Program Studi Magister Ilmu Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Jambi, Indonesia)
Nela Safelia (Program Studi Magister Ilmu Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Jambi, Indonesia)
Fitrini Mansur (Program Studi Magister Ilmu Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Jambi, Indonesia)
Reka Maiyarni (Program Studi Magister Ilmu Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Jambi, Indonesia)

Jurnal Ekonomi, Manajemen, dan Bisnis
Vol. 4 No. 3 (2026): Jurnal Ekonomi, Manajemen dan Bisnis

This study aims to examine the impact of environmental, social, and governance (ESG) disclosure on the cost of debt among non-financial companies listed on the Indonesia Stock Exchange across ten different industries. The study uses a sample of 288 non-financial companies from ten different industries listed on the Indonesia Stock Exchange during the 2019–2025 period. All sampled companies had published sustainability reports (SR), resulting in a total of 742 firm-year observations. Ordinary Least Squares (OLS) regression analysis was employed to examine the effect of corporate ESG disclosure on the cost of debt. The robustness of the findings was assessed and confirmed using four different analytical models: OLS with standard errors, the Driscoll–Kraay standard error (SCC) model, the Fixed Effects Model, and the Random Effects Model. The results indicate that higher levels of environmental, social, and governance (ESG) disclosure are associated with lower costs of debt. These findings demonstrate robustness across different industries and remain consistent when employing various statistical methodologies.