ESG dan Karakteristik Sektoral dalam Optimalisasi Struktur Modal: Tinjauan Sistematis PRISMA (2016–2026)

Kesya Indira Maharani (Departemen Akuntansi, Fakultas Ekonomi & Bisnis, Universitas Brawijaya)

JAKBS
Vol. 4 No. 2 (2026): Juli - September

To analyze the relationship between compliance with ESG standards and efforts to minimize WACC, and to formulate an optimal capital structure (DER) strategy based on sectoral characteristics. A Systematic Literature Review (SLR) based on the PRISMA protocol of 27 articles from reputable international journals (Q1–Q4) published between 2016 and 2026. ESG disclosure is effective in mitigating risk and reducing the cost of capital. However, excessively extreme ESG scores trigger a “compliance trap” that depletes liquidity and increases the WACC. There is no universal debt formula: the energy sector relies on green debt, infrastructure aggressively applies the Trade-Off Theory, the technology sector prioritizes internal financing (Pecking Order), and the banking sector focuses on core capital resilience. Financial managers need to implement dynamic capital structures tailored to sector-specific risk profiles, and stock exchange authorities need to tighten ESG standards to prevent false sustainability claims.