Peran GDP dalam Memoderasi Pengaruh Environmental, Social, Governance (ESG) terhadap Kinerja Perusahaan dalam Sektor Jasa di Negara Asean-5 Periode 2019–2023

Authors

Syadinda Azra Rafinka, Departemen Manajemen, Fakultas Ekonomi dan Bisnis, Universitas IndonesiaFollow
Mona Ridho Sidjabat, Departemen Manajemen, Fakultas Ekonomi dan Bisnis, Universitas IndonesiaFollow

Abstract

This study analyze the role of GDP in moderating the influence of environmental, social, governance (ESG) on the performance of service sector companies. The data is collected from Refinitiv Eikon Database including 81 sample companies in the services sector in ASEAN-5 countries for the period 2019–2023 that have complete ESG combined score and individual pillar scores (environmental, social and governance) of each company. This study uses balanced panel data with fixed effect robust model estimation. The results show that environmental score and ESG combined score have a significant negative effect on firm performance. However, there is no significant effect of social score and governance score on firm performance. Furthermore, GDP is negatively significant in moderating the effect of environmental score, social score, and ESG combined score on firm performance. However, GDP is not significant in moderating the effect of governance score on firm performance

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Bahasa Abstract

Penelitian ini bertujuan untuk menganalisis peran GDP dalam memoderasi pengaruh dari lingkungan, sosial, dan tata kelola (ESG) terhadap kinerja perusahaan dalam sektor jasa. Data diambil dari Refinitiv Eikon Database meliputi 81 perusahaan yang termasuk dalam sektor jasa di negara ASEAN-5 periode 2019–2023 yang memiliki kelengkapan nilai ESG gabungan dan nilai pilar individu (lingkungan, sosial, dan tata kelola) dari masing-masing perusahaan. Penelitian ini menggunakan data panel yang seimbang dengan estimasi model fixed effect robust. Hasil penelitian menunjukkan bahwa nilai lingkungan dan nilai ESG gabungan berpengaruh negatif signifikan terhadap kinerja perusahaan. Namun, tidak terdapat pengaruh yang signifikan antara nilai sosial dan tata kelola terhadap kinerja perusahaan. Selanjutnya, GDP negatif signifikan dalam memoderasi pengaruh nilai lingkungan, nilai sosial, dan nilai ESG gabungan terhadap kinerja perusahaan. Namun, GDP tidak signifikan dalam memoderasi pengaruh nilai tata kelola terhadap kinerja perusahaan.

Recommended Citation

Rafinka, Syadinda Azra and Sidjabat, Mona Ridho (2025) "Peran GDP dalam Memoderasi Pengaruh Environmental, Social, Governance (ESG) terhadap Kinerja Perusahaan dalam Sektor Jasa di Negara Asean-5 Periode 2019–2023," Jurnal Manajemen dan Usahawan Indonesia: Vol. 48: Iss. 1, Article 1.
DOI: 10.7454/jmui.v48i1.1088
Available at: https://scholarhub.ui.ac.id/jmui/vol48/iss1/1