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All Journal ETIKONOMI Jurnal Akuntansi Multiparadigma
Desi Zulvina
Universitas Sebelas Maret
Economics, Econometrics & Finance

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ESG and Firm Performance in Developing Countries: Evidence From ASEAN Makhdalena Makhdalena; Desi Zulvina; Yani Zulvina; Rizky Windar Amelia; Aditya Pandu Wicaksono
ETIKONOMI Vol 22, No 1 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i1.25271

Abstract

Several studies primarily investigate the influence of environmental, social, and governance on firm performance in a developed country where markets have matured, and investors are aware of corporate social responsibility activities. Therefore, studies in developing countries are still rare and mixed. This study examines the effect of Environmental, Social, and Governance (ESG) information on firm performance in ASEAN developing countries. We observed companies in ASEAN developing countries (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) during 2010-2020. The information on ESG score and ROA as a proxy for firm performance measures ESG. Regression test results showed that ESG has a positive effect on firm performance. We also found that three components of ESG, environmental, Social, and Governance, positively affect firm performance. Robustness test results showed that overall ESG information, environmental information, and social initiatives affect the firm’s market performance (Tobin’s Q). Research originality in this study proves that developing countries have a positive effect between ESG disclosure and company performance. ESG, in the long term, would build effective governance and increase shareholder value. The research implication is to suggest a company has ESG information due to empirical testing that ESG information enhances a firm operational and market performance.JEL Classification: G30, Q56, Q50How to Cite:Makhdalena., Zulvina, D., Zulvina, Y., Amelia, R. W., & Wicaksono, A. P. (2023). Environmental, Social, Governance, and Firm Performance in Developing Countries: Evidence from Southeast Asian. Etikonomi, 22(1), 65–78. https://doi.org/10.15408/etk.v22i1.25271.
MEMBANGUN CITRA POSITIF PERUSAHAAN MELALUI PENGUNGKAPAN LINGKUNGAN Aditya Pandu Wicaksono; Rizky Windar Amelia; Desi Zulvina; Wulan Suci Rachmadani
Jurnal Akuntansi Multiparadigma Vol 12, No 1 (2021): Jurnal Akuntansi Multiparadigma (April 2021 - Agustus 2021)
Publisher : Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jamal.2021.12.1.02

Abstract

Abstrak - Membangun Citra Positif Perusahaan melalui Pengungkapan LingkunganTujuan Utama - Penelitian ini bertujuan untuk membandingkan tingkat pengungkapan  lingkungan  berdasarkan pada tiga skenario penelitian yaitu kepemilikan pemerintah, asing, dan operasi internasional.Metode - Penelitian ini menerapkan metode deskriptif kualitatif dengan membandingkan frekuensi pengungkapan lingkungan perusahaan di Indonesia. Tingkat pengungkapan lingkungan diukur menggunakan kategori dari GRI.Temuan Utama - Penelitian ini menemukan bahwa adanya kepemilikan pemerintah mendorong pengungkapan pada aspek lingkungan tertentu terutama pada aspek yang memberikan dampak citra positif perusahaan. Perusahaan dengan kepemilikan asing mengungkapkan aspek lingkungan lebih banyak daripada yang tidak. Perusahaan dengan operasi internasional mengungkapkan aspek lingkungan lebih banyak karena perusahaan memiliki ruang lingkup stakeholder yang lebih luas.Implikasi Teori dan Kebijakan - Penelitian ini memberikan fakta bahwa ruang lingkup stakeholder yang luas menghasilkan pengungkapan lingkungan lebih banyak. Perusahaan perlu untuk memahami kategori pengungkapan yang diminta stakeholder. Kebaruan Penelitian - Penelitian ini menggunakan tiga skenario penelitian mengenai pengungkapan lingkungan.                                                                        Abstract - Building Corporate Positive Image through Environmental DisclosureMain Purpose - This research was conducted to compare environmental disclosure level according to three scenarios namely government ownership, foreign ownership, and international operation.Method - This research applied qualitative descriptive method by comparing the frequency of environmental disclosure of Indonesian companies. The level of environmental disclosure was measured using GRI categories.Main Findings - This research found that companies having government ownership disclosed more aspect than the other one especially positive-image-generated aspects. Companies with foreign ownership have the higher frequency in almost all environmental disclosure aspects than others. Internationally operation companies disclosed more environmental aspect because of the broader scope of companies’ stakeholders.Theory and Practical Implications - This research provided the fact that broader scope of stakeholders resulted more aspects disclosed by companies. Companies need to understand the category(es) that demanded by stakeholders.Novelty – This research used three research scenarios about environmental disclosure.
Co-Authors Aditya Pandu Wicaksono Makhdalena Makhdalena Rizky Windar Amelia Rizky Windar Amelia Wulan Suci Rachmadani Yani Zulvina