Peran Moderasi ESG pada Kinerja Perusahaan dalam Mempengaruhi Nilai Perusahaan Major Commercial Banks ASEAN-6
DOI:
https://doi.org/10.38035/jimt.v8i1.9772Keywords:
Kecukupan Modal (CAR), Risiko Kredit (NPL), Likuiditas (LDR), Kualitas Pengungkapan ESG, Nilai Perusahaan (Tobin's Q)Abstract
Penelitian ini bertujuan menguji peran moderasi kualitas pengungkapan ESG pada pengaruh kecukupan modal, risiko kredit, dan likuiditas terhadap nilai perusahaan pada major commercial banks di ASEAN-6 periode 2020 hingga 2024. Sampel penelitian ini dipilih menggunakan purposive sampling, menghasilkan 30 bank dengan 142 observasi yang dianalisis menggunakan FEM dan MRA dengan pendekatan kluster bank. Hasil penelitian menunjukkan CAR dan NPL tidak berpengaruh signifikan terhadap nilai perusahaan. Sedangkan LDR berpengaruh negatif dan signifikan menunjukkan bahwa tingginya rasio likuiditas akan meningkatkan risiko pendanaan yang dinilai investor dapat mengganggu stabilitas operasional serta mengikis kepercayaan publik, sehingga menurunkan nilai perusahaan. Temuan utama menunjukkan moderasi kualitas pengungkapan ESG terbukti memperkuat pengaruh positif CAR terhadap nilai perusahaan serta mengonfirmasikan adanya anomali teoritis yang menarik. Namun, moderasi kualitas pengungkapan ESG pada pengaruh NPL maupun LDR tidak berpengaruh signifikan terhadap nilai perusahaan. Penelitian ini menyimpulkan bahwa peran moderasi kualitas pengungkapan ESG pada dampak kinerja keuangan perbankan dan nilai perusahaan bersifat selektif dan kontekstual. Serta berdasarkan hasil dan temuan diharapkan dapat memberikan rekomendasi strategis bagi manajemen bank, investor, dan regulator dalam harmonisasi standar pelaporan ESG di kawasan ASEAN-6.
References
ADB. (2025). Nonperforming Loans Watch in Asia 2025. www.adb.org
Aditya, R., Hutabarat, P., & Yuniarti, P. (2026). International Journal of Current Economics & Business Ventures The Effect of Financial Performance on The FirmValue of Banking Companies Listed On The Stock Exchange of Thailand International Journal of Current Economics & Business Ventures. IJEB: International Journal of Current Economics & Business Ventures, 6(1). https://scholarsnetwork.org/journal/index.php/ijeb/article/view/492
Al Azizah, U. S., & Haron, R. (2025). The sustainability imperative: evaluating the effect of ESG on corporate financial performance before and after the pandemic. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-01401-8
Antonius, H. (2025). Praktik Stata 18.0 pada Pemodelan Analisis Data Panel Studi Ilmu Akuntansi dan Keuangan. PT Nasya Expanding Management (Penerbit NEM).
Aras, G., & Hacioglu Kazak, E. (2022). Enhancing Firm Value through the Lens of ESG Materiality: Evidence from the Banking Sector in OECD Countries. Sustainability (Switzerland), 14(22). https://doi.org/10.3390/su142215302
Arvidsson, S., & Dumay, J. (2022). Corporate ESG reporting quantity, quality and performance: Where to now for environmental policy and practice? Business Strategy and the Environment, 31(3), 1091–1110. https://doi.org/10.1002/bse.2937
ASEAN Exchanges. (2025). ASEAN Capital Market 2024 Recap and 2025 Outlook.
ASEAN Taxonomy. (2023). FOREWORD Message from the Chair of the ASEAN Taxonomy Board (ATB). February.
ASEAN Taxonomy Board. (2024). ASEAN Taxonomy for Sustainable Finance Version 3 (Issue December).
Asian Banking & Finance. (2024). Greenwashing concerns in Asian banking industry. https://asianbankingandfinance.net/indonesian/exclusive/greenwashing-di-perbankan-kekhawatiran-nyata-atau-masalah-yang-dibesar-besarkan
Athayya, A. A., & Yulazri, Y. (2025). The Effect of Capital Adequacy Ratio, Non-Performing Loan, Net Interest Margin, Loan to Deposit Ratio, and Cost to Income Ratio on the Firm Value of Banks Listed on the Indonesia Stock Exchange for the 2021–2024 Period. Journal of Governance, Taxation and Auditing, 3(4), 437–445. https://doi.org/10.38142/jogta.v3i4.1615
Basel III. (2017). Basel Committee on Banking Supervision Basel III Monitoring Report September 2015. In Bank for International Settlements (Issue September).
BBCA. (2023). 2023 Annual Financial and Sustainability Report.
BBCA. (2024). Sustainability Report 2024. In Unity for Responsibility.
BBL. (2024). Sustainability Report 2024. In Bangkok Bank Public Company Limited.
Bloomberg L.P. (2026). Bloomberg Database. https://www.bloomberg.com/professional
BOT. (2024). Thailand Financial Stability Report 2024.
BSP. (2024). Recent Trends of the Philippine Financial System As of March 2024.
CIMB Group. (2024). Sustainability Report 2024.
Das, P. (2019). Econometrics in Theory and Practice: Analysis of Cross Section, Time Series and Panel Data with Stata 15.1. Springer Singapore. https://doi.org/10.1007/978-981-32-9019-8
Demiraj, R., Demiraj, E., & Dsouza, S. (2025). The Moderating Role of Worldwide Governance Indicators on ESG–Firm Performance Relationship: Evidence from Europe. Journal of Risk and Financial Management, 18(4), 1–19. https://doi.org/10.3390/jrfm18040213
Ditta, A. S. A., & Setiawan, D. (2024). Risk and Sustainability of Banking Sector Companies in Indonesia. Global Business and Finance Review, 29(11), 101–114. https://doi.org/10.17549/gbfr.2024.29.11.101
Fernando, K., Nurcholifah, S., & Pulunga, A. H. (2022). Disclosure of Environmental, Social, and Governance on Firm Performance Pre and Post Introduction of Integrated Reporting: Evidence from ASEAN Countries. International Journal of Energy Economics and Policy, 12(6), 377–382. https://doi.org/10.32479/ijeep.13561
Finn Group. (2024). Báo cáo ngành Ngân hàng 2024. 9. www.fiingroup.vn
Gopane, T. J. (2025). Policy implications of ESG-moderated credit risk on bank profitability. Green Finance, 7(3), 406–428. https://doi.org/10.3934/GF.2025015
Hakim, L., Pasupati, B., & L. (2023). Dominant Factors of Banking Profitability That Implicate Firm Value. International Journal of Membrane Science and Technology, 10(2), 3294–3312. https://doi.org/10.15379/ijmst.v10i2.3112
IFC. (2021). IFC ESG Guidebook. https://www.ifc.org/content/dam/ifc/doc/mgrt/ifc-esg-guidebook.pdf
Isnurhadi, Sulastri, Saftiana, Y., & Jie, F. (2023). Banking Industry Sustainable Growth Rate under Risk: Empirical Study of the Banking Industry in ASEAN Countries. Sustainability (Switzerland), 15(1), 1–21. https://doi.org/10.3390/su15010564
Jagirani, T. S., Chee, L. C., & Kosim, Z. B. (2023). Determinants of the firm value of listed banks in Pakistan: A panel data approach. Asian Economic and Financial Review, 13(4), 241–250. https://doi.org/10.55493/5002.v13i4.4764
James, B. E., & Vaaler, P. M. (2018). Minority rules: Credible state ownership and investment risk around the world. Organization Science, 29(4), 653–677. https://doi.org/10.1287/orsc.2017.1186
KBANK. (2025). Sustainability Report 2024.
Lamanda, G., & Tamásné Vőneki, Z. (2024). Is ESG disclosure associated with bank performance? Evidence from the Visegrad Four countries. Management of Environmental Quality: An International Journal, 35(1), 201–219. https://doi.org/10.1108/MEQ-02-2023-0064
Liu, S., Jin, J., & Nainar, K. (2023). Does ESG performance reduce banks’ nonperforming loans? Finance Research Letters, 55(PA), 103859. https://doi.org/10.1016/j.frl.2023.103859
Manta, F., Boscia, V., Conca, L., Borgia, M., & Toma, P. (2025). The Impact of Bank Riskiness on the Quality of ESG Disclosure: Empirical Evidence From European Banks. Business Strategy and the Environment, 34(4), 4206–4226. https://doi.org/10.1002/bse.4193
Mumtazah, F., & Purwanto, A. (2020). Analisis Pengaruh Kinerja Keuangan Dan Pengungkapan Lingkungan Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting, 9(2), 1–11.
Mumtazah, S., & Purwanto, A. (2020). Pengaruh Capital Adequacy Ratio (CAR), Non Performing Loan (NPL), dan Loan to Deposit Ratio (LDR) terhadap Nilai Perusahaan pada Sektor Perbankan di Indonesia. Jurnal Analisa Pengaruh, 55–64.
Nuansari, S. D., Rukmini, M., Izzati, A. A., & Prasojo, A. (2026). Bank Size and Bank Performance During the Covid-19 Pandemic: Evidence from ASEAN. 7(1), 14–31.
Nurdiniah, D., & Pangestu, Y. (2024). Financial Performance of Banking in Indonesia: A Comparison Before and During the Covid-19 Pandemic. International Journal of Economics and Financial Issues, 14(6), 1–9. https://doi.org/10.32479/ijefi.16938
OECD. (2020). ESG Investing: Practices, Progress and Challenges. the Secretary-General of the OECD.
OJK. (2023). Laporan Surveillance Perbankan Indonesia (LSPI) TW I 2023.
Olalere, O., Islam, M. A., Junoh, M. Z. M., Yusoff, W. S., & Iqbal, M. M. (2020). Revisiting the impact of intrinsic financial risks on the firm value of banks in ASEAN-5 countries: A panel data approach. Banks and Bank Systems, 15(2), 200–213. https://doi.org/10.21511/bbs.15(2).2020.18
Pathan, K., & Mohanty, M. (2025). Bibliometric analysis on ESG (environmental, social, and governance) practices and firm’s financial performance. International Journal of Management Science and Engineering Management, 20(2), 197–214. https://doi.org/10.1080/17509653.2024.2426504
Perdana, Mochamad Salim, Ubud, Ratna, Kusuma, & Rofiq, A. (2023). Does Sustainable Finance Work on Banking Sector in ASEAN?: The Effect of Sustainable Finance and Capital on Firm Value with Institutional Ownership as a Moderating Variable. Journal of Risk and Financial Management, 16(10), 449. https://doi.org/10.3390/jrfm16100449
Perdana, M., Salim, U., Ratna, K., & Rofiq, A. (2023). The Effect of Environmental Social Governance (ESG) Performance and Financial Performance on Firm Value: Evidence from the Banking Sector in ASEAN. Atlantis Press International BV. https://doi.org/10.2991/978-94-6463-214-9_20
Quoc Trung, N. K. (2021). Determinants of bank performance in Vietnamese commercial banks: an application of the CAMELS model. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1979443
Rahman, A. F., Agusti, R. R., & Kurniawati, D. T. (2024). Mediating Role of Sustainability Reporting Quality on the Relationship between Green Banking and Firm Value. Studia Universitatis Vasile Goldis Arad, Economics Series, 34(4), 105–129. https://doi.org/10.2478/sues-2024-0020
Refrayadi, H. A., & Kufepaksi, M. (2024). The Influence of Managerial Ownership, Capital Adequacy Ratio (CAR), Loan To Deposit Ratio (LDR), and Non-Performing Loan (NPL) on Firm Value in Banking Sector Companies Listed on the Indonesia Stock Exchange Period 2003-2022. RAUNG: Research Accounting and Auditing Journal, 1(1), 1–20.
Saleh, B. A., & Paz, V. (2023). Credit risk management and profitability: Evidence from Palestinian banks. Banks and Bank Systems, 18(3), 25–34. https://doi.org/10.21511/bbs.18(3).2023.03
Salem, M. R. M., Shahimi, S., Alma‘amun, S., Hafizh Mohd Azam, A., & Ghazali, M. F. (2025). ESG and Banking Performance in ASEAN-5: Disaggregated Analysis Using System GMM and LSDVC. SAGE Open, 15(4), 1–19. https://doi.org/10.1177/21582440251382564
SCB. (2020). 2020 Annual Financial and Sustainability Report.
Simanjuntak, G. T., & Hidayat, T. (2023). Analisis Pengaruh Pandemi Covid-19 Terhadap Nilai Perusahaan Perbankan Di Indonesia. Konferensi Ilmiah Akuntansi XI, 1–25.
Sochib, S., Liyundira, F. S., & Ani Yulianti. (2024). Penguatan Capital Adequacy Ratio Memengaruhi Non Performing Loan Terhadap Nilai Perusahaan Bank Umum Nasional Konvensional. Jurnal Akuntansi, Keuangan, Perpajakan Dan Tata Kelola Perusahaan, 1(4), 264–273. https://doi.org/10.59407/jakpt.v1i4.689
Sultana, A., & Jalloh, T. (2025). Loan Loss Provisioning and Profitability of the Private Commercial Banks of Bangladesh. International Journal of Economics and Financial Issues, 15(2), 39–45. https://doi.org/10.32479/ijefi.17439
UOB. (2024). Sustainability Report 2023.
UOB. (2025). Building the Future of ASEAN. www.UOBgroup.com/annualreport.
Vellati, D., & Oktaviani, M. (2024). Pengaruh Return On Asset, Public Ownership, dan Loan To Deposit Ratio terhadap Tobin’s Q pada Perusahaan Perbankan BUMN yang Terdaftar di Bursa Efek Indonesia. Improvement: Jurnal Manajemen Dan Bisnis, 4(1), 86–90.
Walker, R. (2021). Thailand leads ESG disclosure in Southeast Asia. Fund Selector Asia. https://fundselectorasia.com/thailand-leads-esg-disclosure-in-southeast-asia/
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Rahayu Assyfa, Patrick Kevin Aritonang
This work is licensed under a Creative Commons Attribution 4.0 International License.
Penulis yang mempublikasikan manuskripnya di jurnal ini menyetujui ketentuan berikut:
- Hak cipta pada setiap artikel adalah milik penulis.
- Penulis mengakui bahwaJurnal Ilmu Manajemen Terapan (JIMT) berhak menjadi yang pertama menerbitkan dengan lisensi Creative Commons Attribution 4.0 International (Attribution 4.0 International CC BY 4.0) .
- Penulis dapat mengirimkan artikel secara terpisah, mengatur distribusi non-eksklusif manuskrip yang telah diterbitkan dalam jurnal ini ke versi lain (misalnya, dikirim ke repositori institusi penulis, publikasi ke dalam buku, dll.), dengan mengakui bahwa manuskrip telah diterbitkan pertama kali di Jurnal Ilmu Manajemen Terapan (JIMT).
