Pengaruh Nilai ESG terhadap Rasio Return on Equity Perusahaan Perbankan di ESG Leaders Index 2020-2024
DOI:
https://doi.org/10.58192/wawasan.v4i4.4812Keywords:
Environment, ESG, Governance, Return on Equity, SocialAbstract
This study examines the impact of Environmental, Social, and Governance (ESG) factors on the financial performance of banking companies included in the IDX ESG Leaders (ESGL) Index during 2020–2024. A quantitative approach was employed using panel data regression analysis, with the Fixed Effects Model (FEM) selected as the best estimation model. Financial performance was measured using Return on Equity (ROE), while the Environmental (E), Social (S), and Governance (G) dimensions were measured using Refinitiv Eikon ESG data. The sample consisted of three banking companies selected through purposive sampling based on consistent inclusion in the IDX ESG Leaders Index, ESG data availability, and published financial reports. The findings indicate that the Environmental and Governance dimensions have positive effects on ROE, whereas the Social dimension has a negative effect. Simultaneously, all ESG dimensions significantly influence financial performance. The coefficient of determination (R² = 0.7277) shows that 72.77% of the variation in ROE is explained by the ESG variables. These results suggest that ESG implementation contributes to banking financial performance, although each ESG component affects profitability differently, highlighting the need for balanced ESG management to support long-term sustainability.
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