Pengaruh Environment, Social, Governance (ESG) Disclosure terhadap Biaya Utang (Cost of Debt) pada Perusahaan Sektor Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2021-2025
DOI:
https://doi.org/10.58192/wawasan.v4i4.5171Keywords:
Corporate Governance, Corporate Sustainability, Cost of Debt, ESG Disclosure, Indonesia Stock ExchangeAbstract
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and its individual dimensions, namely environmental, social, and governance disclosure, on the cost of debt of consumer non-cyclicals companies listed on the Indonesia Stock Exchange during the 2021–2025 period. This research employed a quantitative approach using secondary data obtained from companies' annual reports and Bloomberg ESG Disclosure Scores. The sample was selected using a purposive sampling technique. Data were analyzed using panel data regression with EViews 13, supported by descriptive statistics, classical assumption tests, and hypothesis testing. The findings indicate that ESG disclosure and the control variables jointly have a significant effect on the cost of debt. However, partially, ESG disclosure as well as its environmental, social, and governance dimensions have no significant effect on the cost of debt. These findings suggest that creditors continue to place greater emphasis on financial information, particularly profitability, rather than ESG-related information when assessing credit risk and determining borrowing costs. The study implies that improving ESG disclosure alone is insufficient to influence creditors' financing decisions. Therefore, companies should integrate ESG implementation with stronger financial performance to maximize the potential benefits of sustainable practices in reducing financing costs.
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