Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 24 No. 11 (2025): Musytari: Neraca Manajemen, Akuntasi, dan Ekonomi
Articles

PENGARUH ESG DAN CEO GENDER TERHADAP KINERJA KEUANGAN DENGAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL MODERASI: STUDI PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2018 - 2022

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  • Dwi Septa Alvilianingrum,
  • Gatot Nazir Ahmad,
  • Titis Fatarina Mahfirah
Dwi Septa Alvilianingrum
Universitas Negeri Jakarta
Gatot Nazir Ahmad
Universitas Negeri Jakarta
Titis Fatarina Mahfirah
Universitas Negeri Jakarta

Published 2025-10-21

Keywords

  • Financial performance, Environmental, Social, and Governance (ESG), CEO gender, managerial ownership, company size, corporate debt,
  • Kinerja Keuangan, ESG, CEO Gender, Kepemilikan Manajerial, Ukuran Perusahaan, Utang Perusahaan

How to Cite

PENGARUH ESG DAN CEO GENDER TERHADAP KINERJA KEUANGAN DENGAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL MODERASI: STUDI PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2018 - 2022. (2025). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 24(11), 861-870. https://cibjournal.com/index.php/musytari/article/view/585

Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) and CEO gender on the financial performance of companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period, with managerial ownership as a moderating variable. Financial performance is proxied by Return on Assets (ROA) and Return on Equity (ROE), while ESG is measured using the ESG Score. CEO gender and managerial ownership are represented by dummy variables based on the presence of a female CEO and the existence of shares owned by management, respectively. Control variables in this study include firm size, Debt to Asset Ratio (DAR), and Debt to Equity Ratio (DER). The sample consists of 755 companies with a total of 1,344 observations selected using purposive sampling. Data analysis was conducted using panel data regression with the aid of STATA 17 software and the Fixed Effect Model approach. The results indicate that ESG has a significant negative effect on ROA but is not significant in relation to ROE. CEO Gender do not significantly influence either ROA or ROE. However, managerial ownership significantly moderates the relationship between ESG and ROA, as well as between CEO gender and ROE. This research contributes to the existing literature by providing empirical evidence on the relationship between ESG performance, female leadership, and ownership structure in determining corporate financial outcomes in Indonesia. The findings also offer practical implications for stakeholders in making strategic decisions related to governance, sustainability, and leadership practices. However, the study is limited to publicly listed companies in Indonesia, suggesting that future research could explore cross-country or multisectoral comparisons for more generalizable insights.

Penelitian ini bertujuan untuk menganalisis pengaruh Environmental, Social, and Governance (ESG) dan CEO Gender terhadap kinerja keuangan perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2018–2022, dengan kepemilikan manajerial sebagai variabel moderasi. Kinerja keuangan diproksikan dengan Return on Assets (ROA) dan Return on Equity (ROE), sedangkan ESG diukur menggunakan ESG Score. CEO Gender dan kepemilikan manajerial masing-masing diproksikan menggunakan variabel dummy berdasarkan keberadaan CEO perempuan dan kepemilikan saham oleh manajemen. Penelitian ini juga mengontrol beberapa variabel, yaitu ukuran perusahaan (firm size), Debt to Asset Ratio (DAR), dan Debt to Equity Ratio (DER). Sampel terdiri dari 755 perusahaan dengan total 1.344 observasi yang dipilih menggunakan metode purposive sampling. Analisis dilakukan dengan regresi data panel menggunakan bantuan perangkat lunak STATA 17 dan pendekatan Fixed Effect Model. Hasil penelitian menunjukkan bahwa ESG berpengaruh negatif signifikan terhadap ROA, tetapi tidak signifikan terhadap ROE. CEO perempuan tidak menunjukkan pengaruh signifikan terhadap ROA maupun ROE. Namun, kepemilikan manajerial mampu memoderasi pengaruh ESG terhadap ROA dan CEO Gender terhadap ROE secara signifikan. Penelitian ini memberikan kontribusi dalam memperkaya literatur terkait ESG, kepemimpinan perempuan, dan struktur kepemilikan terhadap kinerja keuangan perusahaan di Indonesia. Temuan ini juga bermanfaat bagi pemangku kepentingan dalam mengambil keputusan strategis terkait tata kelola, keberlanjutan, dan kepemimpinan di lingkungan perusahaan. Keterbatasan penelitian ini mencakup ruang lingkup data yang hanya mencakup perusahaan yang terdaftar di Indonesia, sehingga perlu dikaji lebih lanjut pada konteks lintas negara atau sektor yang lebih luas.

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