PENGARUH KINERJA ENVIROMENTAL SOCIAL AND GOVERNANCE (ESG) DAN KEPEMILIKAN MANAJERIAL TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR DI PASAR MODAL INDONESIA
DOI:
https://doi.org/10.30871/jama.v10i1.12889Keywords:
ESG, Financial Distress, Managerial OwnershipAbstract
Penelitian ini bertujuan untuk mengetahui pengaruh dari kinerja environmental social and governance (ESG) dan kepemilikan Manajerial terhadap financial distress. Metode pengambilan sampel pada penelitian ini menggunakan metode purposive sumpling, sehingga diperoleh sebanyak 40 perusahaan manufaktur yang terdaftar di BEI tahun 2022-2024 yang menjadi sampel dengan total 120 sampel penelitian. Penelitian ini menggunakan analisis regresi data panel dan melakukan pengujian model dengan menggunakan software Eviews 12. Hasil penelitian ini menunjukkan bahwa kinerja ESG memiliki pengaruh positif dan signifikan terhadap financial distress. Temuan ini mengindikasikan bahwa investasi ESG di sektor manufaktur Indonesia masih dipandang sebagai biaya yang menguras likuiditas perusahaan, bukan sebagai investasi strategis. Sementara itu, kepemilikan manajerial tidak berdampak signifikan terhadap kesulitan keuangan karena proporsi kepemilikan manajerial yang rendah dan dominasi pemegang saham pengendali, yang membatasi peran manajer dalam mitigasi risiko. Temuan ini menekankan bahwa implementasi ESG di pasar negara berkembang berisiko mengganggu stabilitas keuangan jika tidak diimbangi dengan arus kas internal yang kuat dan mekanisme tata kelola internal saat ini tidak efektif dalam mengurangi risiko financial distress di Indonesia.
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