Pengaruh Kinerja Enviromental Social and Governance (ESG) dan Kepemilikan Manajerial Terhadap Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar di BEI Tahun 2022-2024
DOI:
https://doi.org/10.30871/jama.v10i1.12889Kata Kunci:
ESG, Financial Distress, Kepemilikan ManajerialAbstrak
Penelitian ini disusun untuk mengkaji pengaruh antara kepemilikan saham manajemen, kinerja Environmental Social and Governance (ESG), serta kemungkinan perusahaan mengalami financial distress pada sektor manufaktur. Pemilihan sampel menggunakan teknik purposive sampling dan menghasilkan 40 emiten manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode2022–2024. Dari proses tersebut, diperoleh 120 observasi sebagai dasar analisis. Pengujian model kemudian dilakukan dibantu EViews versi12. Berdasarkan hasil olah data, capaian ESG menunjukkan arah hubungan positif terhadap financial distress. Artinya, pelaksanaan prinsip ESG pada perusahaan manufaktur di Indonesia masih dapat menimbulkan konsekuensi berupa peningkatan biaya operasional, sehingga berpotensi mengurangi kelonggaran likuiditas. Sementara itu, proporsi saham yang dimiliki manajemen tidak menunjukkan pengaruh berarti terhadap kemungkinan terjadinya tekanan keuangan perusahaan.
Unduhan
Referensi
Abdulkadir, M., Kariuki, S. N., & Kariuki, P. W. (2024). Ownership structure and financial distress: is the tale from Sub-Saharan Africa different? African Journal of Economic and Management Studies, 16(1), 127–147. https://doi.org/https://doi.org/10.1108/AJEMS-03-2024-0153
Ali, S., ur Rehman, R., Yuan, W., Ahmad, M. I., & Ali, R. (2022). Does foreign institutional ownership mediate the nexus between board diversity and the risk of financial distress? A case of an emerging economy of China. Eurasian Business Review, 12(3), 553–581. https://doi.org/10.1007/s40821-021-00191-z
Alquhaifa, A. S., Al-dhamari, R. A., Salem, M., & Tahat, Y. A. (2025). ESG performance and financial distress risk : Does the overseas experience of executives play a role ? 393(July).
Altman, E. I. (1968). Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Antunes, J., Wanke, P., Fonseca, T., & Tan, Y. (2023). Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach. Sustainability (Switzerland), 15(9). https://doi.org/10.3390/su15097560
Basuki, D. A. T. (2021). Analisis Data Panel Dalam Penelitian Ekonomi Dan Bisnis (Dilengkapi Dengan Penggunaan Eviews).
Chada, S., & Banerjee, S. (2023). Stretch or Suppress: Role of Owners and Nominee Directors in Financial Distress. Journal of Emerging Market Finance, 22(4), 382–408. https://doi.org/10.1177/09726527231183014
Chen, C. C., Chen, C. Da, & Lien, D. (2020). Financial distress prediction model: The effects of corporate governance indicators. Journal of Forecasting, 39(8), 1238–1252. https://doi.org/10.1002/for.2684
Choi, D., Gam, Y. K., Kang, M. J., & Shin, H. (2025). The effect of ESG-motivated turnover on firm financial risk. British Accounting Review, 57(4), 101373. https://doi.org/10.1016/j.bar.2024.101373
Citterio, A., & King, T. (2023). The role of Environmental, Social, and Governance (ESG) in predicting bank financial distress. Finance Research Letters, 51(July 2022), 103411. https://doi.org/10.1016/j.frl.2022.103411
Elkington, J. (2013). Enter the Triple Bottom Line : Does it all Add Up? -, 1(1986), 1–16.
Freeman, R. Edward, Robert Phillips, and R. S. (2020). Tensions in Stakeholder Theory. Business and Society, 59(2), 213–231. https://doi.org/https://doi.org/10.1177/0007650318773750
Freeman, R. E. (1984). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, 25(3).
Gerged, A. M., Yao, S., & Albitar, K. (2023). Board composition, ownership structure and financial distress: insights from UK FTSE 350. Corporate Governance (Bingley), 23(3), 628–649. https://doi.org/10.1108/CG-02-2022-0069
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Universitas Diponegoro.
Habib, A. M. (2023). Do business strategies and environmental, social, and governance (ESG) performance mitigate the likelihood of financial distress? A multiple mediation model. Heliyon, 9(7). https://doi.org/10.1016/j.heliyon.2023.e17847
Jannah, A. M., Dhiba, Z. F., Safrida, E., Publik, A. K., & Medan, P. N. (2021). Pengaruh Struktur Kepemilikan , Likuiditas Dan Leverage Terhadap Financial Distress Pada Perusahaan Manufaktur Di Bei. Jakp: Akuntansi, Keuangan Dan Perpajakan, 4(1), 14–23.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics. https://doi.org/10.2139/ssrn.94043
Liu, B., & Zhang, X. (2024). The impact of ESG and executive structure on the default risk of family businesses: Evidence from China. Finance Research Letters, 61. https://doi.org/10.1016/j.frl.2023.104956
Luthan, E., Irfan, M., & Bahari, A. (2025). Pengaruh Strategi Bisnis dan Kinerja ESG terhadap Potensi Financial Distress pada Perusahaan di Negara-Negara ASEAN. Owner: Riset & Jurnal Akuntansi, 9(1), 085–099. https://doi.org/10.33395/owner.v9i1.2488
Platt, H., & Platt, M. (2008). Financial Distress Comparison Across Three Global Regions. Journal of Risk and Financial Management, 1(1), 129–162. https://doi.org/10.3390/jrfm1010129
Prameswari, S. N., Novita;, & Fambudi, I. N. (2024). The Influence of ESG Disclousure on Financial Distress Considering The Director’s Financial Expertise as a Moderating Faktoe. Jurnal Riset Akuntansi Dan Keuangan, 12(April), 805–818. https://doi.org/10.17509/xxxx.xxx
Sarker, N., & Hossain, S. M. K. (2023). Ownership Structure and Financial Distress : Investigating the Moderating Effect Ownership Structure and Financial Distress : Investigating the Moderating Effect of Audit Quality. (November). https://doi.org/10.32479/ijefi.15029
Sastroredjo, P. E., & Suganda, T. R. (2025). ESG and Financial Distress : The Role of Bribery , Corruption , and Fraud in FTSE All-Share Companies. Risks, (Valta 2016). https://doi.org/10.3390/risks13030041
Shan, Y. G., Troshani, I., Wang, J., & Zhang, L. (2024). Managerial ownership and financial distress: evidence from the Chinese stock market. International Journal of Managerial Finance, 20(1), 192–221. https://doi.org/10.1108/IJMF-06-2022-0270
Singh, K. (2023). Listing on environmental , social and governance index and financial distress : does the difference-. Asian Review of Accounting, 23(2), 1321–7348. https://doi.org/10.1108/ARA-07-2023-0197
Siregar, F. A., Andreas, M., Muda, I., & Haji Abdullah, N. M. (2025). Managerial Ownership’s Impact on Tech Firms’ Financial Distress Risk. JBMP (Jurnal Bisnis, Manajemen Dan Perbankan), 11(2), 163–174. https://doi.org/10.21070/jbmp.v11i2.2173
Song, Y., Li, R., Zhang, Z., & Sahut, J. M. (2024). ESG performance and financial distress prediction of energy enterprises. Finance Research Letters, 65(October 2023). https://doi.org/10.1016/j.frl.2024.105546
Sundarasen, S., Rajagopalan, U., & Zyznarska-Dworczak, B. (2025). Sustainability Reporting as a Governance Tool for Sustainable Development Goals (SDGs): A Bibliometric and Content Analysis. Sustainability (Switzerland), 17(11), 1–16. https://doi.org/10.3390/su17114784
Syuliswati, A., Nugrahani, N., Asdani, A., & Prasetya, R. (2024). Prediksi Risiko Kesulitan Keuangan melalui Pengungkapan Lingkungan, Sosial, Tata Kelola (Financial Distress Risk Prediction Through Environmental, Social, Governance Disclosures). Abm: Akuntansi Bisnis & Manajemen, 31(01), 109–121.
Wu, D., Song, Z., & Jin, S. (2025). ESG performance and financial Stability: The moderating effect of CEO characteristics. Journal of Environmental Management, 393(May). https://doi.org/10.1016/j.jenvman.2025.127049
Younas, N., UdDin, S., Awan, T., & Khan, M. Y. (2021). Corporate governance and financial distress: Asian emerging market perspective. Corporate Governance (Bingley), 21(4), 702–715. https://doi.org/10.1108/CG-04-2020-0119
Zhou, F., Chen, H., Tang, S., Lee, C., & Lin, C. T. (2025). Integrating ESG into financial distress models: The role of financial report quality and innovation in the Chinese market. International Review of Economics and Finance, 101(May). https://doi.org/10.1016/j.iref.2025.104135
Unduhan
Diterbitkan
Cara Mengutip
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 Widia Afriana, Mayar Afriyenti
Artikel ini berlisensiCreative Commons Attribution-ShareAlike 4.0 International License.
