Determinant of Financial Performance in Indonesia Firm
DOI:
https://doi.org/10.33506/sl.v15i1.5142Keywords:
ESG, Risk Management Disclosure, Green Innovation, Financial PerformanceAbstract
Global climate change and the transition toward green energy have created significant challenges for Indonesia’s manufacturing industry. This study aims to explain the causal relationship between the independent variables ESG and Risk Management Disclosure and the dependent variable, financial performance, with green innovation serving as a moderating variable. The research is grounded in stakeholder theory and contingency theory and employs a quantitative research design.The population of this study consists of all manufacturing companies listed on the Indonesia Stock Exchange (IDX). The sample includes manufacturing firms that meet the research criteria; from a total of 232 companies, 24 firms were selected, resulting in 120 observational units over a five-year period.The findings confirm that ESG, Risk Management Disclosure, and green innovation significantly improve financial performance.These results provide new insights into the integration of green innovation as a moderating factor within the manufacturing sector.
References
A. Zaky, Ketergantungan Energi Fosil di Asia Tenggara: Tantangan dan Peluang Transisi Menuju Ekonomi Hijau di Indonesia. 2024. doi: 10.13140/RG.2.2.19844.95367.
E. A. Firmansyah, M. Masri, M. Anshari, and ..., “Innovation in finance: a bibliometric and content-analysis study,” Nankai Bus. …, 2024, doi: 10.1108/NBRI-08-2023-0071.
M. R. Putri, R. Yuniarti, and A. Junaidi, “Pengaruh Green Innovation dan Carbon Emission Disclosure terhadap Kinerja Keuangan dimoderasi Gender Diversity,” vol. 9, pp. 3059–3072, 2025.
H. Wahyudi, T. Gunarto, U. Ciptawaty, N. Aida, R. Yunita, and R. M. Putri, “The Influence of Determinats on CO 2 Emission in Indonesia for a Decade,” no. December, 2024, doi: 10.32479/ijeep.15132.
S. Y. Konorop, “Ekonomi hijau dan transisi energi tantangan kebijakan pemerintah dalam menghadapi perubahan iklim green economy and energy transition : government policy challenges in dealing with climate change,” vol. 1, no. 6, pp. 11368–11383, 2025, [Online]. Available: https://jicnusantara.com/index.php/jicn Vol
L. Wang and Y. Yan, “Environmental Regulation Intensity , Carbon Footprint and Green Total Factor Productivity of Manufacturing Industries,” 2022.
J. Rahmi, “The Impact of Minimum Wage on Labor Productivity : Evidence from Indonesian Manufacturing Industry,” vol. 13, no. 1, pp. 1–12, 2022, doi: https://doi.org/10.22212/jekp.v13i1.2095.
H. Aisyah, N. Rohman, N. Ainiyah, and M. B. Ilmidaviq, “Pengaruh Environmental , Social , and Governance ( ESG ) terhadap Financial Performance : Peran Struktur Kepemilikan sebagai Variabel Pemoderasi,” vol. 1, no. 3, 2024, doi: https://doi.org/10.61132/jieap.v1i3.425.
A. Oktapiani et al., “Analisis Penerapan Akuntansi Manajemen Terhadap Kinerja Keuangan Perusahaan penelitian ini yaitu bagaimana Penerapan Akuntansi Manajemen Terhadap Kinerja Keuangan Perusahaan ? Dan tujuan dari penelitian ini adalah untuk menganalisis Penerapan Akuntansi,” J. Rimba Ris. Ilmu Manaj. Bisnis dan Akunt., vol. 2, no. 3, pp. 1–9, 2024.
J. Abdullah, I. Lamuda, and R. Uno, “Analisis Perkembangan Kinerja Keuangan Perusahaan,” vol. 7, no. 2, pp. 400–405, 2024, doi: 10.32662/gaj.v7i2.4117.
W. Rachmah and Yusuf, “Peningkatan Kinerja, Pertumbuhan Berkelanjutan Di Dalam Manajemen Keuangan,” vol. 12, no. 3, pp. 44–47, 2024.
R. E. Freeman, Strategic Management: A Stakeholder Approach. in Business and Public Policy Series. Pitman, 1984. [Online]. Available: https://books.google.co.id/books?id=4PUJAQAAMAAJ
E. Setia, R. Damanik, F. Mansur, N. Safelia, and R. Kusumastuti, “Integrasi Faktor Lingkungan , Sosial , dan Tata Kelola ( ESG ) dalam Strategi Keberlanjutan Perusahaan : Tinjauan Sistematis terhadap Dampak pada Kinerja dan Nilai Organisasi,” vol. 2, no. 2, pp. 106–114, 2025, doi: htpps://doi.org/10.62194/hcc09350.
L. Zhang, “The impact of ESG performance on the fi nancial performance of companies : evidence from China ’ s Shanghai and Shenzhen A-share listed companies,” no. February, pp. 1–15, 2025, doi: 10.3389/fenvs.2025.1507151.
D. D. Amanda and A. Hanif, “Environmental , Social , and Governance ( ESG ) Disclosures on the Performance of Companies Listed on the Indonesia Stock Exchange ( IDX ) for the 2017 - 2023 Period [ Pengungkapan Environmental , Social , and Governance ( ESG ) Terhadap Kinerja Perusahaan yang Terdaftar di Bursa Efek Indonesia,” no. Idx, pp. 1–13, 2023.
T. U. Lestari and S. Indah, “The Impact of ESG Disclosure , Hedging Policy , and Cash Holding on Firm Value,” vol. 3, no. 2, pp. 129–144, 2024, doi: https://doi.org/10.54099/ijmba.v3i2.1110 ARTICLE.
F. Suretno, F. Adrianto, and M. F. Alfarisi, “JBTI : Jurnal Bisnis : Teori dan Implementasi,” vol. 13, no. 2, pp. 121–128, 2022, doi: https://doi.org/10.18196/jbti.v13i2.14458 Effect.
E. vivianti husada and S. Handayani, “pengaruh pengungkapan esg terhadap kinerja keuangan perusahaan (studi empiris pada perusahaan sektor keuangan yang terdaftar di bei periode 2017-2019),” vol. 8, no. 2, 2021.
G. Aushaf and I. Luhfhi, “Pengaruh Environment , Social and Governance terhadap Kinerja Perusahaan IDX ESGL dengan Variabel Moderasi Transformasi Digital The Effect of Environment , Social and Governance on Company Performance in Indonesia with Digital Transformation Moderating Variable kegiatan operasional perusahaan , yang pada gilirannya berdampak pada efektivitas,” vol. 16, no. 3, pp. 259–277, 2025, doi: 10.29244/jmo.v16i3.63639.
H. Mellina, “pengaruh kinerja environmental, social, dan governance terhadap kinerja keuangan dengan kekuatan ceo sebagai variabel moderas,” vol. 10, pp. 1–15, 2021.
D. A. Sabrina and R. Yulianti, “The Effect of Environmental , Social , and Governance ( ESG ) Disclosure on Basic Material Company Financial Performance,” vol. 22, no. 1, pp. 98–114, 2025, doi: https://doi.org/10.21831/jim.v22i1.81565.
N. N. Marpaung, S. Wahyudi, I. Rini, and D. Pangestuti, “Jurnal Proaksi Symbolic or Substantive ? Greenwashing and Environmental Disclosure Misalignment in Indonesian Banking,” vol. 12, no. 3, pp. 422–440, 2025, doi: https://doi/10.32534/jpk.v12i3.7473.
L. Setiawati and S. Ersi, “Green accounting sebagai strategi pengelolaan lingkungan dan keberlanjutan bisnis,” J. media Akad., vol. 2, no. 12, 2024.
N. Jofia, S. Salim, W. F. Sitorus, and Y. Natasha, “Journal of Management Pengaruh Penerapan Manajemen Risiko Bisnis Pada G Coffee,” vol. 5, no. 3, pp. 374–385, 2022, doi: 10.2568/yum.v5i3.3067.
A. Herliana and R. Wijayanti, “Efektivitas Manajemen Risiko Perusahaan Terhadap Kinerja Keuangan dan Nilai Perusahaan : Peran Moderasi Tanggung Jawab Lingkungan Perusahaan ( TJL ),” vol. 6, no. 2, pp. 615–628, 2025, doi: 1047467/elmal.v6i2.6993.
A. A. Nasution, D. Harahap, and ..., “Environmental, social, governance (ESG) and Islamic finance: A review,” Manag. …, 2022, [Online]. Available: http://journals.smartinsight.id/index.php/MS/article/view/285
R. A. Yuniawati, K. Mere, Karina, and A. Anwar, “Entrepreneurship Bisnis Manajemen Akuntansi Peran manajemen risiko dalam meningkatkan kinerja perusahaan : studi manajemen sumber daya manusia,” vol. 4, no. 1, pp. 32–42, 2023, doi: 10.37631/ebisma.v4i1.844.
M. Novitasari, Z. Jiwa, and H. Tarigan, “The Role of Green Innovation in the Effect of Corporate Social Responsibility on Firm Performance,” vol. 10, no. 117, pp. 1–19, 2022, doi: https://doi.org/10.390/economies 10050117.
M. Purwanti and N. Heriana, “Pengaruh Penerapan Manajemen Resiko Terhadap Kinerja Keuangan Perusahaan Konstruksi Yang Terdaftar Di Bursa Efek Indonesia ( Bei ) Periode 2020-2022,” vol. 10, no. 5, pp. 2900–2912, 2024.
W. Ratna Sari, B. C. Pratama, I. Fakhruddin, and H. Wibowo, “Do the characteristics of sharia supervisory board affect the disclosure of Islamic social reporting?,” JIFA (Journal Islam. Financ. Accounting), vol. 6, no. 1, pp. 1–20, 2023, doi: 10.22515/jifa.v6i1.5684.
U. Salma, A. Azizah, and R. Haron, “The sustainability imperative : evaluating the effect of ESG on corporate financial performance before and after the pandemic,” Discov. Sustain., 2025, doi: 10.1007/s43621-025-01401-8.
D. T. Otley, “The contingency theory of management accounting: Achievement and prognosis. Accounting, Organizations and Society,” vol. 5, no. 4, pp. 413–428., 1980, doi: //doi.org/10.1016/0361-3682(80)90040-9.
A. F. Putriningtyas and M. Ubaidillah, “Peran Green Innovation pada Pengaruh Profitabilitas dan Pertumbuhan terhadap Nilai Perusahaan,” vol. 17, no. 2, pp. 121–130, 2024, doi: 10.15408/akt.v17i2.43911.
A. S. Hendrawan and S. Dwi, “Green Innovation Pada Kinerja Perusahaan Manufaktur di Indonesia,” vol. 7, no. 1, pp. 169–185, 2025.
[35] S. Nurjannah, R. Indriyani, and F. Sari, “Pengaruh Green Investment , Pengungkapan Emisi Karbon , Green Innovation Terhadap Nilai Perusahaan,” vol. 17, no. 3, 2025.
B. C. Pratama, K. M. Sasongko, and M. N. Innayah, “Sharia Firm Value: The Role of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, and Intellectual Capital,” Shirkah J. Econ. Bus., vol. 5, no. 1, p. 101, 2020, doi: 10.22515/shirkah.v5i1.302.
N. M. Ilmi and S. Dizar, “Dampak Penerapan Green Accounting , Kinerja Lingkungan dan Biaya Modal terhadap Kinerja Keuangan pada Perusahaan Energi Tahun 2021-2024 Fakultas Ekonomi Bisnis , Universitas Trisakti , Indonesia manusia , ditandai dengan peningkatan penyakit akibat cuaca,” vol. 4, no. 3, 2025, doi: doi.org/10.55606/jempper.v4i3.5074.
G. Lestari and D. Pebriyani, “Pengaruh Environmental, Social, Governance (ESG) Risk terhadap Kinerja Keuangan Perusahaan: Studi Empiris pada Perusahaan yang terdaftar di Bursa Efek Indonesia Tahun 2023,” vol. 3, no. 1, pp. 62–73, 2025, doi: https://doi.org/10.24036/jnka.v3il.130.
L. A. Ramadhana and S. Effendi, “The impact of ESG implementation and green innovation on the financial performance of companies listed on the IDX ESG leaders index ( 2020-2022 ),” vol. 7, no. 2, pp. 79–90, 2024.
A. Mizvi, N. F. Hanifah, and R. Sari, “Pengaruh praktik esg dan investment decision dengan green innovation sebagai vaariabel moderasi,” vol. 8, 2025.
S. E. Retno Meilani and R. Arum Sukmawati, “Peran Green Innovation Dan Environmental Responsibility Terhadap Nilai Perusahaan Sektor Manufaktur di Indonesia,” vol. 11, no. 3, pp. 605–620, 2023.
A. Wasyiah, T. Anjani, D. Syalwa, I. Maulidya, and L. Kustina, “Pengaruh Green Innovation, Green Investment Dan Eco-Efficiency Terhadap Nilai Perusahaan Di Perusahaan Manufaktur Sektor Tambang 2019-2023,” Margin J. Lentera Manag. Keuang., vol. 3, pp. 50–61, Feb. 2025, doi: 10.59422/margin.v3i01.734.
S. Rochmah and Taharuddin, “Pengaruh Carbon Emission Disclosure , Green Innovation , Financial Performance terhadap Firm Value di Mediasi oleh Sustainability Report pada Perusahaan Sektor Energi yang terdaftar di BEI periode 2019-2022,” vol. 13, pp. 236–248, 2022.
R. F. Jafar, L. A. Razak, and W. O. Rayyani, “Pengaruh Kinerja Lingkungan Dan Profitabilitas Terhadap Pengungkapan Emisi Karbon Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia,” vol. 07, no. 3, pp. 59–69, 2025.
V. P. Shamaya, A. K. Alhabsyi, and M. Y. R. Pandin, “Keterlibatan Pemangku Kepentingan dalam Laporan Keberlanjutan PT Pertamina Berbasis GRI Standar 2021,” pp. 399–407, 2023.
T. Donaldson and L. E. E. E. Preston, “The Stakeholder Theory of the Corporation : Concepts , Evidence , and Implications Author ( s ): Thomas Donaldson and Lee E . Preston Source : The Academy of Management Review , Jan ., 1995 , Vol . 20 , No . 1 ( Jan ., 1995 ), pp . Published by : Academy ,” vol. 20, no. 1, pp. 65–91, 1995, doi: https://doi.org/10.5465/AMR.1995.9503271992.
P. C. Rosanty and K. Z. Khoirurrizki, “Implementasi ESG ( Environmental , Social , and Governance ) dalam Investasi Syariah,” vol. 4, no. 1, pp. 192–204.
J. habib, ashafaq.olah, “Practical Applications of Stakeholders Theory,” vol. 24, no. 5, p. 21, 2024, doi: https://dx.doi.org/10.2139/ssrn.4837915.
A. A. Agustina, D. Sudaryanti, and H. Alrasyid, “Pengaruh Environmental, Social, Governance (ESG) Reporting Terhadap Kinerja Keuangan (Studi Kasus pada Sektor Manufaktur dan Jasa di BEI),” vol. 14, no. 01, pp. 106–117, 2025.
Y. Nassou, “Contingency Theory in Management : Conceptual Phases and Strategic Link with Performance Measurement Systems Contingency Theory : Literature Review,” vol. 1, no. 3, pp. 183–187, 2024, doi: 10.59324/ejahss.2024.1(3).16.
S. A. Kesuma, “the application of contingency theory in accounting and management practice : a systematic literature review from 2013 to 2023,” vol. 2, pp. 1–20, 2025, doi: 10.29121/ShodhPrabandhan.v2.i1.2.
M. R. Sari, “Exploring the Impact of ESG Practices on Financial Performance : The Moderating Effect of Green Innovation in the Indonesian Energy Sector,” vol. 9, no. 2, 2024.
L. Yuliyanti, I. Solikin, D. Disman, and D. Mulyana, “The Moderating Effect of Firm Size on the Relationship Between Environmental , Social , and Governance Factors and Firm Value : Evidence from Asia,” vol. 12, no. 1, pp. 1–20, 2025.
K. Kamaludin and R. Indriani, Manajemen keuangan: konsep dasar dan penerapannya, no. June. CV. Mandar Maju, 2021.
A. Pratama, R. Yuniarti, and A. Junaidi, “Pengaruh Gender Diversity Dan Green Accounting Terhadap Pengungkapan CSR Pada Perusahaan LQ45 Tahun 2015-2022,” vol. 8, pp. 2452–2469, 2024, doi: https://doi.org/10.33395/owner.v8i3.2206 Pengaruh.
S. Maharani, Y. Sari, S. Dan, and R. Tri Komalasari, “perusahaan tekstil dan garmen yang,” vol. 6, no. 2, pp. 1–8, 2025.
C. A. Adams, Sustainable reporting: Practices, frameworks, and impacts. Routledge, 2020.
M. Bini, L., & Bellucci, ESG reporting and communications: A European perspective. Springer., 2022.
J. C. Eccles, R. G., Klimenko, S., & Stroehle, The ESG handbook: Principles, practices, and guidance for responsible investing. Harvard Business School Publishing., 2020.
V. Gompers, P., Kaplan, S. N., & Mukharlyamov, Corporate governance and sustainability: The global ESG landscape. University of Chicago Press.
H. Schaltegger, S., Burritt, R. L., & Petersen, Contemporary environmental accounting and sustainability management. Routledge, 2022.
G. Serafeim, Purpose and profit: How business can lift up the world. HarperCollins. (Banyak membahas ESG dan corporate purpose.). 2022.
K. Nurozi and E. Sisdianto, “peran corporate social responsibility ( csr ) dalam meningkatkan kesejahteraan masyarakat : analisis dampak sosial dan ekonomi,” vol. 2, no. 11, pp. 301–315, 2024, doi: https://doi.org/10.61722/jiem.v2i11.2994.
S. C. Young, M. R., & Tippins, Principles of risk management and insurance. Pearson, 2020.
O. & Wu, Enterprise risk management models. Springer, 2020.
Andry, A. Ambarwati, and E. Setiawan, “Penilaian Manajemen Risiko TI Menggunakan Quantitative dan Qualitative Risk Analysis,” SISTEMASI, vol. 10, p. 527, Sep. 2021, doi: 10.32520/stmsi.v10i3.1340.
H. A. Pradesa, C. O. Purba, and R. Priatna, “Menilai risiko dari organisasi yang bertransformasi : pelajaran terbaik untuk penguatan akuntabilitas pendidikan tinggi di Indonesia,” vol. 9, no. 2, pp. 146–158, 2021.
F. Annunziata, E., & Rizzi, Towards green innovation: Renewable energy, circular economy, and sustainable development. Routledge, 2020.
Y. Carayannis, E. G., Grigoroudis, E., & Goletsis, Green innovation and sustainable entrepreneurship: Strategies, systems, and technologies. Springer., 2022.
S. M. Yusoff, Y. M., & Radzi, Green innovation and sustainable business practices. IGI Global, 2021.
F. Wahyuni and S. Ahdim, “Pengaruh Pengungkapan Environmental , Social , and Governance terhadap Kinerja Keuangan dengan Financial Slack sebagai Moderasi,” vol. 9, no. 1, 2025, doi: 10.18196/rabin.v9i1.27002.
N. Saputra, Kerangka Pikir dan Konseptualisasi Penelitian, Pertama., no. July. yogyakarata: Diandra kreatif, 2021.
G. Ningwati, R. Septiyanti, and N. Desriani, “Pengaruh Environment , Social and Governance Disclosure terhadap Kinerja Perusahaan ( The Effect of Environmental , Social and Governance Disclosure on Corporate Performance ),” vol. 1, no. 1, pp. 67–78, 2022, doi: https://doi.org/10.35912/gaar.v1i1.1500.
B. Pasaribu, R. B. Purba, and R. Maisyarah, “The Influence of Company Size on Risk Management Disclosure With Good Corporate Governance as a Moderation Variable in the Company Listed Property and Real Estate on the Indonesian Stock Exchange ( IDX ),” vol. 3, no. 2, pp. 437–448, 2024, doi: https://doi.org/10.55927/fjss.v.3i2.10688.
I. Maulana, “ESG Risk Determinant Factors : Study on Indonesia Listed Firm,” vol. 18, pp. 89–104, 2023, doi: doi.org/10.21009/wahana.18.016.
E. Nihayatul Muuna, Adellya Prastikawati, A. nur Laili, M. Widya Sari, and A. Firdausi Mustoffa, “asimetri informasi dan teori keagentan pada pengungkapan laporan keuangan,” vol. 23, no. 02, pp. 1–8, 2023.
B. Mwenda and M. Ibrahim, “Are risk management disclosures relevant to firm ’ s profitability ? A Tanzanian case,” vol. 21, no. 1, pp. 1–16, 2023.
M. M. Jamil et al., “The Impact of Corporate Governance , Information Asymmetry and Sustainability Reporting : A Systematic Exploration The Impact of Corporate Governance , Information Asymmetry and Sustainability Reporting : A Systematic Exploration,” vol. 1, no. 3, pp. 1–15, 2023, doi: 10.6007/IJARAFMS.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 SENTRALISASI
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Please find the rights and licenses in Sentralisasi. By submitting the article/manuscript of the article, the author(s) agree with this policy. No specific document sign-off is required.
1. License
The non-commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
2. Author(s)' Warranties
The author warrants that the article is original, written by the stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author, and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User/Public Rights
Sentralisasi's spirit is to disseminate articles published are as free as possible. Under the Creative Commons license, Sentralisasi permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and Sentralisasi on distributing works in the journal and other media of publications. Unless otherwise stated, the authors are public entities as soon as their articles got published.
4. Rights of Authors
Authors retain all their rights to the published works, such as (but not limited to) the following rights;
- Copyright and other proprietary rights relating to the article, such as patent rights,
- The right to use the substance of the article in own future works, including lectures and books,
- The right to reproduce the article for own purposes,
- The right to self-archive the article (please read our deposit policy),
- The right to enter into separate, additional contractual arrangements for the non-exclusive distribution of the article's published version (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal (Sentralisasi).
5. Co-Authorship
If the article was jointly prepared by more than one author, any authors submitting the manuscript warrants that he/she has been authorized by all co-authors to be agreed on this copyright and license notice (agreement) on their behalf, and agrees to inform his/her co-authors of the terms of this policy. Sentralisasi will not be held liable for anything that may arise due to the author(s) internal dispute. Sentralisasi will only communicate with the corresponding author.
6. Royalties
Being an open accessed journal and disseminating articles for free under the Creative Commons license term mentioned, author(s) aware that Sentralisasi entitles the author(s) to no royalties or other fees.
7. Miscellaneous
Sentralisasi will publish the article (or have it published) in the journal if the article editorial process is successfully completed. Sentralisasi's editors may modify the article to a style of punctuation, spelling, capitalization, referencing, and usage that deems appropriate. The author acknowledges that the article may be published so that it will be publicly accessible and such access will be free of charge for the readers as mentioned in point 3.
