The Impact of Environmental, Social, And Governance (ESG) Disclosure on the Financial Performance of Companies Listed in the ESG Index on the Indonesia Stock Exchange

Skip to main Communities My dashboard Log in Sign up Published April 15, 2026 | Version v1 Journal article Open The Impact of Environmental, Social, And Governance (ESG) Disclosure on the Financial Performance of Companies Listed in the ESG Index on the Indonesia Stock Exchange Authors/Creators Putri Zahra Kirana 1 Intan Nurul Awwaliyah 1 Ana Mufidah 1 Show affiliations 1.

Jember University Description The sustainable finance program in Indonesia began to be implemented through Financial Services Authority Regulation (POJK) Number 51/POJK.03/2017, which requires financial institutions, issuers, and public companies to prepare sustainability reports based on Environmental, Social, and Governance (ESG) principles. This study aims to analyze the effect of ESG pillars on the financial performance of companies listed in the IDXESG index on the Indonesia Stock Exchange during the 2019–2023 period. The independent variables in this study include Environmental Disclosure, Social Disclosure, and Governance Disclosure, while the dependent variable is financial performance, proxied by Return on Assets (ROA) and Return on Equity (ROE). The research population consists of companies included in the IDXESG index on the Indonesia Stock Exchange, with the sample selected using a purposive sampling technique. Data analysis was conducted using multiple linear regression with the assistance of IBM SPSS version 27 software. The results show that Environmental Disclosure has an effect on ROA, but does not affect ROE. Meanwhile, Social Disclosure and Governance Disclosure have no effect on either ROA or ROE. These findings indicate that environmental aspects are more relevant to the efficiency of a company's assets compared to social and governance aspects in IDXESG index companies in Indonesia. Files 14.pdf Files (475.7 kB) Name Size Download all 14.pdf md5:481082707909871a1379a4778d5912ba 475.7 kB Preview Download 40 Views 18 Downloads Show more details All versions This version Views Total views 40 40 Downloads Total downloads 18 18 Data volume Total data volume 9.0 MB 9.0 MB More info on how stats are collected.... Versions External resources Indexed in OpenAIRE Communities Keywords and subjects Keywords Environmental Disclosure, Social Disclosure, Governance Disclosure, Return on Assets, Return on Equity. Details DOI DOI Badge DOI 10.5281/zenodo.19591363 Markdown [](https://doi.org/10.5281/zenodo.19591363) reStructuredText .. image:: https://zenodo.org/badge/DOI/10.5281/zenodo.19591363.svg :target: https://doi.org/10.5281/zenodo.19591363 HTML <a href="https://doi.org/10.5281/zenodo.19591363"><img src="https://zenodo.org/badge/DOI/10.5281/zenodo.19591363.svg" alt="DOI"></a> Image URL https://zenodo.org/badge/DOI/10.5281/zenodo.19591363.svg Target URL https://doi.org/10.5281/zenodo.19591363 Resource type Journal article Publisher Journal of Economics, Finance And Management Studies Published in Journal of Economics, Finance And Management Studies, 09(04), 1795-1802, ISSN: 26440504, 2026. Languages Old English (ca. 450-1100) Rights License Creative Commons Attribution 4.0 International The Creative Commons Attribution license allows re-distribution and re-use of a licensed work on the condition that the creator is appropriately credited. Read more Citation Export Technical metadata Created April 15, 2026 Modified April 15, 2026 Jump up About About Policies Infrastructure Principles Projects Roadmap Contact Blog Blog Support Help FAQ Developers REST API OAI-PMH Contribute GitHub Donate Funded by Powered by CERN Data Centre & InvenioRDM Status Privacy policy Cookie policy Terms of Use This site uses cookies. Find out more on how we use cookies Accept all cookies Accept only essential cookies

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