Analysis of the Effect of Environment, Social, Governance Score on Company Financial Performance in the IDX-MES BUMN-17 Index for the 2022-2023 Period

Nurina Alfi Nihayah; Saifuddin

Authors

Nurina Alfi Nihayah Sekolah Tinggi Agama Islam An-Najah Indonesia Mandiri Sidoarjo Author
Saifuddin Sekolah Tinggi Agama Islam An-Najah Indonesia Mandiri Sidoarjo Author

Keywords:

Corporate Financial Performance, ESG Score, IDX-MES BUMN 17, ROA

Abstract

The challenges brought by the pandemic triggered significant changes and impacts related to environmental, social, and governance (ESG) issues. ESG-related matters have become crucial concerns for regulators, governments, and the public, serving as key factors that companies must integrate into their performance strategies. This study aims to analyze the partial and simultaneous contributions influences of the Environment, Social, and Governance (ESG) Score on Corporate Financial Performance (measured by ROA) in 2022–2023 among companies listed on the IDX-MES BUMN 17 Index. This is a quantitative research study using purposive sampling for sample selection. The research population includes companies indexed in the IDX-MES BUMN 17 for the 2022–2023 period. The data used consists of 12 companies listed in the IDX-MES BUMN 17 Index, observed over the 2022–2023 period. The data analysis technique employed is multiple linear regression analysis with the assistance of the E-Views 12 application. The testing method involves panel regression estimation, classical assumption tests including normality test, autocorrelation test, heteroscedasticity test, and multicollinearity test, followed by significance tests including the t-test (partial), F-test (simultaneous), coefficient of determination test, and panel data regression analysis. Based on the statistical test results, the partial test shows that both the Environment Score and Governance Score variables have a negative and insignificant contribution to Corporate Financial Performance. Meanwhile, the Social Score variable has a significant positive influence on Corporate Financial Performance. In the simultaneous test, all three variables Environment, Social, and Governance Score have a significant positive contribution to Corporate Financial Performance

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