The Effect of Sustainability Reporting on Firm Value with Financial Performance as An Intervening Variable in Indonesian Financial Sector Companies, 2020–2024
DOI:
https://doi.org/10.55927/fjbes.v2i5.683Kata Kunci:
Sustainability Reporting, Firm Value, Financial Performance, Mediation, Financial SectorAbstrak
This study examines the effect of sustainability reporting on firm value, with financial performance as an intervening variable. It uses secondary data from annual and sustainability reports of financial sector companies listed on the Indonesia Stock Exchange during 2020–2024. The sample was selected through purposive sampling and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that sustainability reporting negatively affects firm value but positively affects financial performance. Financial performance positively affects firm value and significantly mediates the relationship between sustainability reporting and firm value. These findings identify financial performance as an important mechanism through which sustainability disclosure contributes to market valuation.
Referensi
Aisiya, C. A., & Hariyono, A. (2025). Pengaruh sustainability report, profitabilitas, dan kepemilikan institusional terhadap nilai perusahaan. Jurnal Ilmiah Manajemen, Ekonomi, dan Akuntansi (MEA), 9(2), 1032–1052. https://doi.org/10.31955/mea.v9i2.6106
Al Hafis, M., & Nawir, J. (2024). Analysis of digital bank company value on the Indonesian stock exchange. KNE Social Sciences, 257–272. https://doi.org/10.18502/kss.v9i20.16518
Amanda, S., Zirman, & Haryani, E. (2024). Pengaruh kebijakan dividen, kebijakan utang, CEO tenure, dan firm age terhadap nilai perusahaan. Jurnal Kajian Akuntansi dan Bisnis Terkini, 5(3), 548–564.
Arif, N. P., & Handayani, N. (2024). Financial performance mediates the effect of sustainability reporting on firm value. Jurnal Akuntansi Bisnis, 22(2), 188–219. https://doi.org/10.24167/jab.v22i2.12192
Arum, P. M., & Rahayu, S. R. (2022). Pengaruh dividend payout ratio dan dividend yield terhadap nilai perusahaan properti di Bursa Efek Indonesia periode 2017–2019. Jurnal Manajemen Diversifikasi, 2(1), 38–47. https://doi.org/10.24127/diversifikasi.v2i1.1015
Astuti, A., & Lestari, T. (2024). Pengaruh kinerja keuangan terhadap nilai perusahaan pada perusahaan bidang manufaktur. Owner, 8(3), 2484–2499. https://doi.org/10.33395/owner.v8i3.2303
Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1), 92–117. https://doi.org/10.5465/amr.1995.9503271994
Ferriswara, D., Sayidah, N., & Buniarto, E. A. (2022). Do corporate governance and capital structure predict financial performance and firm value? Empirical study of Jakarta Islamic Index. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2147123
Firdianto, H., & Sudiyatno, B. (2024). Pengaruh kinerja keuangan terhadap nilai perusahaan pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2019–2022. Journal of Economic, Business and Accounting (COSTING), 7(5), 1240–1254. https://doi.org/10.31539/costing.v7i5.11632
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Hadi, N., & Ruslim, H. (2025). Pengaruh pengungkapan laporan keberlanjutan dan pengungkapan manajemen risiko terhadap nilai perusahaan dengan rasio likuiditas sebagai variabel moderasi pada perusahaan perbankan Indonesia. Jurnal Kontemporer Akuntansi, 5(1), 1–15.
Handayani, T. G., & Saputra, D. (2019). Pengaruh sustainability report dan struktur modal terhadap nilai perusahaan yang terdaftar di Bursa Efek Indonesia.
Hapsari, M. D. (2023). Analisis penerapan laporan keberlanjutan (sustainability report) terhadap nilai perusahaan. Akuntansi 45, 4(1), 65–72. https://doi.org/10.30640/akuntansi45.v4i1.724
Karsam, K., Sasmita, J., Hudin, N. S., Rainanto, B. H., Solihin, S., & Noor, B. (2022). The influence of firm size, corporate governance, green accounting disclosure on sustainability report disclosure and financial performance and its impact on firm value. International Journal of Trends in Accounting Research, 3(2), 84–93. https://doi.org/10.54951/ijtar.v3i2.401
Kurniawansyah, D., & Kurnianto, S. (2020). The influence of corporate social responsibility, corporate governance, and firm size on the value of manufacturing companies in Indonesia: Profitability as a mediating variable.
Meliyanti, & Supriaman. (2024). Analisis faktor yang memengaruhi profitabilitas Bank Tabungan Pensiunan Nasional Syariah di Indonesia. Jurnal Paradigma Akuntansi, 6(1), 35–45.
Meyliana, M., & Sudibyo, Y. A. (2022). Effect of carbon emissions disclosure and CSR theme on firm value with firm reputation as a moderating variable. Technium Sustainability, 2(2), 32– 45. https://doi.org/10.47577/sustainability.v2i2.5996
Moussa, A. S., & Elmarzouky, M. (2024). Sustainability reporting and market uncertainty: The moderating effect of carbon disclosure. Sustainability, 16(13). https://doi.org/10.3390/su16135290
Pujiningsih, V. D. (2020). Pengaruh sustainability report terhadap nilai perusahaan dengan good corporate governance sebagai variabel pemoderasi. Jurnal Riset Akuntansi dan Keuangan, 8(3), 579–594. https://doi.org/10.17509/jrak.v8i3.22841
Puspita, N., & Jasman, J. (2022). Pengaruh laporan keberlanjutan (sustainability report) terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. KRISNA: Kumpulan Riset Akuntansi, 14(1), 63–69. https://doi.org/10.22225/kr.14.1.2022.63-69
Rahim, S., Safitra, H., & Putra, A. H. P. K. (2024). Sustainability report and financial performance: Evidence from mining companies in Indonesia. International Journal of Energy Economics and Policy, 14(1), 673–685. https://doi.org/10.32479/ijeep.14994
Rianto, D. A., & Gantino, R. (2022). Perbandingan model pengaruh manajemen laba, good corporate governance, dan corporate social responsibility terhadap kinerja keuangan perusahaan (Studi empiris pada subsektor batu bara dan telekomunikasi yang terdaftar di Bursa Efek Indonesia). Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 7(2), 213–228. https://doi.org/10.24815/jimeka.v7i2.21070
Sahetapy, K. (2023). Sustainability report and firm value: Evidence from Indonesia. Jurnal Riset Akuntansi dan Auditing, 10(1), 1–8. https://doi.org/10.55963/jraa.v10i1.513
Saputri, M., & Isbanah, Y. (2021). Pengaruh good corporate governance dan corporate social responsibility terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel mediasi pada perusahaan miscellaneous industry di Bursa Efek Indonesia periode 2016–2019. Jurnal Ilmu Manajemen, 9(2), 651–669. https://doi.org/10.26740/jim.v9n2.p651-669
Sari, N., Hizazi, A., & W. (2021). Effect of good corporate governance and leverage on profitability-mediated tax avoidance (Study on mining companies listed on the Indonesia Stock Exchange 2016–2019). International Journal of Academic Research in Accounting, Finance and Management Sciences, 11(2), 202–221.
Setiadi, et al. (2024). Pengaruh sustainability reporting terhadap kinerja perusahaan. Jurnal Keuangan dan Perbankan, 13(1).
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Susanto, E., & Indrabudiman, A. (2023). Pengaruh good corporate governance dan corporate social responsibility terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening. Jurnal Keuangan dan Perbankan, 19(2), 69–80. https://doi.org/10.35384/jkp.v19i2.386
Wardhana, R. A., & Kusumawardhany, S. S. (2022). Effect of financial performance, auditor reputation, and firm size on firm value with managerial ownership as a moderating variable. Marginal: Journal of Management, Accounting, General Finance and International Economic Issues, 1(4), 91–108. https://doi.org/10.55047/marginal.v1i4.303
Yulianty, R., & P, N. T. (2020). Pengaruh sustainability reporting terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening. JRPMA, 4.
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance, and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371–3387. https://doi.org/10.1002/bse.3089
Unduhan
Diterbitkan
Cara Mengutip
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 Sofhia Intan Fadillah, Jalaluddin HALIM, Raida Fuadi
Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
