Analisis Determinan Environmental, Social & Governance (ESG) dengan Industri Sensitif sebagai Variabel Moderasi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

Abstract

This study aims to examine the determinants of Environmental, Social & Governance (ESG) with sensitive industries as a moderating variable in companies listed on the Indonesia Stock Exchange (IDX) for the 2022-2024 period. The research was conducted based on information obtained from the IDX. The sampling technique used in the ESG Quality45 IDX KEHATI Index for the 2022-2024 period, with 32 companies selected as the research sample. The study used secondary data and applied panel data regression analysis, Moderated Regression Analysis (MRA), additional industry comparison tests and Autoregressive Distributed Lag (ARDL) analysis using Eviews13. The results show that profitability has a positive and significant effect on Environmental, Social & Governance (ESG); intellectual capital has a negative and significant effect on ESG; and media coverage has a positive and significant effect on ESG. Furthermore, sensitive industry significantly moderates (strengthens) the effect of profitability on ESG, but does not significantly moderate the effects of intellectual capital and media coverage on ESG.