Analisis Implementasi ESG terhadap Kinerja Keungan pada Bank di ASEAN

Abstract

Sustainability issues have become a major concern in the banking sector, including in ASEAN. The implementation of Environmental, Social, and Governance (ESG) is considered important to improve transparency, accountability, and competitiveness, although it often creates a dilemma with short-term profitability demands. This study aims to analyze the effect of ESG implementation on the financial performance of banks in ASEAN. This research employs a quantitative approach using secondary data from 23 banks in ASEAN during the period 2019–2022. The independent variable consists of ESG scores its dimensions (environmental, social, governance), while the dependent variables are ROE, market value, and revenue growth, with bank size and leverage as control variables. Data were analyzed using panel regression models. The results show that, in aggregate, ESG does not have a significant impact on bank profitability, and even tends to suppress profits in the short term due to high implementation costs. However, ESG has the potential to provide long-term positive effects on bank reputation and market value. These findings highlight the importance of sustainable strategies that balance economic objectives with stakeholder demands.