Analisis Tata Kelola Perusahaan Pada Perusahaan Sustainable & Responsible Investment (SRI) Studi Empiris Perusahaan Besar di Indonesia

Abstract

In this paper we study the effect of a ESG/SRI label on profitability, corporate governance, and firm market value, evidence from Indonesia’s top listed firms. Recent evidence indicates that listed firms with ESG/SRI label has better RoE, value, governance, and capacity for growth. The samples used in this study are companies that are included in the SRI-KEHATI Index members and outside the SRI-KEHATI index, which amount to 38 companies in the 2014-2018 period, total observations of 190. Least Square Dummy Variable (LSDV) is used as an analytical method to determine the effect of all the variables involved. We find significant effect of ESG/SRI label from profitability, corporate governance, and firm value. We do find that SRI label adds about 8.9 percentage points of RoE, however NON-SRI label adds about 18,6 percentage points of firm’s value and more effective 10.2 percentage point of governance quality.AbstrakDalam penelitian ini kami mempelajari pengaruh perusahaan berlabel ESG/SRI pada profitabilitas, tata kelola perusahan, dan nilai perusahaan, pembuktian dari beberapa perusahaan besar yang terdaftar di dalam bursa Indonesia. Bukti terbaru menunjukkan bahwa perusahaan besar berlabel ESG/SRI mempunyai RoE, nilai, tata kelola, dan kapasitas untuk tumbuh lebih baik. Sampel yang digunakan dalam penelitian ini adalah Perusahaan yang masuk ke dalam anggota Indeks SRI-KEHATI dan di luar indeks SRI-KEHATI, yang berjumlah 38 perusahaan dalam periode 2014-2018, total observasi 190. Least Square Dummy Variable (LSDV) digunakan sebagai metode analisis untuk mengetahui perngaruh dari semua variabel-variabel yang digunakan. Hasil interpretasi menunjukkan bahwa ditemukan perbedaan signifikan dalam profitabilitas, tata kelola perusahaan, dan nilai perusahaan antara perusahaan SRI dan NON-SRI. Kami menemukan bahwa rasio ROE perusahaan berlabel SRI lebih tinggi sekitar 8.9%, sedangkan perusahaan NON-SRI untuk nilai perusahaan (Tobin’s Q) lebih tinggi 18.6% dan lebih efektif 10.2% untuk kualitas tata kelola perusahaan.

Is it Corporate Governance, Industry, and Profitability Matter on Esg Performance? Evidence from Indonesian Companies

“…supported by agency theory, where shareholders have control over agents. Research on Putra & Adrianto (2020) The majority of shareholders can control the corporate governance system so that it does not run optimally. And also, as the results of the study (Baraibar-Diez & Odriozola, 2019;Birindelli et al, 2018) revealed, the company's activities related to social and the environment have been carried out and supervised by the CSR Committee or Team formed by the company, so this has more leverage than an independent commissioner in producing or increasing company ESG Scores.…”

“…Research by (Doni et al, 2019;Putra & Adrianto, 2019) found a significant relationship. The implementation of good corporate governance has an impact on trust in the company and creates a tendency for investors to choose companies labeled SRI with SRI-KEHATI (Putra & Adrianto, 2020).…”

“…The pillars of corporate governance can be reflected in majority shareholders, independent commissioners and directors, women on boards, the board size, duration, and turnover (Putra & Adrianto, 2020). The application of the principles of good corporate governance in the company will contain the above pillars, such as the existence of an independent commissioner as an outside party who is appointed based on the decision of the General Meeting of Shareholders (GMS) and an independent director who acts as a counterweight to other affiliated directors and accommodation stakeholders.…”

The Influence of Environmental, Social, and Governance Performance Disclosure on Stock Performance

“…There is research related to SRI-Kehati (Putra & Adrianto, 2020), which carries out Corporate Governance Analysis in Sustainable and Responsible Investment (SRI) Companies. Companies that use SRI generally have better sustainability and quality of corporate governance than non-SRI companies.…”

Disclosure of Corporate Social Responsibility on Corporate Financing Constraints with Financial Transparency Moderating Variables

“…As well, companies sometimes find it difficult to obtain loans from investors or banks through formal means. This makes companies use informal ways to obtain funds, namely by disclosing CSR because currently banks and investors are more interested in companies that prioritize environmental, social, and good governance interests (Putra & Adrianto, 2020). The relationship between CSR and banks found that creditors perceive companies that fulfill social responsibility to have a lower risk, thus, creditors are willing to provide low-interest loans to these companies (Goss and Roberts, 2011).…”