Pengaruh Green Financing dan Pengungkapan ESG terhadap Nilai Perusahaan Perbankan di BEI 2021–2024
-
Detriana Sagita
*
Universitas Negeri Padang, Padang,
Indonesia
- Dewi Pebriyani Universitas Negeri Padang, Padang, Indonesia (*) Corresponding Author
Abstract
This study aims to analyze the effect of green financing and Environmental, Social, and Governance (ESG) disclosure on firm value in the banking sector listed on the Indonesia Stock Exchange (IDX) during the period 2021–2023. This research employs a quantitative approach using panel data regression analysis, with the Random Effect Model (REM) selected as the best estimation model. The dependent variable in this study is firm value, proxied by Tobin’s Q, while the independent variables include green financing, measured by the proportion of green loans to total credit, and ESG disclosure, measured using the GRI 2, GRI 300, and GRI 400 standards. The results indicate that both green financing and ESG disclosure have a positive but insignificant effect on firm value, either partially or simultaneously. The coefficient of determination (R² = 0.006229) shows that only 0.62% of the variation in firm value can be explained by the two independent variables, while the remaining 99.38% is influenced by other factors outside the model. These findings suggest that the implementation of green financing and sustainability disclosure in the Indonesian banking sector has not yet produced a significant impact on enhancing firm value, emphasizing the need for stronger implementation and greater transparency to create sustainable economic value.
Downloads
References
Bisnis.com. (2024). BCA dan BNI Geber Pembiayaan Hijau, Realisasi Melonjak sepanjang 2023. Diambil dari https://finansial.bisnis.com/read/20240129/90/1736086/bca-dan-bni-geber-pembiayaan-hijau-realisasi-melonjak-sepanjang-2023
Chandra, B. A., & Shauki, E. R. (2024). Evaluasi Pengungkapan Laporan Keberlanjutan Berdasarkan GRI Framework Pada PT. Bank Syariah Indonesia. Owner, 8(2), 1786–1796. https://doi.org/10.33395/owner.v8i2.2059
Financial, I., & Authority, S. (2018). Indonesia Financial Services Authority 1. Diambil dari https://www.ojk.go.id/keuanganberkelanjutan/Uploads/Content/Regulasi/Regulasi_22073010372642.pdf
Future, T. H. E., & Finance, O. F. (2025). Keuangan berkelanjutan tahap ii (2021 – 2025).
Habib, A., Oláh, J., Khan, M. H., & Luboš, S. (2025). Does integration of ESG disclosure and green financing improve firm performance: Practical applications of stakeholders theory. Heliyon, 11(4). https://doi.org/10.1016/j.heliyon.2025.e41996
Hasanah, N., & Hariyono, S. (2022). Analisis Implementasi Green Financing Dan Kinerja Keuangan Terhadap Profitabilitas Perbankan Umum Di Indonesia. Jurnal Ekobis : Ekonomi Bisnis & Manajemen, 12(1), 149–157. https://doi.org/10.37932/j.e.v12i1.444
Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal, 15(1), 11–27. https://doi.org/10.1108/SRJ-11-2017-0254
Lupu, I., Hurduzeu, G., & Lupu, R. (2022). How Is the ESG Reflected in European Financial Stability? Sustainability (Switzerland), 14(16). https://doi.org/10.3390/su141610287
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Hernández, J. R. (2019). ESG performance and shareholder value creation in the banking industry: International differences. Sustainability (Switzerland), 11(5). https://doi.org/10.3390/su11051404
Muslichah. (2020). The effect of environmental , social disclosure , and financial performance on firm value. Jurnal Akuntansi dan Auditing Indonesia, 24(1), 22–32. Diambil dari www.journal.uii.ac.id/index.php/jaai%0Ahttp://creativecommons.org/licences/by-sa/4.0/
Nainggolan, Y. A. (2025). Unveiling the Impact of Green Financing and Sustainability Reporting on Indonesian Banks : Two-Fold Analysis U sing Tobins ’ Q and RoRWA. Journal Integration of Management Studies, 3(1), 48–61. https://doi.org/10.58229/jims.v3i1.320
Ningsi, E. H., Manurung, L., & Rizki, M. N. (2024). Integrasi Green Finance Terhadap Nilai Perusahaan : Perspektif Sektor Perbankan Di Indonesia. Jurnal Ekonomi Bisnis Manajemen Prima, 5(2), 1–10.
Nizam, E., Ng, A., Dewandaru, G., Nagayev, R., & Nkoba, M. A. (2019). The Impact of Social and Environmental Sustainability on Financial Performance: A Global Analysis of the Banking Sector. Journal Multinational Financial Management. https://doi.org/https://doi.org/10.1016/j.mulfin.2019.01.00
OJK. (2023). Sustainable Finance OJK. Diambil dari https://keuanganberkelanjutan.ojk.go.id/keuanganberkelanjutan/id/about
Peraturan Otoritas Jasa Keuangan. (2017). POJK No. 51 /POJK.03/2017 tentang penerapan keuangan berkelanjutan bagi lembaga jasa keuangan, emiten, dan perusahaan publik, 1–15.
Qurniasih, R., Pramurindra, R., Fakhruddin, I., Inayati, N. I., Governance, G. C., Dengan, N. P., … Variabel, G. S. (2025). Pengaruh Pengungkapan ESG Terhadap Nilai Perusahaan Dengan Praktik Good Corporate Governance Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 35(2), 301–319. https://doi.org/10.24843/EJA.2025.v35.i02.p01
Saputra, O. B. (2024). Urgensi “green financing” di tengah darurat krisis iklim global. Diambil dari https://www.antaranews.com/berita/4320187/urgensi-green-financing-di-tengah-darurat-krisis-iklim-global
Umbing, G. B., Yuniati, A., Wardani, S. K., & Raya, U. P. (2024). ESG Performance , Green Banking Disclosure dan Nilai Perusahaan : Bukti Empiris di Indonesia. Journal of Business and Information System, 6(2), 238–251.
Wijayanti, R. I. (2023). Apa Itu Green financing? Begini Penjelasan Lengkapnya. Diambil dari https://www.idxchannel.com/economics/apa-itu-green-financing-begini-penjelasan-lengkapnya
Xiao, B., Wenyao, Z., & Geran, T. (2024). ESG certification, green innovation, and firm value: A quasi-natural experiment based on SynTao Green Finance’s ESG ratings: A pre-registered report. Pacific Basin Finance Journal, 86(35), 102572. https://doi.org/10.1016/j.pacfin.2024.102453
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Pengaruh Green Financing dan Pengungkapan ESG terhadap Nilai Perusahaan Perbankan di BEI 2021–2024
Pages: 979-988
Copyright (c) 2025 Detriana Sagita, Dewi Pebriyani
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
