THE ROLE OF INDEPENDENT BOARD OF COMMISSIONERS: A STUDY OWNERSHIP ON ESG DISCLOSURE ESG Disclosure
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Abstract
This study aims to examine the impact of stakeholder involvement, namely foreign and institutional ownership, on ESG disclosure and how the relationship is moderated by the independent board of commissioners. This study uses a sample of 108 manufacturing companies listed on the IDX during the 2019-2021 period. Data analysis was carried out using the Ordinary Least Square (OLS) method using a random effect model. The results showed that foreign ownership, institutional ownership, and independent boards of commissioners have a positive influence on ESG disclosure. In addition, an independent board of commissioners is proven to strengthen the effect of institutional ownership on ESG disclosure. In contrast, company size as a control variable has no impact on ESG disclosure. This study suggests companies in the manufacturing sub-sector increase ESG disclosure, which can be encouraged through the presence of foreign and institutional ownership.
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Susanto, A., Novita, N., & Fambudi, I. N. (2024). THE ROLE OF INDEPENDENT BOARD OF COMMISSIONERS: A STUDY OWNERSHIP ON ESG DISCLOSURE. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 7(2), 443 - 462. https://doi.org/10.29303/akurasi.v7i2.611
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References
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Al Amosh, H., & Mansor, N. (2020). The implications of ownership structure on the environmental disclosure in Jordan. International Journal of Academic Research in Business and Social Sciences, 10(3), 330–346. https://doi.org/http://dx.doi.org/10.6007/IJARBSS/v10-i3/7054
Amidjaya, P. G., & Widagdo, A. K. (2019). Sustainability reporting in Indonesian listed banks. Journal of Applied Accounting Research, 21(2), 231–247. https://doi.org/https://doi.org/10.1108/JAAR-09-2018-0149
Antonius, F., & Ida, I. (2023). Pengaruh ESG dan intellectual capital terhadap kinerja perusahaan. Jurnal Ekobis: Ekonomi Bisnis & Manajemen, 13(2), 126–138. https://doi.org/http://orcid.org/0000-0001-5694-0745
Ardina, A. K., & Novita, N. (2023). Pegungkapan intellectual capital, corporate governance dan risk management terhadap peningkatan kinerja perusahaan. Jurnal Akuntansi, 12(1), 28–45. https://doi.org/10.37932/ja.v12i1.678
Aristiningtyas, T. P., & Fidiana, F. (2023). Pengaruh kinerja environmental, social, governance (ESG) terhadap risiko investasi. Jurnal Ilmu dan Riset Akuntansi (JIRA), 12(8).
Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/https://doi.org/10.1108/MEQ-03-2017-0033
Baba, B. U., & Baba, U. A. (2021). The effect of ownership structure on social and environmental reporting in Nigeria: the moderating role of intellectual capital disclosure. Journal of Global Responsibility, 12(2), 210–244. https://doi.org/10.1108/JGR-06-2019-0060
Chebbi, K., & Ammer, M. A. (2022). Board composition and ESG disclosure in Saudi Arabia: The Moderating role of corporate governance reforms. Sustainability, 14(19), 12173. https://doi.org/10.3390/su141912173
CRMS. (2024). Mengapa ESG Penting untuk Pertumbuhan Jangka Panjang Perusahaan? Center for Risk Management & Sustainability.
Cucari, N., Esposito De Falco, S., & Orlando, B. (2018). Diversity of board of directors and environmental social governance: Evidence from Italian listed companies. Corporate Social Responsibility and Environmental Management, 25(3), 250–266. https://doi.org/10.1002/csr.1452
Darma, B. D., Arza, F. I., & Halmawati, H. (2019). Pengaruh pengungkapan media, kinerja lingkungan dan kepemilikan asing terhadap pengungkapan corporate social responsbility. Jurnal Eksplorasi Akuntansi, 1(1), 78–89. https://doi.org/https://doi.org/10.24036/jea.v1i1.63
Dian, A., & Novita. (2019). Pengaruh penerapan governance, risk, and compliance (GRC) terhadap kinerja perusahaan. Jurnal Ilmiah Akuntansi dan Finansial Indonesia, 3(1), 1–16. https://doi.org/10.31629/jiafi.v3i1.1514
Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167(2), 333–360. https://doi.org/10.1007/s10551-019-04164-1
Fambudi, I. N., Aryati, T., & Mayangsari, S. (2023). Effect of ESG disclosure, accrual quality, and asymmetric information on future stock returns with prudence as a moderator. Journal of Southwest Jiaotong University, 58(5), 497-523. https://doi.org/10.35741/issn.0258-2724.58.5.38
Fauziah, F., Novita, N., & Fambudi, I. N. (2024). The role of institutional ownership in moderating ESG disclosure’s impact on firm value. Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit, 11(2), 108–121. https://doi.org/10.12928/jreksa.v11i2.10534
Fernández‐Gago, R., Cabeza‐García, L., & Nieto, M. (2018). Independent directors’ background and CSR disclosure. Corporate Social Responsibility and Environmental Management, 25(5), 991–1001. https://doi.org/10.1002/csr.1515
Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder theory and the resource-based view of the firm. Journal of Management, 47(7), 1757–1770. https://doi.org/10.1177/0149206321993576
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, and the environmental, social, and governance (ESG) disclosure, firm value and firm performance: The audit committee as moderating variable. Economies, 10(12), 314. https://doi.org/10.3390/economies10120314
Ghozali, I. (2020). Grand Theory: Teori Besar Ilmu Manajemen, Akuntansi dan Bisnis Yoga Pratama.
GRI. (2024). About GRI. GRI. https://www.globalreporting.org/about-gri/
Guo, M., & Zheng, C. (2021). Foreign ownership and corporate social responsibility: Evidence from China. Sustainability, 13(2), 508. https://doi.org/https://doi.org/10.3390/su13020508
Husain, I. H. A. (2019). Ketahanan Dasar Lingkungan: Basic Environment (Vol. 1). SAH MEDIA.
Husted, B. W., & Sousa-Filho, J. M. de. (2019). Board structure and environmental, social, and governance disclosure in Latin America. Journal of Business Research, 102, 220–227. https://doi.org/10.1016/j.jbusres.2018.01.017
Isyauqina, R. N., & Fambudi, N. (2024). Prudence accounting, leverage, and firm value: The perspective signaling theory. Journal of Management, Accounting, General Finance: An International Economic Issues (Marginal, 3(3). https://doi.org/https://doi.org/10.55047/marginal.v3i3.1312
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kamaludin, K., Ibrahim, I., Sundarasen, S., & Faizal, O. (2022). ESG in the boardroom: evidence from the Malaysian market. International Journal of Corporate Social Responsibility, 7(1), 4. https://doi.org/10.1186/s40991-022-00072-2
Khan, T. M., Gang, B., Fareed, Z., & Khan, A. (2021). How does CEO tenure affect corporate social and environmental disclosures in China? The moderating role of information intermediaries and independent board. Environmental Science and Pollution Research, 28, 9204–9220. https://doi.org/https://doi.org/10.1007/s11356-020-11315-9
Latifah, F. N., & Widiatmoko, J. (2022). Pengaruh struktur kepemilikan terhadap corporate social responsibility dan dampaknya pada nilai perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 13(03), 921–937. https://doi.org/https://doi.org/10.23887/jimat.v13i03.44363
Ningwati, G., Septiyanti, R., & Desriani, N. (2022). Pengaruh environment,social and governance disclosure terhadap kinerja perusahaan. Goodwood Akuntansi dan Auditing Reviu, 1(1), 67–78. https://doi.org/10.35912/gaar.v1i1.1500
Olahkarsa. (2022). Mengapa Perusahaan Perlu Beralih dari CSR Menjadi ESG? Olahkarsablog.
Ortas, E., Álvarez, I., & Zubeltzu, E. (2017). Firms’ board independence and corporate social performance: A meta-analysis. Sustainability, 9(6), 1006. https://doi.org/10.3390/su9061006
Prameswari, S. N., & Fambudi, I. N. (2024). The influence of ESG disclosures on financial distress considering the director’s financial expertise as a moderating factor. Jurnal Riset Akuntansi dan Keuangan 12(1), 805-818. https://doi.org/10.17509/jrak.v12i1.67959
Pucheta‐Martínez, M. C., & Gallego‐Álvarez, I. (2019). An international approach to the relationship between board attributes and the disclosure of corporate social responsibility issues. Corporate Social Responsibility and Environmental Management, 26(3), 612–627. https://doi.org/https://doi.org/10.1002/csr.1707
Qasem, A., AL-Duais, S. D., Wan-Hussin, W. N., Bamahros, H. M., Alquhaif, A., & Thomran, M. (2022). Institutional ownership types and ESG reporting: The case of Saudi listed firms. Sustainability, 14(18), 11316. https://doi.org/10.3390/su141811316
Rocha, R., Bandeira, A., & Ramos, P. (2024). The Impact of Social Responsibility on the Performance of European Listed Companies. Sustainability, 16(17), 7658. https://doi.org/10.3390/su16177658
Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, Social, and Governance) performance and board gender diversity: The moderating role of CEO Duality. Sustainability, 12(21), 9298. https://doi.org/10.3390/su12219298
Septiana, W. R., & Puspawati, D. (2022). Analisis good corporate governance terhadap pengungkapan ESG di Indonesia Tahun 2016-2020. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(10), 4274–4283. https://doi.org/https://doi.org/10.32670/fairvalue.v4i10.1642
Sibuea, R. M. F., & Arieftiara, D. (2022). Pengaruh kepemilikan manajerial, kepemilikan institusional, dan budaya organisasi terhadap pengungkapan corporate social responsibility dengan komite audit sebagai variabel moderasi. Veteran Economics, Management & Accounting Review, 1(1). https://doi.org/https://doi.org/10.59664/vemar.v1i1.4836
Singal, P. A., & Putra, I. (2019). Pengaruh kepemilikan institusional, kepemilikan manajerial, dan kepemilikan asing pada pengungkapan corporate social responsibility. E-Jurnal Akuntansi, 29(1), 468. https://doi.org/https://doi.org/10.24843/EJA.2019.v29.i01.p30
Sugiyono, P. D. (2019). Metode Penelitian Kuantitatif Kualitatif dan R&D (M. Dr. Ir. Sutopo. S. Pd. ALFABETA, CV.
Wigrhayani, N. N. S. W., & Sapari, S. (2019). Pengaruh tipe industri, growth, profitabilitas, dan ukuran perusahaan terhadap pengungkapan corporate social responsibility. Jurnal Ilmu dan Riset Akuntansi (JIRA), 8(8), 1-21. https://repository.stiesia.ac.id/id/eprint/1273
Yani, N., & Suputra, I. (2020). Pengaruh kepemilikan asing, kepemilikan institusional dan leverage terhadap pengungkapan corporate social responsibility. E-Jurnal Akuntansi, 30(5), 1196. https://doi.org/http://dx.doi.org/10.24843/EJA.2020.v30.i05.p10
Zaid, M. A. A., Abuhijleh, S. T. F., & Pucheta‐Martínez, M. C. (2020). Ownership structure, stakeholder engagement, and corporate social responsibility policies: The moderating effect of board independence. Corporate Social Responsibility and Environmental Management, 27(3), 1344–1360. https://doi.org/https://doi.org/10.1002/csr.1888
Al Amosh, H., & Khatib, S. F. A. (2022). Ownership structure and environmental, social and governance performance disclosure: the moderating role of the board independence. Journal of Business and Socio-Economic Development, 2(1), 49–66. https://doi.org/10.1108/JBSED-07-2021-0094
Al Amosh, H., & Mansor, N. (2020). The implications of ownership structure on the environmental disclosure in Jordan. International Journal of Academic Research in Business and Social Sciences, 10(3), 330–346. https://doi.org/http://dx.doi.org/10.6007/IJARBSS/v10-i3/7054
Amidjaya, P. G., & Widagdo, A. K. (2019). Sustainability reporting in Indonesian listed banks. Journal of Applied Accounting Research, 21(2), 231–247. https://doi.org/https://doi.org/10.1108/JAAR-09-2018-0149
Antonius, F., & Ida, I. (2023). Pengaruh ESG dan intellectual capital terhadap kinerja perusahaan. Jurnal Ekobis: Ekonomi Bisnis & Manajemen, 13(2), 126–138. https://doi.org/http://orcid.org/0000-0001-5694-0745
Ardina, A. K., & Novita, N. (2023). Pegungkapan intellectual capital, corporate governance dan risk management terhadap peningkatan kinerja perusahaan. Jurnal Akuntansi, 12(1), 28–45. https://doi.org/10.37932/ja.v12i1.678
Aristiningtyas, T. P., & Fidiana, F. (2023). Pengaruh kinerja environmental, social, governance (ESG) terhadap risiko investasi. Jurnal Ilmu dan Riset Akuntansi (JIRA), 12(8).
Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/https://doi.org/10.1108/MEQ-03-2017-0033
Baba, B. U., & Baba, U. A. (2021). The effect of ownership structure on social and environmental reporting in Nigeria: the moderating role of intellectual capital disclosure. Journal of Global Responsibility, 12(2), 210–244. https://doi.org/10.1108/JGR-06-2019-0060
Chebbi, K., & Ammer, M. A. (2022). Board composition and ESG disclosure in Saudi Arabia: The Moderating role of corporate governance reforms. Sustainability, 14(19), 12173. https://doi.org/10.3390/su141912173
CRMS. (2024). Mengapa ESG Penting untuk Pertumbuhan Jangka Panjang Perusahaan? Center for Risk Management & Sustainability.
Cucari, N., Esposito De Falco, S., & Orlando, B. (2018). Diversity of board of directors and environmental social governance: Evidence from Italian listed companies. Corporate Social Responsibility and Environmental Management, 25(3), 250–266. https://doi.org/10.1002/csr.1452
Darma, B. D., Arza, F. I., & Halmawati, H. (2019). Pengaruh pengungkapan media, kinerja lingkungan dan kepemilikan asing terhadap pengungkapan corporate social responsbility. Jurnal Eksplorasi Akuntansi, 1(1), 78–89. https://doi.org/https://doi.org/10.24036/jea.v1i1.63
Dian, A., & Novita. (2019). Pengaruh penerapan governance, risk, and compliance (GRC) terhadap kinerja perusahaan. Jurnal Ilmiah Akuntansi dan Finansial Indonesia, 3(1), 1–16. https://doi.org/10.31629/jiafi.v3i1.1514
Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167(2), 333–360. https://doi.org/10.1007/s10551-019-04164-1
Fambudi, I. N., Aryati, T., & Mayangsari, S. (2023). Effect of ESG disclosure, accrual quality, and asymmetric information on future stock returns with prudence as a moderator. Journal of Southwest Jiaotong University, 58(5), 497-523. https://doi.org/10.35741/issn.0258-2724.58.5.38
Fauziah, F., Novita, N., & Fambudi, I. N. (2024). The role of institutional ownership in moderating ESG disclosure’s impact on firm value. Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit, 11(2), 108–121. https://doi.org/10.12928/jreksa.v11i2.10534
Fernández‐Gago, R., Cabeza‐García, L., & Nieto, M. (2018). Independent directors’ background and CSR disclosure. Corporate Social Responsibility and Environmental Management, 25(5), 991–1001. https://doi.org/10.1002/csr.1515
Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder theory and the resource-based view of the firm. Journal of Management, 47(7), 1757–1770. https://doi.org/10.1177/0149206321993576
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, and the environmental, social, and governance (ESG) disclosure, firm value and firm performance: The audit committee as moderating variable. Economies, 10(12), 314. https://doi.org/10.3390/economies10120314
Ghozali, I. (2020). Grand Theory: Teori Besar Ilmu Manajemen, Akuntansi dan Bisnis Yoga Pratama.
GRI. (2024). About GRI. GRI. https://www.globalreporting.org/about-gri/
Guo, M., & Zheng, C. (2021). Foreign ownership and corporate social responsibility: Evidence from China. Sustainability, 13(2), 508. https://doi.org/https://doi.org/10.3390/su13020508
Husain, I. H. A. (2019). Ketahanan Dasar Lingkungan: Basic Environment (Vol. 1). SAH MEDIA.
Husted, B. W., & Sousa-Filho, J. M. de. (2019). Board structure and environmental, social, and governance disclosure in Latin America. Journal of Business Research, 102, 220–227. https://doi.org/10.1016/j.jbusres.2018.01.017
Isyauqina, R. N., & Fambudi, N. (2024). Prudence accounting, leverage, and firm value: The perspective signaling theory. Journal of Management, Accounting, General Finance: An International Economic Issues (Marginal, 3(3). https://doi.org/https://doi.org/10.55047/marginal.v3i3.1312
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kamaludin, K., Ibrahim, I., Sundarasen, S., & Faizal, O. (2022). ESG in the boardroom: evidence from the Malaysian market. International Journal of Corporate Social Responsibility, 7(1), 4. https://doi.org/10.1186/s40991-022-00072-2
Khan, T. M., Gang, B., Fareed, Z., & Khan, A. (2021). How does CEO tenure affect corporate social and environmental disclosures in China? The moderating role of information intermediaries and independent board. Environmental Science and Pollution Research, 28, 9204–9220. https://doi.org/https://doi.org/10.1007/s11356-020-11315-9
Latifah, F. N., & Widiatmoko, J. (2022). Pengaruh struktur kepemilikan terhadap corporate social responsibility dan dampaknya pada nilai perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 13(03), 921–937. https://doi.org/https://doi.org/10.23887/jimat.v13i03.44363
Ningwati, G., Septiyanti, R., & Desriani, N. (2022). Pengaruh environment,social and governance disclosure terhadap kinerja perusahaan. Goodwood Akuntansi dan Auditing Reviu, 1(1), 67–78. https://doi.org/10.35912/gaar.v1i1.1500
Olahkarsa. (2022). Mengapa Perusahaan Perlu Beralih dari CSR Menjadi ESG? Olahkarsablog.
Ortas, E., Álvarez, I., & Zubeltzu, E. (2017). Firms’ board independence and corporate social performance: A meta-analysis. Sustainability, 9(6), 1006. https://doi.org/10.3390/su9061006
Prameswari, S. N., & Fambudi, I. N. (2024). The influence of ESG disclosures on financial distress considering the director’s financial expertise as a moderating factor. Jurnal Riset Akuntansi dan Keuangan 12(1), 805-818. https://doi.org/10.17509/jrak.v12i1.67959
Pucheta‐Martínez, M. C., & Gallego‐Álvarez, I. (2019). An international approach to the relationship between board attributes and the disclosure of corporate social responsibility issues. Corporate Social Responsibility and Environmental Management, 26(3), 612–627. https://doi.org/https://doi.org/10.1002/csr.1707
Qasem, A., AL-Duais, S. D., Wan-Hussin, W. N., Bamahros, H. M., Alquhaif, A., & Thomran, M. (2022). Institutional ownership types and ESG reporting: The case of Saudi listed firms. Sustainability, 14(18), 11316. https://doi.org/10.3390/su141811316
Rocha, R., Bandeira, A., & Ramos, P. (2024). The Impact of Social Responsibility on the Performance of European Listed Companies. Sustainability, 16(17), 7658. https://doi.org/10.3390/su16177658
Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, Social, and Governance) performance and board gender diversity: The moderating role of CEO Duality. Sustainability, 12(21), 9298. https://doi.org/10.3390/su12219298
Septiana, W. R., & Puspawati, D. (2022). Analisis good corporate governance terhadap pengungkapan ESG di Indonesia Tahun 2016-2020. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(10), 4274–4283. https://doi.org/https://doi.org/10.32670/fairvalue.v4i10.1642
Sibuea, R. M. F., & Arieftiara, D. (2022). Pengaruh kepemilikan manajerial, kepemilikan institusional, dan budaya organisasi terhadap pengungkapan corporate social responsibility dengan komite audit sebagai variabel moderasi. Veteran Economics, Management & Accounting Review, 1(1). https://doi.org/https://doi.org/10.59664/vemar.v1i1.4836
Singal, P. A., & Putra, I. (2019). Pengaruh kepemilikan institusional, kepemilikan manajerial, dan kepemilikan asing pada pengungkapan corporate social responsibility. E-Jurnal Akuntansi, 29(1), 468. https://doi.org/https://doi.org/10.24843/EJA.2019.v29.i01.p30
Sugiyono, P. D. (2019). Metode Penelitian Kuantitatif Kualitatif dan R&D (M. Dr. Ir. Sutopo. S. Pd. ALFABETA, CV.
Wigrhayani, N. N. S. W., & Sapari, S. (2019). Pengaruh tipe industri, growth, profitabilitas, dan ukuran perusahaan terhadap pengungkapan corporate social responsibility. Jurnal Ilmu dan Riset Akuntansi (JIRA), 8(8), 1-21. https://repository.stiesia.ac.id/id/eprint/1273
Yani, N., & Suputra, I. (2020). Pengaruh kepemilikan asing, kepemilikan institusional dan leverage terhadap pengungkapan corporate social responsibility. E-Jurnal Akuntansi, 30(5), 1196. https://doi.org/http://dx.doi.org/10.24843/EJA.2020.v30.i05.p10
Zaid, M. A. A., Abuhijleh, S. T. F., & Pucheta‐Martínez, M. C. (2020). Ownership structure, stakeholder engagement, and corporate social responsibility policies: The moderating effect of board independence. Corporate Social Responsibility and Environmental Management, 27(3), 1344–1360. https://doi.org/https://doi.org/10.1002/csr.1888