DOES SUSTAINABILITY RATING REALLY MATTER?
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Published:
Jun 18, 2025
Keywords:
ASRRAT, Firm Performance, Sustainability
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Abstract
The Asia Sustainability Reporting Rating (ASRRAT) aims to incentivize the adoption of sustainability practices. However, comparative studies on the economic performance of rated versus non-rated companies remain limited. Employing legitimacy theory, this study evaluates the financial performance of ASRRAT members and non-members. The population comprises companies listed on the IDX between 2020 and 2022. Financial data were sourced from the Bloomberg database. Utilizing purposive sampling, 527 firm-year observations were obtained (122 for ASRRAT members) and analyzed using an independent samples t-test. The findings indicate that ASRRAT membership has an influence on certain financial metrics, although its impact on overall financial performance is inconsistent. This raises critical questions regarding the efficacy of ASRRAT in fostering substantive sustainability practices beyond reputational objectives. The practical implications of this research suggest that companies should prioritize measurable sustainability actions with financial impact and that ASRRAT should develop outcome-based criteria correlated with financial performance. Sustainability plays a crucial role in balancing profitability, social well-being, and environmental conservation.
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Mutmainah, S., Prastiwi, A., & Lestari, S. (2025). DOES SUSTAINABILITY RATING REALLY MATTER?. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 8(1), 189-208. https://doi.org/10.29303/akurasi.v8i1.700
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Anri, N., & Utama, C. A. (2024). ESG performance on investment-cash flow sensitivity: Case study of non-financial companies listed on the Indonesian Stock Exchange. Quantitative Economics and Management Studies, 5(1), 135–141. https://doi.org/10.35877/454ri.qems2323
Asimakopoulos, P., Asimakopoulos, S., & Li, X. (2023). The role of environmental, social, and governance rating on corporate debt structure. Journal of Corporate Finance, 83, 102488. https://doi.org/10.1016/j.jcorpfin.2023.102488
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Barros, V., Falcão, P. F., & Sarmento, J. M. (2022). Are more sustainable firms able to operate with lower working capital requirements? Finance Research Letters, 46(August). https://doi.org/10.1016/j.frl.2021.102407
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Cheng, C., Ahmad, S. F., Irshad, M., Alsanie, G., Khan, Y., Ahmad, A. Y. A. B., & Aleemi, A. R. (2023). Impact of green process innovation and productivity on sustainability: The moderating role of environmental awareness. Sustainability (Switzerland), 15(7), 1–19. https://doi.org/10.3390/su151712945
Debnath, P., & Chellasamy, P. (2024). Environmental, Social and Governance (ESG) and financial performance: A bibliometric analysis using biblioshiny. International Journal of Finance, Economics and Business, 3(1), 36–52. https://doi.org/10.56225/ijfeb.v3i1.284
Dobre, E., Stanila, G. O., & Brad, L. (2015). The influence of environmental and social performance on financial performance: Evidence from Romania’s listed entities. Sustainability, 7(3), 2513–2553. https://doi.org/10.3390/su7032513
Economidou, C., Gounopoulos, D., Konstantios, D., & Tsiritakis, E. (2023). Is sustainability rating material to the market? Financial Management, 52(1), 127–179. https://doi.org/10.1111/fima.12406
El Khoury, R., Nasrallah, N., & Alareeni, B. (2023). ESG and financial performance of banks in the MENAT region: Concavity–convexity patterns. Journal of Sustainable Finance and Investment, 13(1), 406–430. https://doi.org/10.1080/20430795.2021.1929807
Eltoum, A. M., Yatiban, A., Omar, R., & Islam, R. (2022). Sustainability awareness in society and its impact on the level of responsible business adoption in the business sector of Dubai. Problems and Perspectives in Management, 20(3), 540–551. https://doi.org/10.21511/ppm.20(3).2022.43
Engert, A. (2024). ESG ratings: Guiding a movement in search for itself. In Research Handbook on Environmental, Social and Corporate Governance (Issue July). https://doi.org/10.4337/9781802202533.00025
Freihat, A. R. (2019). Factors affecting price-to-earnings ratio (P/E): Evidence from the emerging market. Risk Governance and Control: Financial Markets and Institutions, 9(2), 47–56. https://doi.org/10.22495/rgcv9i2p4
Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance: the moderating role of digital transformation. Frontiers in Environmental Science, 11(August), 1–11. https://doi.org/10.3389/fenvs.2023.1256052
Garbie, I. H. (2015). Sustainability awareness in industrial organizations. Procedia CIRP, 26, 64–69. https://doi.org/10.1016/j.procir.2015.03.003
González-Pozo, R., Arenas-Parra, M., Quiroga-García, R., & Bilbao-Terol, A. (2024). A proposal for refining the ESG methodology used by rating agencies. International Transactions in Operational Research, 32, 2003–2033. https://doi.org/10.1111/itor.13550
Hardiningsih, P., Nuswandari, C., Srimindarti, C., Lisiantara, G. A., & Setiawati, I. (2024). A literacy of the relevance of Asian value sustainability reporting in Indonesia. Investment Management and Financial Innovations, 21(1), 76–87. https://doi.org/10.21511/imfi.21(1).2024.07
Hermanto, H. (2021). Model triple bottom menuju kinerja keuangan. Jurnal Akuntansi Dan Bisnis: Jurnal Program Studi Akuntansi, 7(2), 166–179. https://doi.org/10.31289/jab.v7i2.5648
Ibáñez-Forés, V., Martínez-Sánchez, V., Valls-Val, K., & Bovea, M. D. (2022). Sustainability reports as a tool for measuring and monitoring the transition towards the circular economy of organisations: Proposal of indicators and metrics. Journal of Environmental Management, 320(April). https://doi.org/10.1016/j.jenvman.2022.115784
Janudin, J., Warasto, H. N., & Lestari, I. (2023). The influence of price-earnings ratio on stock prices at PT Bank Central Asia Tbk period 2016 - 2021. Journal of Economics and Business Letters, 3(5), 18–22. https://doi.org/10.55942/jebl.v3i5.244
Li, Q., Tsang, A., Wu, Q., & Xiong, X. (2025). ESG rating agencies and investors’ reactions to earnings news. Journal of Contemporary Accounting and Economics, 21(1), 100456. https://doi.org/10.1016/j.jcae.2025.100456
Made, D., Antara, D. J., Asri, G. A. M., Putri, D., Made, N., Ratnadi, D., Gusti, N., & Wirawati, P. (2020). Effect of firm size, leverage, and environmental performance on sustainability reporting. American Journal of Humanities and Social Sciences Research, 1, 40–46. https://www.ajhssr.com/wp-content/uploads/2020/01/E20414046.pdf
Mansour, A., Al-Ma’aitah, M., Deek, A., Alshaketheep, K., & Shajrawi, A. (2024). Societal sustainability consciousness and its influence on corporate responsibility uptake in Jordan’s business sector. Discover Sustainability, 5(1). https://doi.org/10.1007/s43621-024-00324-0
Martens, W., & Bui, C. N. M. (2023). An exploration of legitimacy theory in accounting literature. OALib, 10(01), 1–20. https://doi.org/10.4236/oalib.1109713
Mousa, et. al., G. A. (2015). Legitimacy theory and environmental practices: Short notes. International Journal of Business and Statistical Analysis, 2(1), 41–53. https://doi.org/10.12785/ijbsa/020104
Naeem, N., & Çankaya, S. (2022). The impact of ESG performance over financial performance: A study on global energy and power generation companies. International Journal of Commerce and Finance, 8(1), 1–25. https://ijcf.ticaret.edu.tr/index.php/ijcf/article/view/285
NCCR. (2024). About Asia SR Rating. https://nccr.id/asia-sr-rating/about-asia-sr-rating/
Okon, L. J., Philip, I. B., & Okpokpo, A. S. (2021). Sustainability reporting and financial performance sustainability. AKSU Journal of Administration and Corporate Governance (AKSUJACOG), 1(2), 71–83. https://aksujacog.org.ng/articles/23/04/
Paranita, E. S., Ramadian, A., Wijaya, E., Nursanti, T. D., & Judijanto, L. (2025). The impact of ESG factors on investment decisions: Exploring the interplay between sustainability reporting, corporate governance, and financial performance. Journal of Ecohumanism, 4(1), 4522–4533. https://doi.org/10.62754/joe.v4i1.6342
Pham, D. C., Do, T. N. A., Doan, T. N., Nguyen, T. X. H., & Pham, T. K. Y. (2021). The impact of sustainability practices on financial performance: empirical evidence from Sweden. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1912526
Priyanto, P., & Suhandi, N. P. M. (2023). Unraveling the link: Relationship firm value shapes ESG ratings. Jabe (Journal of Accounting and Business Education), 8(2), 61. https://doi.org/10.17977/jabe.v8i2.44972
Putri, F. E., & Halimatusyadiah, H. (2024). Indonesia capital market reaction to green investing implementation. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(1), 1311–1332. https://doi.org/10.31955/mea.v8i1.3854
Raghavendra, R., & Ting, Y. (2023). Survey on ESG, investors, and firms. China Finance Review International, 14(1), 3–33. https://doi.org/10.1108/CFRI-12-2022-0260
Rahi, A. F., Akter, R., & Johansson, J. (2022). Do sustainability practices influence financial performance? Evidence from the Nordic financial industry. Accounting Research Journal, 35(2), 292–314. https://doi.org/10.1108/ARJ-12-2020-0373
Rahman, M. L., & Shamsuddin, A. (2019). Investor sentiment and the price-earnings ratio in the G7 stock markets. Pacific Basin Finance Journal, 55(March), 46–62. https://doi.org/10.1016/j.pacfin.2019.03.003
Ramadhani, S., Kurnia Ekasari, & Hesti Wahyuni. (2023). Is there a difference in the level of disclosure of sustainability reports of participants and non-participants of the Asia Sustainability Reporting Rating (ASRRAT)? Journal of Applied Business, Taxation and Economics Research, 2(4), 382–400. https://doi.org/10.54408/jabter.v2i4.178
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