Pengaruh Struktur Modal, Leverage dan Environmental Social Governance (ESG) terhadap Kinerja Perusahaan
DOI:
https://doi.org/10.35870/emt.v10i1.5399Keywords:
Capital Structure, Leverage, ESG, Firm PerformanceAbstract
One of the main objectives of a company is to improve performance in a sustainable manner. To achieve this, companies must be able to manage their financial structure and implement responsible business practices. This study aims to empirically examine the effect of capital structure, leverage, and Environmental Social Governance (ESG) on firm performance, both partially and simultaneously. This research was conducted by analyzing companies in the basic materials sector listed on the Indonesia Stock Exchange (IDX) during the 2019 to 2023 period. The sample consisted of 8 companies selected using a purposive sampling technique. The data used in this study are secondary data in the form of financial reports and ESG reports. This study employed a panel data regression method with analysis conducted using Eviews 12 software. The results of the study show that the best-fit model is the Common Effect Model (CEM). The findings reveal that capital structure, leverage, and ESG simultaneously influence firm performance. Partially, ESG does not have a significant effect on firm performance, leverage has no significant effect, and capital structure also does not have a significant effect on firm performance.
Downloads
References
Anggreni, M. K. D., & Robiyanto, R. (2021). Pengaruh Struktur Modal Dan Struktur Kepemilikan Terhadap Kinerja Perusahaan Dengan Corporate Governance Sebagai Variabel Moderasi. Jurnal Ekonomi Bisnis dan Kewirausahaan, 10(2), 100.
Banani, A., & Mindayani, R. (2023). Pengaruh intellectual capital, kepemilikan institusional, risiko bisnis, dan struktur modal terhadap kinerja perusahaan dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Jurnal Daya Saing, 9(2), 430-441. https://doi.org/10.35446/dayasaing.v9i2.1296.
Bella, B. O. S., & Etty Murwaningsari. (2023). Pengaruh pengungkapan ESG dan investasi lingkungan terhadap kinerja perusahaan dengan inisiatif hijau sebagai variabel moderasi. Jurnal Ekonomi Trisakti, 3(2), 3125–3134. https://doi.org/10.25105/jet.v3i2.17896.
Binangkit, A. B., & Raharjo, S. (2014). Pengaruh struktur modal terhadap kinerja perusahaan dan harga saham pada perusahaan manufaktur di bursa efek Indonesia. AKTUAL, 1(2).
Durlista, M. A., & Wahyudi, I. (2023). Pengaruh pengungkapan environmental, social dan governance (ESG) terhadap kinerja perusahaan pada perusahaan sub sektor pertambangan batu bara periode 2017-2022. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(3), 210–232. https://doi.org/10.31955/mea.v7i3.3327.
Hake, S. N. R., & Shanti, S. (2024). Pengaruh Pengungkapan Environmental, Social, and Governance (Esg) Terhadap Efisiensi Investasi. Jurnal Ilmiah Mahasiswa Akuntansi, 13(1), 1-9.
Poetri, A. (2022). Pengaruh Struktur Aset, Pertumbuhan Penjualan, dan Profitabilitas Terhadap Struktur Modal. Journal of Sustainability Bussiness Research (JSBR), 3(2), 175-181.
Prastia, S., & Hasanah, A. (2022). Pengaruh kepemilikan keluarga dan leverage terhadap kinerja perusahaan. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 10(1), 36–43. https://doi.org/10.30871/jaemb.v10i1.4126.
Putu, C. P. I. A., & Devi, S. (2024). Pengaruh enviromental social governance (ESG) score dan struktur modal terhadap nilai perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 15(01), 166-173. https://doi.org/10.23887/jimat.v15i01.76346.
Purwitasari, D., Sumardi, & Larasati, M. (2023). Pengaruh tingkat risiko environmental social governance (ESG) dan leverage terhadap kinerja perusahaan pada indeks IDXESGL tahun 2020-2022. Jurnal Informatika Ekonomi Bisnis, 5, 522–529. https://doi.org/10.37034/infeb.v5i2.255.
Sari, S. (2024). Faktor yang berpengaruh terhadap kinerja usaha di UMKM Kota Depok. Jurnal Agribisnis Indonesia, 12(1), 151–162. https://doi.org/10.29244/jai.2024.12.1.151-162.
Sari, S., & Roro, C. (2025). Pengaruh struktur aktiva, risiko bisnis, dan ukuran. 9(2), 731–737.
Sumartini, E. (2020). Pengaruh Struktur Modal, Ukuran Perusahaan, Dan Pendidikan Dewan Komisaris Terhadap Kinerja Perusahaan Manufaktur Di Bursa Efek Indonesia. Jurnal Dinamika Ekonomi Dan Bisnis, 17(02), 143-149.
Wardani, D., & Rudolfus, M. Y. (2016). dampak leverage, kepemilikan institusional dan ukuran perusahaan terhadap kinerja perusahaan pada perusahaan manufaktur periode 2011-2015. Jurnal keuangan dan Perbankan, 13(1), 1-16. https://doi.org/10.35384/jkp.v13i1.26.
WIDYARI, K. P. (2022). PENGARUH GOOD CORPORATE GOVERNENCE, UKURAN PERUSAHAAN, LEVERAGE, KUALITAS AUDIT TERHADAP KINERJA PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2018-2020) (Doctoral dissertation, UNIVERSITAS MAHASARASWATI DENPASAR).
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Silvia Sari, Elly Rahmalia Sunandi
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
