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September 10, 2025Jurnal Ekonomi Akuntansi dan ManajemenOpen Access

Environmental, Social, and Governance (ESG) Disclosure and Company Performance: Empirical Evidence in Indonesian Banking

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Authors

SCSusi Retna CahyaningtyasUniversity of MataramSMSaipul Arni MuhsyafUniversity of MataramWHWahidatul HusnainiUniversity of Mataram

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Implication

Empirical evidence reveals varied impacts of ESG disclosure on company performance metrics, suggesting complex dynamics in Indonesian banks.

Key Points

  • ESG disclosure has no impact on return on assets (ROA), highlighting gaps in beneficial effects.
  • Governance disclosures negatively affect return on equity (ROE), signaling potential misalignment with financial performance.
  • Social and governance disclosures positively influence Tobin's Q, suggesting investor confidence in these aspects.
  • Environmental disclosures negatively affect stock returns, indicating investor skepticism towards sustainability claims.

Cite This Study

Cahyaningtyas et al. (2024) studied this question.

synapsesocial.com/papers/68c1dda954b1d3bfb60fc965https://doi.org/10.19184/jeam.v23i2.47084
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1ESG Disclosure and Financial Performance: The Moderating Role of Firm Size in Indonesian Banking Sector2025 · 4 citations
  2. 2The Effect Of Environmental Social Governance (ESG) Disclosures On Financial Performance In Companies Listed On The Indonesia Stock Exchange2024 · 1 citations
  3. 3Analysis of the Effects of Environmental Disclosure, Social Disclosure, and Governance Disclosure on Financial Performance in Companies Listed in the ESG Sector Leader Index of the Indonesia Stock Exchange in 20232024 · 3 citations
  4. 4The Role of Environment, Social and Governance in Shaping Firm Performance: Indonesian Evidence2024 · 1 citations
  5. 5Sustainability and Financial Performance: Influence of Social and Environmental Disclosure in Indonesia2026