Peran ESG Disclosure Dalam Menekan Manajemen Laba Perusahaan Sawit
DOI:
https://doi.org/10.70052/jeba.v4i1.1350Keywords:
ESG disclosure, Struktur modal, Debt to equity ratio, Manajemen labaAbstract
Penelitian ini mengkaji pengaruh disclosure ESG dan struktur modal terhadap manajemen laba pendapatan, dengan profitabilitas (Return on Assets/ROA) termasuk sebagai variabel kontrol. Studi ini menggunakan data sekunder dari laporan tahunan dan keberlanjutan perusahaan perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia selama 2022–2024. Disclosure ESG diukur menggunakan indeks berbasis analisis konten, sedangkan manajemen laba diproksi oleh total akrual. Analisis menggunakan regresi data panel menggunakan Random Effect Model (REM). Hasil penelitian menunjukkan bahwa disclosure ESG tidak memiliki efek yang signifikan terhadap manajemen pendapatan, menunjukkan bahwa praktik ESG sebagian besar masih bersifat simbolis dan belum secara efektif meningkatkan kualitas pelaporan keuangan. Struktur modal, diukur dengan rasio utang terhadap ekuitas (DER), memiliki efek negatif dan sedikit signifikan, menunjukkan bahwa leverage yang lebih tinggi dapat sedikit membatasi manajemen pendapatan. Profitabilitas (ROA), sebagai variabel kontrol, tidak secara signifikan mempengaruhi manajemen pendapatan. Namun, secara bersama-sama, disclosure ESG, struktur modal, dan profitabilitas secara signifikan memengaruhi manajemen pendapatan. Studi ini berkontribusi pada literatur dengan memberikan bukti dari konteks pasar yang sedang berkembang dan menyoroti perlunya meningkatkan kualitas substantif disclosure ESG.
This study examines the effect of ESG disclosure and capital structure on Earnings Management, with profitability (Return on Assets/ROA) included as a control variable. The study uses secondary data from annual and sustainability reports of palm oil plantation companies listed on the Indonesia Stock Exchange during 2022–2024. ESG disclosure is measured using a content analysis-based index, while Earnings Management is proxied by total accruals. The analysis employs panel data regression using the Random Effect Model (REM). The results show that ESG disclosure does not have a significant effect on Earnings Management, indicating that ESG practices are still largely symbolic and have not effectively improved financial reporting quality. Capital structure, measured by the debt-to-equity ratio (DER), has a negative and marginally significant effect, suggesting that higher leverage may slightly constrain Earnings Management. Profitability (ROA), as a control variable, does not significantly affect Earnings Management. However, jointly, ESG disclosure, capital structure, and profitability significantly influence Earnings Management. This study contributes to the literature by providing evidence from an emerging market context and highlights the need to improve the substantive quality of ESG disclosure.
References
Abdul Rahman, R., & Alsayegh, M. F. (2021). Determinants of Corporate Environment, Social and Governance (ESG) Reporting among Asian Firms. Journal of Risk and Financial Management, 14(4), 167. https://doi.org/10.3390/jrfm14040167
Adeneye, Y., & Kammoun, I. (2022). Real earnings management and capital structure: Does environmental, social and governance (ESG) performance matter? Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2130134
Aljughaiman, A. A., Nguyen, T. H., Trinh, V. Q., & Du, A. (2023). The Covid-19 outbreak, corporate financial distress and earnings management. International Review of Financial Analysis, 88, 102675. https://doi.org/10.1016/j.irfa.2023.102675
Almubarak, W. I., Chebbi, K., & Ammer, M. A. (2023). Unveiling the Connection among ESG, Earnings Management, and Financial Distress: Insights from an Emerging Market. Sustainability, 15(16), 12348. https://doi.org/10.3390/su151612348
Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate Economic, Environmental, and Social Sustainability Performance Transformation through ESG Disclosure. Sustainability, 12(9), 3910. https://doi.org/10.3390/su12093910
Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th ed.). Springer Nature.
Bawuah, I. (2024). Audit committee effectiveness, audit quality and earnings management: evidence from Ghana. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2315318
Biswas, S., Bhattacharya, M., Sadarangani, P. H., & Jin, J. Y. (2022). Corporate governance and earnings management in banks: An empirical evidence from India. Cogent Economics & Finance, 10(1). https://doi.org/10.1080/23322039.2022.2085266
Dwiastuti, R., & Triyono. (2023). Effect of Asset Growth and Company Size on the Financial Performance of the Company with Capital Structure as an Intervening Variabel. International Journal of Business Management and Economic Review, 06(03), 108–119. https://doi.org/10.35409/IJBMER.2023.3489
Fassas, A. P., & Papadamou, S. (2025). Investigating Greenwashing in the US Equity ETF Market. Journal of Beta Investment Strategies, 16(2), 30–42. https://doi.org/10.3905/jbis.2025.1.083
Helfaya, A., Morris, R., & Aboud, A. (2023). Investigating the Factors That Determine the ESG Disclosure Practices in Europe. Sustainability, 15(6), 5508. https://doi.org/10.3390/su15065508
Khamisu, M. S., Paluri, R. A., & Sonwaney, V. (2024). Environmental social and governance (ESG) disclosure motives for environmentally sensitive industry: an emerging economy perspective. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2322027
Khuong, N. V., Ly, H. T. N., & Anh, L. H. T. (2023). Accrual-based, real activities earnings management and corporate social responsibility: A virtuous circle? emerging market evidence. Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2209955
Liu, G., Qian, H., Shi, Y., Zhang, Y., & Wu, F. (2024). Does ESG report greenwashing increase stock price crash risk? China Journal of Accounting Studies, 12(3), 615–639. https://doi.org/10.1080/21697213.2024.2303070
Moussa, A. S., & Elmarzouky, M. (2024). Beyond Compliance: How ESG Reporting Influences the Cost of Capital in UK Firms. Journal of Risk and Financial Management, 17(8). https://doi.org/10.3390/jrfm17080326
Rahayu, M., & Emarawati, J. A. (2024). Struktur Modal, Inflasi dan Size terhadap Manajemen LabaMaryati Rahayu, 2 Jayanti Apri Emarawati. Ikraith-Ekonomika, 7(3).
Ruri Rahayu, Irianto, G., & Prastiwi, A. (2021). The effect of earnings management and media exposure on corporate social responsibility disclosure with corporate governance as a moderating variable. International Journal of Research in Business and Social Science (2147- 4478), 10(7), 220–229. https://doi.org/10.20525/ijrbs.v10i7.1471
Yuniawati, A., Ulupui, I. G. K. A., & Zairin, G. M. (2025). Pengaruh ESG, Financial Distress, dan Kepemilikan Manajerial terhadap Manajemen Laba. JSMA (Jurnal Sains Manajemen Dan Akuntansi), 17(1), 110–126. https://doi.org/10.37151/jsma.v17i1.233
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Afriani Pravitasari, Finarsih Septria, Dorit Hartini
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
