FINANCIAL PERFORMANCE AND CORPORATE GOVERNANCE AS DETERMINANTS OF SUSTAINABILITY REPORT DISCLOSURE WITH FIRM SIZE AS A MODERATING VARIABLE
DOI:
https://doi.org/10.35334/fzegnb13Keywords:
sustainability reporting, financial performance, corporate governance, firm size, PLS-SEMAbstract
This study aims to analyze the effect of financial performance and corporate governance on sustainability reporting, with firm size as a moderating variable, in consumer cyclicals and consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Financial performance is measured using ROA, ROE, and NPM, while corporate governance is measured through independent commissioners, managerial ownership, the audit committee, and audit quality. Sustainability reporting is measured using the GRI index. This study uses a quantitative approach with PLS-SEM analysis on 120 observation data points. The results show that financial performance and corporate governance do not have a significant effect on sustainability reporting. Firm size also does not moderate this relationship.
References
Aprianti, S., Susetyo, D., Meutia, I., & Fuadah, L. L. (2022). Audit Committee Characteristics and Sustainability Reporting in Indonesia. 647(51), 42–47.
Apriyani, M. W., & Widoretno, A. A. (2024). Sustainability Report Disclosure: Dampak Kinerja Keuangan dan Komite Audit. Gorontalo Accounting Journal, 7(2), 313–323. https://doi.org/10.32662/gaj.v7i2.3494
Azzarah, R. D., Utami, R. H., & Rizky, D. (2024). Pengaruh Kinerja Keuangan Terhadap Pengungkapan Sustainability Report (Studi Kasus Perusahaan Infrastruktur yang Terdaftar Di Bursa Efek Indonesia Tahun 2020–2022). 4, 8987–8998.
Bursa Efek Indonesia. (2025). Perkuat Transparansi Data ESG, BEI Luncurkan ESG Reporting untuk Perusahaan Tercatat. https://www.idx.co.id/id/berita/siaran-pers/2306
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer On Partial Least Squares Structural Equation Modeling (PLS-SEM).
Hamid, R. S., & Anwar, S. M. (2019). Structural Equation Modeling (SEM) Berbasis Varian. PT. Inkubator Penulis Indonesia.
Ika, S. R., Nugroho, J. P., Achmad, N., & Widagdo, A. K. (2021). The impact of corporate governance on environmental reporting: Evidence from the Indonesian manufacturing industry. IOP Conference Series: Earth and Environmental Science, 739(1). https://doi.org/10.1088/1755-1315/739/1/012030
Ikatan Akuntan Indonesia. (2019). Kerangka Konseptual Pelaporan Keuangan (KKPK). In IAI.
Immanuel, G., & Sambuaga, E. A. (2024). The influence of corporate governance elements on the disclosure of sustainability reporting. 22(2), 287–302.
Indana, D., & Pangestuti, I. R. D. (2024). Analysis of Financial Characteristics of Sustainability Report: Company Size as Moderating Variable. Research Horizon, 04(04), 197–204.
Indrianingsih, & Agustina, L. (2020). The Effect of Company Size, Financial Performance, and Corporate Governance on the Disclosure of Sustainability Report. Accounting Analysis Journal, 9(2), 116–122. https://doi.org/10.15294/aaj.v9i2.31177
Listiani, Y., & Fadjar, A. (2025). The Influence of Good Corporate Governance and Profitability on Sustainability Report Disclosure with Firm Size as A Moderating Variable (A Study Case on Banking Sector in Indonesia 2018-2023). 6(3), 1015–1027.
Nainggolan, Y. T., & Karunia, E. (2022). Leverage, corporate governance dan profitabilitas sebagai determinan earnings management. 2(2), 420–429. https://doi.org/10.29264/jakt.v19i2.10752
Nurdin, N., & Riyadi, P. (2023). The Effect Of Financial Performance, Leverage, Good Corporate Governance And Company Size On The Sustainability Report (Study Of Companies Listed On The IDX, LQ 45 In Year 2015–2019). Journal of Entrepreneurial and Business Diversity, 1(1), 22–37. https://doi.org/10.38142/jebd.v1i1.34
Organization for Economic Co-operation and Development. (2023). G20/OECD Principles of Corporate Governance. In OECD Publishing.
Otoritas Jasa Keuangan. (2017). POJK 51 Tahun 2017. 6.
Purnama, D. P., & Handayani, B. D. (2021). The Effect of Financial Performance and Corporate Governance on Sustainability Report Disclosure with Company Size as a Moderation. Accounting and Finance Studies, 1(2), 138–162. https://doi.org/10.47153/afs12.1362021
Rohmah, K. L., Adiputra, A. K., & Kurniawati, W. (2019). Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Keuangan Perusahaan. Seminar Nasional UNRIYO, 147–159.
Ruhana, A., & Hidayah, N. (2020). The Effect of Liquidity, Firm Size, and Corporate Governance Toward Sustainability Report Disclosures (Survey on: Indonesia Sustainability Report Award Participant). 120(Icmeb 2019), 279–284. https://doi.org/10.2991/aebmr.k.200205.048
Sitorus, C. I., Bukit, R. B., & Bulan, N. (2024). The Influence of Company Size, Board of Directors and Leverage on Sustainability Report Disclosure with Profitability as a Moderation Variable in LQ45 Companies Listed on the Indonesia Stock Exchange. 07(05), 2673–2688. https://doi.org/10.47191/ijcsrr/V7-i5-29
Sriningsih, & Wahyuningrum, I. F. S. (2022). Pengaruh Comprehensive Stakeholder Pressure dan Good Corporate Governance terhadap Kualitas Sustainability Report. 6, 813–827.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif dan R&D.
Wahyuni, P. dwi. (2020). Corporate governance and sustainability reporting practices: market dimension of financial performance. 22(1), 8–16.
