Institutional Ownership Memoderasi Pengaruh Komite Keberlanjutan, Jenis Industri Dan Penghargaan Terhadap Sustainability Reporting
DOI:
https://doi.org/10.33395/owner.v10i2.3077Keywords:
Sustainability reporting, Sustainability Committee, Institutional ownership, ESG, Signalling TheoryAbstract
This study aims to analyze the influence of sustainability committees, industry types, and awards on sustainability reporting, and to examine the role of institutional ownership moderation in non-financial companies listed on the Indonesia Stock Exchange (IDX). The sample consists of 224 companies from 11 major sectors based on the IDX-IC classification, with active criteria registered by the end of 2024 and publishing identifiable sustainability reporting. The analysis method used multiple linear regression and Moderated Regression Analysis (MRA). The results showed that sustainability and awards committees had a positive, significant influence on sustainability reporting, whereas industry type did not. In addition, institutional ownership does not significantly moderate the relationship between sustainability committees, industry types and rewards for sustainability reporting. These findings suggest that institutional investors have not used sectoral characteristics or sustainability awards to assess the strength of a company's ESG signals, thereby failing to strengthen sustainability reporting practices. Theoretically, the study broadens the understanding of the application of signal theory in developing countries, while practically providing implications for management, regulators, and investors to strengthen sustainability governance, drive ESG transparency, and balance financial orientation with long-term sustainability commitments.
Downloads
References
Akbar, T., & Murdiyanto, E. (2023). Is sustainability report disclosure implemented properly? (A case study of companies listed in Sri-Kehati Index). Jurnal Manova, VI(1), 58–74.
Akhtar, P., Ullah, S., Amin, S. H., Kabra, G., & Shaw, S. (2020). Dynamic capabilities and environmental sustainability for emerging economies’ multinational enterprises. International Studies of Management & Organization, 50(1), 27–42. https://doi.org/10.1080/00208825.2019.1703376
Alcaide-Ruiz, M. D., Bravo-Urquiza, F., & Moreno-Ureba, E. (2022). Sustainability Committee Research: A Bibliometric Study. Sustainability, 14(23), 16136. https://doi.org/10.3390/su142316136
Ali, W., Mahmood, Z., Wilson, J., & Ismail, H. (2024). The impact of sustainability governance attributes on comprehensive CSR reporting: A developing country setting. Corporate Social Responsibility and Environmental Management, 31(3), 1802–1817. https://doi.org/10.1002/csr.2677
Amran, A., Abbasi, M. A., Foroughi, B., & Tanggamani, V. (2024). Sustainability Reporting, Corporate Reputation, and Firm Performance: Moderating Role of Third-Party Assurance. Corporate Reputation Review. https://doi.org/10.1057/s41299-024-00185-3
Andriadi, K. D., & Werastuti, D. N. S. (2022). A comprehensive study on the quality of sustainability reporting disclosure between Indonesia and other countries. Accounting, 8(1), 19–26. https://doi.org/10.5267/j.ac.2021.6.010
Benameur, K. B., Mostafa, M. M., Hassanein, A., Shariff, M. Z., & Al-Shattarat, W. (2024). Sustainability reporting scholarly research: a bibliometric review and a future research agenda. Management Review Quarterly, 74(2), 823–866. https://doi.org/10.1007/s11301-023-00319-7
Blay, M. W., Hoeyi, P. K., Badu, E. A., & Jibril, A. B. (2024). Impact of Board Committee Characteristics on Social Sustainability Reporting in Sub-Saharan Africa: The Moderating Role of Institutional Ownership. Journal of Risk and Financial Management, 17(7), 302. https://doi.org/10.3390/jrfm17070302
Boiral, O., Heras-Saizarbitoria, I., & Brotherton, M. C. (2020). Professionalizing the assurance of sustainability reports: the auditors’ perspective. Accounting, Auditing and Accountability Journal, 33(2), 309–334. https://doi.org/10.1108/AAAJ-03-2019-3918
Choudhury, K. S., Ahmed, J. U., & Laskar, N. (2022). Impact of Corporate Governance Attributes on Sustainability Reporting: Evidence from India. Indonesian Journal of Sustainability Accounting and Management, 6(2). https://doi.org/10.28992/ijsam.v6i2.690
Chrzan, S., & Pott, C. (2024). Limiting environmental reporting flexibility: investor judgment based on the EU taxonomy. Review of Quantitative Finance and Accounting, 63(4), 1511–1548. https://doi.org/10.1007/s11156-024-01297-x
Cohen, G. (2023). The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting, 60(4), 1451–1468. https://doi.org/10.1007/s11156-023-01135-6
Collevecchio, F., Temperini, V., Barba-Sanchez, V., & Meseguer-Martinez, A. (2025). Sustainable Governance: Board Sustainability Experience and the Interplay with Board Age for Firm Sustainability. Journal of Business Ethics, 197(2), 371–389. https://doi.org/10.1007/s10551-024-05739-3
Damiano, R., & Picciotto, L. (2025). Mentioning Sustainable Development Goals in Large Hotel Companies’ Sustainability Reports: Signals of Substantive or Symbolic Commitment. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.70168
Safangah, D. A., & Nofryanti. (2023). Pengaruh kompensasi eksekutif, kepemilikan institusional, dan preferensi risiko eksekutif terhadap penghindaran pajak. JURNAL EKONOMI BISNIS DAN MANAJEMEN, 1(1), 8–19. https://doi.org/10.59024/jise.v1i1.27
Du Toit, E. (2024). Thirty Years of Sustainability Reporting: Insights, Gaps and an Agenda for Future Research Through a Systematic Literature Review. Sustainability, 16(23), 10750. https://doi.org/10.3390/su162310750
Dutta, P. (2020). Determinants of voluntary sustainability assurance: the importance of corporate environmental performance. Social Responsibility Journal, 16(8), 1403–1414. https://doi.org/10.1108/SRJ-06-2019-0213
Firmansyah, A., Arham, A., M. Elvin Nor, A., & Vito, B. (2020). Corporate social responsibility disclosure in Indonesia: A bibliographic study. International Journal of Sustainable Development & World Policy, 9(2), 91–121. https://doi.org/10.18488/journal.26.2020.92.91.121
Galeotti, R. M., Camilleri, M. A., Roberto, F., & Sepe, F. (2025). Stakeholder engagement disclosures in sustainability reports: Evidence from Italian food companies. Business Ethics, the Environment & Responsibility, 34(1), 260–279. https://doi.org/10.1111/beer.12642
GarcÃÂa-Sánchez, I.-M., Raimo, N., Amor-Esteban, V., & Vitolla, F. (2023). Board committees and non-financial information assurance services. Journal of Management and Governance, 27(1), 1–42. https://doi.org/10.1007/s10997-021-09613-6
Gerwing, T., Kajüter, P., & Wirth, M. (2022). The role of sustainable corporate governance in mandatory sustainability reporting quality. Journal of Business Economics, 92(3), 517–555. https://doi.org/10.1007/s11573-022-01092-x
Ghozali, I., & Ratmono, D. (2020). Analisis multivariat dan ekonometrika: teori, konsep dan aplikasi dengan Eviews10 (2nd ed.). Badan Penerbit Universitas Diponegoro.
Gürbüz, H., & Gürbüz, C. (2025). The Mediating Effect of the Sustainability Committee on the Relationship of Size of Board of Directors with Environmental Sustainability Disclosures: A Study in the Transportation Sector. Sustainability, 17(7), 3165. https://doi.org/10.3390/su17073165
Hardiningsih, P., Nuswandari, C., Srimindarti, C., Anggana Lisiantara, G., & 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
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
Ilhan, E., Krueger, P., Sautner, Z., & Starks, L. T. (2023). Climate Risk Disclosure and Institutional Investors. The Review of Financial Studies, 36(7), 2617–2650. https://doi.org/10.1093/rfs/hhad002
Indy, L. A., Uzliawati, L., & Mulyasari, W. (2022). The Effect of Managerial Ownership and Institutional Ownership on Sustainability Reporting and Their Impact on Earning Management. Journal of Applied Business, Taxation and Economics Research, 1(3), 243–256. https://doi.org/10.54408/jabter.v1i3.48
Janus, B., & Murphy, H. (2013, April 16). Sustainability Reporting And The Oil And Gas Industry - Challenges And Emerging Trends. European HSE Conference and Exhibition. https://doi.org/10.2118/164965-MS
Jatmiko, W., Smaoui, H., & Hendranastiti, N. D. (2025). Competing Institutional Logics in Corporate ESG: Evidence From Developing Countries. Business Strategy and the Environment, 34(5), 6184–6209. https://doi.org/10.1002/bse.4283
Jonsdottir, B., Sigurjonsson, T. O., Johannsdottir, L., & Wendt, S. (2022). Barriers to using ESG data for investment decisions. Sustainability, 14(9), 5157. https://doi.org/10.3390/su14095157
Kurniawan, F., & Nugroho, A. H. L. (2025). ESG Performance during Financial Performance and Reporting Quality Shortfalls: Proving Signaling Theory in Indonesia. The Indonesian Accounting Review, 15(1), 99110. https://doi.org/10.14414/tiar.v15i1.5246
Littler, C. R. (2006). A signalling theory of strategy introduction: conceptualizing strategy. 1–7.
Loeis, M., & Alexander, D. (2023). Does ESG Initiatives Affect Market Value and Profitability for Public Listed Companies in Indonesia? (pp. 90–94). https://doi.org/10.2991/978-94-6463-328-3_11
Lopatta, K., Kaspereit, T., Tideman, S. A., & Rudolf, A. R. (2022). The moderating role of CEO sustainability reporting style in the relationship between sustainability performance, sustainability reporting, and cost of equity. Journal of Business Economics, 92(3), 429–465. https://doi.org/10.1007/s11573-022-01082-z
Lubis, M. F. F., & Rokhim, R. (2021). The Effect of Environmental, Social, and Governance (ESG) Disclosure and Competitive Advantage on Companies Performance as An Implementation of Sustainable Economic Growth in Indonesia for Period of 2015-2019. IOP Conference Series: Earth and Environmental Science, 940(1), 012059. https://doi.org/10.1088/1755-1315/940/1/012059
Marsdenia, & Koestoer, R. H. S. (2023). A Sustainability Reporting Issue: A Comparative Review Between Indonesia and Nordic Country. International Journal of Professional Business Review, 8(12), e4014. https://doi.org/10.26668/businessreview/2023.v8i12.4014
Momchilov, G. (2022). Sustainability reporting by companies: reasons and financial benefits. VUZF Review, 7(1), 55–68. https://doi.org/10.38188/2534-9228.22.1.06
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), 326. https://doi.org/10.3390/jrfm17080326
Mulyono. (2023). Business Sustainability Performance on Pandemic: Lesson from IDX ESG Leaders Company. E3S Web of Conferences, 426, 02067. https://doi.org/10.1051/e3sconf/202342602067
Negara, N. G. P., Ishak, G., & Priambodo, R. E. A. (2024). Impact of ESG Disclosure Score on Firm Value: Empirical Evidence From ESG Listed Company in Indonesia Stock Exchange. European Journal of Business and Management Research, 9(2), 114–118. https://doi.org/10.24018/ejbmr.2024.9.2.2064
Nguyen, D. T. P., Nguyen, L. T. H., Nguyen, A. T. M., & Phan, L. L. T. (2024). Factors affecting the readiness for ESG reporting in Vietnamese enterprises. Problems and Perspectives in Management, 22(3), 263–275. https://doi.org/10.21511/ppm.22(3).2024.21
Nofryanti, Sembel, R., Augustine, Y., & Jansen Arsjah, R. (2021). Sustainability Performance and Sustainable Development Goals. International Journal of Sustainable Development & World Policy, 10(1), 1–7. https://doi.org/10.18488/journal.26.2021.101.1.7
Octavia, D., Jayanti, H., Lee, J. G., Arlie, R., & Lindrianasari, L. (2023). External party recognition on ESG disclosure to stock price: A case study of ESG disclosure awards in Indonesian Stock Exchange. Journal of Applied Finance and Accounting, 10(1). https://doi.org/10.21512/jafa.v10i1.9970
Orazalin, N. S., Ntim, C. G., & Malagila, J. K. (2024). Board Sustainability Committees, Climate Change Initiatives, Carbon Performance, and Market Value. British Journal of Management, 35(1), 295–320. https://doi.org/10.1111/1467-8551.12715
Pisano, S., D’Amore, G., Landriani, L., & Lepore, L. (2022). Can a corporate social responsibility committee be utilized to enhance the effectiveness of independent directors? Corporate Ownership and Control, 20(1), 201–213. https://doi.org/10.22495/cocv20i1art18
Putri, A. M. N., Bimo, I. D., & Sulistyaningsih, E. (2024). The Effect of Sustainability Reports on FirmValue with Institutional Ownership as a Moderating Variable. Journal of Entrepreneurship and Business, 5(3), 201–210. https://doi.org/10.24123/jeb.v5i3.6490
Rahdari, A. H., & Anvary Rostamy, A. A. (2015). Designing a general set of sustainability indicators at the corporate level. In Journal of Cleaner Production (Vol. 108, pp. 757–771). Elsevier Ltd. https://doi.org/10.1016/j.jclepro.2015.05.108
Ren, X., Dong, Y., Guo, J. M., & Liu, Y. (2023). Institutional ownership and corporate greenhouse gas emissions: The evidence from China. Pacific-Basin Finance Journal, 82, 102135. https://doi.org/10.1016/j.pacfin.2023.102135
Rezaee, Z., Homayoun, S., & Rezaee, N. J. (2020). Sustainability assurance factors and feterminants in ASIA. US-China Education Review B, 10(5), 200–215. https://doi.org/10.17265/2161-6248/2020.05.002
Rosini, I., Gunawan, J., & Rahman Hakim, D. (2020). The contingent fit between management control system and capabilities on sustainability performance. International Journal of Business, Economics and Management, 7(6), 375–386. https://doi.org/10.18488/journal.62.2020.76.375.386
Sapsanguanboon, W., Faijaidee, W., & Potasin, L. (2025). Strategic integration of sustainability for competitive advantage: A framework for balancing the triple bottom line. Corporate Governance and Sustainability Review, 9(2), 110–119. https://doi.org/10.22495/cgsrv9i2p10
Saputri, M., & Isbanah, Y. (2021). Pengaruh Good Corporate Governance dan Corporate Sosial Responsibility terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Mediasi pada Perusahaan Misscellaneous Industry di BEI Periode 2016-2019. Jurnal Ilmu Manajemen, 9(2), 651. https://doi.org/10.26740/jim.v9n2.p651-669
Setyahadi, R. R., & Narsa, I. M. (2020). Corporate Governance and Sustainability in Indonesia. The Journal of Asian Finance, Economics and Business, 7(12), 885–894. https://doi.org/10.13106/jafeb.2020.vol7.no12.885
Sheldon, M. D., & Jenkins, J. G. (2020). The influence of firm performance and (level of) assurance on the believability of management’s environmental report. Accounting, Auditing & Accountability Journal, 33(3), 501–528. https://doi.org/10.1108/AAAJ-11-2018-3726
Siwei, D., & Chalermkiat, W. (2023). An analysis on the relationship between ESG information disclosure and enterprise value: A case of listed companies in the energy industry in China. Cogent Business & Management, 10(3). https://doi.org/10.1080/23311975.2023.2207685
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010
Sulemana, I., Cheng, L., Agyemang, A. O., Osei, A., & Nagriwum, T. M. (2025). Stakeholders and sustainability disclosure: Evidence from an emerging market. Sustainable Futures, 9, 100445. https://doi.org/10.1016/j.sftr.2025.100445
Tan, A.-, & Zarefar, A.-. (2022). Corporate Governance and Sustainability in Indonesia: The Moderating Role of Institutional Ownership. Jurnal Dinamika Akuntansi, 14(2), 98–109. https://doi.org/10.15294/jda.v14i2.37064
Velte, P. (2020). Institutional ownership, environmental, social, and governance performance and disclosure – a review on empirical quantitative research. Problems and Perspectives in Management, 18(3), 282–305. https://doi.org/10.21511/ppm.18(3).2020.24
Venter, E. R., & van Eck, L. (2021). Research on extended external reporting assurance: Trends, themes, and opportunities. Journal of International Financial Management and Accounting, 32(1), 63–103. https://doi.org/10.1111/jifm.12125
Vijaya, A., Meisterknecht, J. P. S., Angreani, L. S., & Wicaksono, H. (2025). Advancing sustainability in the automotive sector: A critical analysis of environmental, social, and governance (ESG) performance indicators. Cleaner Environmental Systems, 16, 100248. https://doi.org/10.1016/j.cesys.2024.100248
Wang, J., Ke, Y., Zhang, H., & Cheng, Y. (2023). Which institutional investors can improve the level of corporate ESG information disclosure? PLOS ONE, 18(11), e0290008. https://doi.org/10.1371/journal.pone.0290008
Wang, L. (2023). Unlocking the link between company attributes and sustainability accounting in shanghai: firm traits driving corporate transparency and stakeholder responsiveness. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1273445
Sari, W. N., Nofryanti, & Rosini, I. (2024). Managerial ownership moderating sustainability reporting and philanthropy disclosure on firm value. International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC), 2(6), 1994–2007. https://doi.org/10.61990/ijamesc.v2i6.337
Yatim, M. R., Al Islami, M. I., Wahyudi, A., Indriati, P., & Azizah, W. (2024). Does industry type matter?. Sustainability reporting disclosure gaps between manufacturing and non-manufacturing firms. Keberlanjutan?: Jurnal Manajemen Dan Jurnal Akuntansi, 9(2), 140–150. https://doi.org/10.32493/keberlanjutan.v9i2.y2024.p140-150
Yulistia, R., Minovia, A. F., & Putri, N. A. (2023). Sustainability Report, Intellectual Capital dan Nilai Perusahaan. Jurnal Akuntansi Dan Ekonomika, 13(1), 1–10. https://doi.org/10.37859/jae.v13i1.4782
Zairin, G. M., Lim, T. S., Khairunnisa, H., Respati, D. K., Musyaffi, A. M., Nurmalita, S., & Hoo, W. C. (2025). The limited influence of institutional ownership on environmental, social, governance, and financial outcomes. Corporate Governance and Sustainability Review, 9(3, special issue), 242. https://doi.org/10.22495/cgsrv9i3sip5
Zhao, D., Ngan, S. L., Jamil, A. H., Salleh, M. F. M., & Yusoff, W. S. (2025). Peer Effects on ESG Disclosure: Drivers and Implications for Sustainable Corporate Governance. Sustainability, 17(10), 4392. https://doi.org/10.3390/su17104392
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Tabita Novikurniasari Harijanto, Nofryanti, Iin Rosini
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
