Moderasi Struktur Kepemilikan: Kinerja Lingkungan, Biaya Lingkungan, Pengungkapan CSR, dan Kinerja Keuangan

Ayumi  Fathika; Erna Hernawati

doi:10.33395/owner.v10i4.3808

Authors

Ayumi Fathika
✉ Corresponding author: ayumifathika@gmail.com Program Studi Akuntansi Program Sarjana, Fakultas Ekonomi dan Bisnis, UPN "Veteran" Jakarta
Erna Hernawati Program Studi Akuntansi Program Sarjana, Fakultas Ekonomi dan Bisnis, UPN "Veteran" Jakarta

DOI:

https://doi.org/10.33395/owner.v10i4.3808

Keywords:

Blockholder Institusional Owneship, CSR Disclosure, Economic Value Added, Environmental Cost, Environmental Performance, Managerial Ownership, Financial Performance

Abstract

This study examines the effects of environmental performance, environmental costs, and corporate social responsibility (CSR) disclosure on financial performance, proxied by Economic Value Added (EVA), among energy sector companies listed on the Indonesia Stock Exchange during 2019–2024, and investigates the moderating role of ownership structure, represented by institutional and managerial ownership. Using purposive sampling, the study obtains 132 firm-year observations from 28 companies. Environmental performance is measured through PROPER ratings, environmental costs through the ratio of environmental expenditure to total assets, and CSR disclosure through a GRI Standards-based checklist. A one-year lag structure is applied, positioning ownership structure at t-1, sustainability variables at t, and financial performance at t+1. Data are analyzed using panel data regression with the Common Effect Model and robust standard errors. The results show that environmental performance, environmental costs, and CSR disclosure do not significantly affect EVA, indicating that these sustainability practices function primarily as compliance and legitimacy mechanisms rather than direct value-creation strategies in the capital-intensive, regulation-driven energy sector. Institutional ownership, whether measured in aggregate or decomposed into domestic and foreign ownership, and managerial ownership fail to moderate these relationships, suggesting that ownership concentration does not translate into effective oversight capable of converting sustainability activities into economic value. Leverage is the only variable with a significant, negative effect on EVA. These findings imply that sustainability initiatives in Indonesia's energy sector remain disconnected from operational efficiency and capital cost reduction, highlighting the need for stronger integration between environmental and social strategies and corporate financial objectives.

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