PENGARUH KEPEMILIKAN INSTITUSIONAL, RAPAT KOMITE AUDIT, DAN UKURAN DEWAN KOMISARIS TERHADAP PENGUNGKAPAN ESG
Abstract
This study examines the relationship between good corporate governance mechanisms and environmental, social, and governance (ESG) disclosure among Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during 2021–2025. Specifically, it tests the effects of institutional ownership, audit committee meeting frequency, and board of commissioners size on ESG disclosure. The research adopts a quantitative approach and uses secondary data collected from companies’ annual reports and sustainability reports. Using purposive sampling, the final sample consists of 26 companies, representing 130 firm-year observations. ESG disclosure is measured by comparing the number of Global Reporting Initiative (GRI) items disclosed by each company with a reference set of 89 items. The data are analyzed through panel data regression using EViews 12, with the Random Effect Model (REM) selected as the estimation model. The results indicate that institutional ownership and audit committee meeting frequency do not have statistically significant effects on ESG disclosure. In contrast, board of commissioners size has a positive and statistically significant effect. These findings suggest that board size is associated with broader ESG disclosure, while the other two governance mechanisms do not show significant relationships within the observed sample.
Keywords: ESG Disclosure; Institutional Ownership; Audit Committee Meeting Frequency; Board Of Commissioners Size
Full Text:
PDFReferences
Adani, N. H., & Marsono, M. (2026). Board governance attributes and ESG disclosure: Evidence from non-financial companies listed on the Indonesia Stock Exchange. Jurnal Akuntansi dan Auditing, 22(3), 52–68. https://doi.org/10.14710/jaa.22.3.52-68
Aluchna, M., Roszkowska-Menkes, M., Kamiński, B., & Bosek-Rak, D. (2022). Do institutional investors encourage firm to social disclosure? The stakeholder salience perspective. Journal of Business Research, 142, 674–682. https://doi.org/10.1016/j.jbusres.2021.12.064
Anggraini, F., Helmi, S., & Meihendri. (2025). Frequency of audit committee meetings and firm value: Environmental, social, and governance disclosure (ESG) roles. Jurnal Reviu Akuntansi dan Keuangan, 15(2), 381–395. https://doi.org/10.22219/jrak.v15i2.30189
BPOM. (2026). BPOM temukan 56 ribu produk pangan tidak memenuhi ketentuan selama Ramadan dan jelang Idulfitri 2026. https://www.pom.go.id/siaran-pers/bpom-temukan-56-ribu-produk-pangan-tidak-memenuhi-ketentuan-selama-ramadan-dan-jelang-idulfitri-2026
Bursa Efek Indonesia. (2021). BEI implementasikan IDX Industrial Classification. https://www.idx.co.id/id/berita/siaran-pers/1456
Bursa Efek Indonesia. (2024). ESG, kunci investasi berkelanjutan di pasar modal. https://www2.idx.co.id/id/berita/artikel/?id=8c16e649-29bd-ef11-b809-85a72685ebb3
Cahyani, N. M. A., Redita, K., & Rinaningsih, R. (2024). The role of audit committee attributes in enhancing of environmental, social, and governance disclosure standards. CURRENT: Jurnal Kajian Akuntansi dan Bisnis Terkini, 5(2), 338–353. https://doi.org/10.31258/current.5.2.338-353
Cepêda, C., Monteiro, A. P., & Aibar-Guzmán, B. (2025). Bridging the ESG credibility gap: The role of institutional investors in mitigating ESG decoupling. Business Strategy and the Environment, 34(6), 7139–7160. https://doi.org/10.1002/bse.4336
Chulim, F. R., Nurullah, A., & Patmawati, P. (2025). The influence of the audit committee characteristics and institutional ownership on sustainability report disclosure. Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang, 15(2), 216–227. https://doi.org/10.26714/mki.15.2.2025.216-227
CRMS. (2019). Laporan ESG survey 2019: Kondisi praktis penerapan aspek lingkungan, sosial, dan tata kelola di Indonesia.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693–714. https://doi.org/10.1016/j.jfineco.2018.08.013
Erin, O., Adegboye, A., & Bamigboye, O. A. (2022). Corporate governance and sustainability reporting quality: Evidence from Nigeria. Sustainability Accounting, Management and Policy Journal, 13(3), 680–707. https://doi.org/10.1108/SAMPJ-06-2020-0185
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge University Press.
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, and the environmental, social, and governance (ESG) disclosure, firm value and firm performance: The audit committee as moderating variable. Economies, 10(12), 314. https://doi.org/10.3390/economies10120314
Giannarakis, G., Andronikidis, A., & Sariannidis, N. (2020). Determinants of environmental disclosure: Investigating new and conventional corporate governance characteristics. Annals of Operations Research, 294(1–2), 87–105. https://doi.org/10.1007/s10479-019-03323-x
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Hafiyyan. (2026). BEI: Indeks ESG makin jadi panduan investasi. Bisnis.com. https://market.bisnis.com/read/20260407/7/1964884/bei-indeks-esg-makin-jadi-panduan-investasi
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383–396. https://doi.org/10.5465/AMR.2003.10196729
Immanuel, G., & Sambuaga, E. A. (2024). The influence of corporate governance elements on the disclosure of sustainability reporting. Kompartemen: Jurnal Ilmiah Akuntansi, 22(2), 287–302. https://doi.org/10.30595/kompartemen.v22i2.23754
Itan, I., Hilrian, R. D., & Ramadana, M. (2025). The role of board composition on ESG disclosure: An analytical study in Indonesia. Owner: Riset & Jurnal Akuntansi, 9(4), 3312–3334. https://doi.org/10.33395/owner.v9i4.2817
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831–880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Lendengtariang, Y., & Bimo, I. D. (2022). Peran komite audit pada sustainability disclosure. Journal of Business & Banking, 12(1), 97–108. https://doi.org/10.14414/jbb.v12i1.3199
Otoritas Jasa Keuangan. (2015). Peraturan OJK Nomor 55/POJK.04/2015 tentang pembentukan dan pedoman pelaksanaan kerja komite audit. https://ojk.go.id/id/kanal/pasar-modal/regulasi/peraturan-ojk/pages/POJK-Nomor-55.POJK.04.2015.aspx
Otoritas Jasa Keuangan. (2017). Peraturan OJK Nomor 51/POJK.03/2017 tentang penerapan keuangan berkelanjutan bagi lembaga jasa keuangan, emiten, dan perusahaan publik. https://peraturan.bpk.go.id/Details/129651/peraturan-ojk-no-51pojk032017-tahun-2017
Otoritas Jasa Keuangan. (2021). SEOJK Nomor 16/SEOJK.04/2021 tentang bentuk dan isi laporan tahunan emiten atau perusahaan publik. https://ojk.go.id/id/regulasi/Pages/Bentuk-dan-Isi-Laporan-Tahunan--Emiten-atau-Perusahaan-Publik.aspx
Pratama Institute. (2025). Tren implementasi laporan keberlanjutan di Indonesia. https://institute.pratamaindomitra.co.id/tren-implementasi-laporan-keberlanjutan
Pulungan, A. M. (2026). IPB ingatkan laut RI darurat sampah plastik, brand emiten ini paling banyak ditemukan. Kabar Bursa. https://www.kabarbursa.com/ekonomi-hijau/ipb-ingatkan-laut-ri-darurat-sampah-plastik-brand-emiten-ini-paling-banyak-ditemukan
Putri, Y. A., & Nugraha, A. P. (2026). Pengaruh kepemilikan institusional terhadap pengungkapan ESG dengan kinerja keuangan sebagai variabel moderasi. Jurnal Akuntansi & Keuangan Unja, 11(1), 1–13.
Qasem, A., Al-Duais, S. D., Wan-Hussin, W. N., Bamahros, H. M., Alquhaif, A., & Thomran, M. (2022). Institutional ownership types and ESG reporting: The case of Saudi listed firms. Sustainability, 14(18), 11316. https://doi.org/10.3390/su141811316
Rakhmayani, A., Prasetyo, R. A., Aresteria, M., Wardhani, D. K., & Syaputera, M. A. (2026). Audit committee size, independence, and meeting frequency: Do they affect ESG performance? International Conference on Vocational Business, Logistic, Accounting, Supply Chain, Tax (ICoBLAST), 1(1), 118–129.
Rinaldy, R. A., & Inawati, W. A. (2026). Pengaruh board size, board gender diversity, board meetings, dan independent commissioners terhadap environmental, social, and governance (ESG) disclosure pada perusahaan seluruh sektor yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2023. Journal of Indonesia Business Research (JIBR), 4(1). https://doi.org/10.25124/JIBR.V4I1.10866
Roestanto, A., Vivianita, A., & Nurkomalasari, N. (2022). Pengaruh ukuran perusahaan, umur perusahaan, jenis industri, dan struktur kepemilikan terhadap environmental, social, and governance (ESG) disclosure (Studi empiris perusahaan di Indonesia yang terdaftar di IDX 2017–2020). Jurnal Akuntansi STIE Muhammadiyah Palopo, 8(1), 1. https://doi.org/10.35906/jurakun.v8i1.958
Santoso, S. (2017). Menguasai statistik dengan SPSS 24. Elex Media Komputindo
Sari, T. K., & Fitriani, N. (2024). How do board characteristics influence the ESG disclosure in Indonesia? Jurnal Akuntansi & Auditing Indonesia, 27(2), 208–215. https://doi.org/10.20885/jaai.vol27.iss2.art9
Silvia, A., & Hadiyati, S. N. (2026). Determinants of environmental, social, and governance (ESG) disclosure in Indonesian banking sector. Journal of Contemporary Accounting, 8(1), 126–140. https://doi.org/10.20885/jca.vol8.iss1.art9
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
Wardani, I. A., Juanda, A., & Wicaksono, A. P. N. (2025). Structural ownership and ESG disclosure: Unveiling their impact on corporate financial performance. Journal of Accounting and Investment, 26(1), 314–334. https://doi.org/10.18196/jai.v26i1.24193
Wibowo, R. (2026). OJK beberkan pelanggaran emiten sepanjang 2026: Kasus ROTI hingga transaksi material BNBR. IDX Channel. https://www.idxchannel.com/market-news/ojk-beberkan-pelanggaran-emiten-sepanjang-2026-kasus-roti-hingga-transaksi-material-bnbr
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211. https://doi.org/10.1016/0304-405X(95)00844-5
Zaid, M. A. A., Abuhijleh, S. T. F., & Pucheta-Martínez, M. C. (2020). Ownership structure, stakeholder engagement, and corporate social responsibility policies: The moderating effect of board independence. Corporate Social Responsibility and Environmental Management, 27(3), 1344–1360. https://doi.org/10.1002/csr.1888
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
DOI: https://doi.org/10.31326/tabr.v7i2.2984
Refbacks
- There are currently no refbacks.
View My Stats