SDGs and Sustainability Reporting: Their Effect on Financial Performance of Energy Firms in Indonesia
Main Article Content
Ahmad Haidar Yazid*
Neni Maryani
The growing global emphasis on sustainability has urged companies, particularly in the energy sector, to adopt sustainable practices and disclose non-financial information such as Sustainable Development Goals (SDGs) and Sustainability Reporting. However, previous studies show inconsistent findings regarding the impact of such disclosures on financial performance, indicating a research gap especially within the Indonesian energy sector, which is central to the transition toward a low-carbon economy. This research examines how SDGs and Sustainability Reporting disclosure affect the financial performance of energy sector companies on the Indonesia Stock Exchange (IDX) from 2019–2023. SDGs are evaluated through the SDGs Index utilizing the 17 global objectives, whereas Sustainability Reporting disclosure is measured via the Sustainability Reporting Disclosure Index (SRDI) based on GRI standards. Financial performance is represented by the Return on Assets (ROA) ratio. The study applies quantitative methodology with descriptive and verificative approaches, utilizing multiple linear regression analysis, classical assumption testing, and individual (t-test) as well as combined (F-test) hypothesis testing. Findings reveal that SDGs show no significant individual impact on financial performance, whereas Sustainability Reporting disclosure demonstrates a significant effect. Simultaneously, both variables affect financial performance. These findings suggest that enhanced sustainability disclosure can improve transparency and stakeholder trust, which may contribute positively to financial performance.
Alfiah, S., & Arsjah, R. J. (2021). Pengungkapan Terkait SDGs dan Profitabilitas Serta Analisis Industri. Media Riset Akuntansi, Auditing & Informasi, 21(1), 75–90. https://doi.org/10.25105/mraai.v21i1.9171
Alhassan, I., & Islam, K. M. A. (2021). Sustainability Reporting and Financial Performance of Listed Industrial Goods Sector in Nigeria. International Journal of Accounting & Finance Review, January 2022, 46–56. https://doi.org/10.46281/ijafr.v9i1.1541
Arifianti, N. P., & Widianingsih, L. P. (2023). Kualitas Pengungkapan SDGs: Apakah Berpengaruh terhadap Kinerja Keuangan Perusahaan Sektor Energi dan Bahan Baku di Indonesia? Jurnal Reviu Akuntansi Dan Keuangan, 13(2), 269–288. https://doi.org/10.22219/jrak.v13i2.26629
Eriyanti, Y. (2022). The Effect of Dısclosure of Sustaınabılıty Reportıng Based on GRI Standards on Company Performance (Study on Non-Financial Companies Listed on the Srı-Kehatı Index 2017-2019). Jurnal Akuntansi Trisakti, 9(1), 145–154. https://doi.org/10.25105/jat.v9i1.10272
Farida, A. L. (2022). Pengujian Kinerja Keuangan: Sustainable Development Goals sebagai Intervening di Bursa Efek Indonesia. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(10), 4790–4796. https://doi.org/10.32670/fairvalue.v4i10.1650
Freeman, R. E., Phillips, R., & Sisodia, R. (2020). Tensions in Stakeholder Theory. Business and Society, 59(2), 213–231. https://doi.org/10.1177/0007650318773750
Herlambang, Y., Hidayat, A. R., & Anshori, A. R. (2020). Pengaruh Sustainable Development dan Sustainability Reporting terhadap Kinerja Keuangan Perusahaan yang Terdaftar di ISSI. Prosiding Hukum Ekonomi Syariah, 20–23.
Husnah, & Fahlevi, M. (2023). How Do Corporate Social Responsibility and Sustainable Development Goals Shape Financial Performance in Indonesia’s Mining Industry? Uncertain Supply Chain Management, 11(3), 1383–1394. https://doi.org/10.5267/j.uscm.2023.5.099
Iqbal, S., & Nosheen, S. (2023). Adoption of Sustainable Development Goals and Financial Performance of Banks. Indonesian Journal of Sustainability Accounting and Management, 7(2), 344–360. https://doi.org/10.28992/ijsam.v7i2.744
Jayanti, D. (2022). Application of Green Accounting to Company Values Through Profitability. Jurnal Ilmiah Akuntansi Dan Keuangan, 5(11), 2023.
Kabir Ibrahim, Y., Nma Mohammed, A., Eniola Agbi, S., Abdussalam Kaoje, N., & Farouk Abdulkarim, U. (2021). Sustainability Reporting and Financial Performance of Listed Oil and Gas Firms in Nigeria. Gusau Journal of Accounting and Finance, 2(3), 17. https://doi.org/10.57233/gujaf.v2i3.76
Kustinah, S. (2021). Kinerja keuangan Perusahaan Di Bursa Efek Indonesia Selama Masa Pandemi Covid-19. KOMITMEN: Jurnal Ilmiah Manajemen, 2(2), 83–101.
Laoli, N., & Rhamadanty, S. (2024). Kinerja Perusahaan Tambang dan Energi Merosot di 2023, Cermati Pemicunya. Kontan.Id.
Lawati, H. Al, & Hussainey, K. (2022). Does Sustainable Development Goals Disclosure Affect Corporate Financial Performance? Sustainability (Switzerland), 14(13), 1–14. https://doi.org/10.3390/su14137815
Lestari, D. I., Noer Vadila, M., Jenderal, U., & Yani, A. (2020). Do Size of Company and Financial Performance Influence Company to Disclosure Sustainability Report? Journal of Economic, Business and Accounting, 4(1), 1–9.
M. Janah, F., Maryono, & Poerwati, T. (2024). Pengaruh SDGs, Intellectual Capital dan Ukuran Perusahaan terhadap Kinerja Keuangan Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2018-2021). Jurnal Riset Akuntansi Politala, 7(2), 463–475.
Mio, C., Panfilo, S., & Blundo, B. (2020). Sustainable Development Goals and the Strategic Role of Business: A Systematic Literature Review. Business Strategy and the Environment, 29(8), 3220–3245. https://doi.org/10.1002/bse.2568
Monteiro, S., Roque, V., & Faria, M. (2024). Does Sustainability Reporting Impact Financial Performance? Evidence from the Largest Portuguese Companies. Sustainability (Switzerland), 16(15), 1–11. https://doi.org/10.3390/su16156448
Nabilah, S. J., & Murwaningsari, E. (2023). Pengaruh Pembangunan Berkelanjutan Dan Laporan Keberlanjutan Terhadap Kinerja Perusahaan Dengan Biaya Lingkungan Sebagai Variabel Moderasi. Jurnal Ekonomi Trisakti, 3(2), 3103–3114.
Natasha, N., & Surjadi, L. (2024). Faktor-Faktor Yang Mempengaruhi Kinerja Keuangan Pada Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 6(1), 24–34. https://doi.org/10.24912/jpa.v6i1.28533
Nyereugwu, O. G., & Ugonma, A. C. (2020). The Effect of Sustainability Reporting on Profitability of Quoted Consumer Goods Manufacturing Firms in Nigeria. International Journal of Innovative Research and Development, 9(4). https://doi.org/10.24940/ijird/2020/v9/i4/apr20075
Putri, R. F., Tiara, S., & Putri, R. F. (2023). Pengaruh Pengungkapan Sustainability Reporting Terhadap Kinerja Keuangan Perusahaan Pertambangan. Bisnis-Net Jurnal Ekonomi Dan Bisnis, 6(1), 349–356. https://doi.org/10.46576/bn.v6i1.3279
Sangkala, M. (2024). Concept and Application of Audit in Information Systems. JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES, 3(3), 730–741. https://doi.org/10.55047/marginal.v3i3.1193
Shaban, O. S., & Barakat, A. (2023). The Impact of Sustainability Reporting on a Company’S Financial Performance: Evidence from the Emerging Market. Journal of Governance and Regulation, 12(4 Special issue), 306–314. https://doi.org/10.22495/jgrv12i4siart10
Siregar, D., Imsar, & Fadhilah Ahmad Hasibuan, N. (2023). Penilaian Tingkat Kesehatan Keuangan Pada PT. Sumber Tani Agung Gunung Tua. Jurnal Manajemen Akuntansi, 3(3), 940–952. https://doi.org/http://dx.doi.org/10.36987/jumsi.v3i3.4242
Sugiyono. (2024). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (2nd ed.). Alfabeta.
Suryaningsum, S., & Ayusulistyaningrum, D. (2024). Analisis Standar Rata-rata Profitabilitas pada Industri Energi dan Industri Finansial. Qualitative Research of Business and Social Sciences, 1(2), 101–113. https://doi.org/https://doi.org/10.31316/qrobss.v1i2.6860
Tristiarto, Y., Wahyudi, W., & Sugianto, S. (2024). Analisis Penerapan Sustainable Development Goals (SDGs) dan Sustainability Report Terhadap Profitabilitas Perusahaan Di Indonesia. Ikraith-Ekonomika, 7(2), 231–241. https://doi.org/10.37817/ikraith-ekonomika.v7i2.3352
Triwacananingrum, W., & Silphianie. (2023). Does Sustainability Report Disclosure Matter on Corporate Performance? Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 6(2), 326–336.
Wahyuni, I., Pasigai, M. A., & Adzim, F. (2019). Analisis Rasio Profitabilitas sebagai Alat untuk Mengukur Kinerja Keuangan pada PT. Biringkassi Raya Semen Tonasa Group Jl. Poros Tonasa 2 Bontoa Minasate’Ne Pangkep. Jurnal Profitability Fakultas Ekonomi Dan Bisnis, 3(1), 22–35.
Wardan, R. Y., & Rizki, A. (2024). The Effect of Sustainable Development Goals on Financial Performance With Institutional Ownership As a Moderating Variable. Jurnal Ekonomi, Keuangan, Perbankan Dan Akuntansi, 16(1), 75–90. https://doi.org/10.35313/ekspansi.v16i1.5758
Wartabone, T. A., Yusuf, N., & Panigoro, N. (2023). Pengaruh Pengungkapan Sustainability Reporting Terhadap Kinerja Keuangan Perusahaan yang Terdaftar di Indeks Saham Syariah Indonesia Periode 2018-2021. Jurnal Simki Economic, 6(2), 430–440. https://doi.org/10.29407/jse.v6i2.364
Widyasari, M. K. (2020). Pengaruh Pengungkapan Sustainability Reporting dan Corporate Governance Terhadap Kinerja Keuangan Perusahaan. Jurnal Paradigma Akuntansi, 2(4), 1736. https://doi.org/10.24912/jpa.v2i4.9369
