ANALISIS DAMPAK SKOR ESG TERHADAP PERFORMA KEUANGAN SEKTOR PERBANKAN DI MALAYSIA: PENDEKATAN DATA PANEL 2019-2024

NAUFAL SHADIQ, . (2026) ANALISIS DAMPAK SKOR ESG TERHADAP PERFORMA KEUANGAN SEKTOR PERBANKAN DI MALAYSIA: PENDEKATAN DATA PANEL 2019-2024. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Environmental, Social, and Governance (ESG) terhadap performa keuangan sektor perbankan komersial di Malaysia periode 2019–2024. Penelitian didasarkan pada masih beragamnya temuan empiris mengenai hubungan ESG dan performa keuangan, khususnya pada negara berkembang. Landasan teori yang digunakan meliputi Resource-Based View Theory, Dynamic Capabilities Theory, dan Signaling Theory. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari Refinitiv ESG, laporan tahunan perusahaan, serta data makroekonomi Bank Negara Malaysia dan World Bank. Sampel penelitian terdiri atas delapan bank komersial Malaysia yang memenuhi kriteria purposive sampling selama periode 2019–2024, sehingga diperoleh 45 observasi data panel. Analisis dilakukan menggunakan regresi data panel untuk menguji hubungan linier, hubungan nonlinier, serta efek moderasi firm size, dengan Two-Stage Least Squares (2SLS) digunakan sebagai robustness check terhadap potensi endogenitas. Hasil penelitian menunjukkan bahwa ESG Combined Score tidak memiliki hubungan linier yang signifikan terhadap profitabilitas berbasis risiko yang diproksikan menggunakan Return on Assets based on Risk-Weighted Assets (ROA RWA), namun memiliki hubungan negatif yang signifikan terhadap Tobin's Q. Pengujian nonlinier menunjukkan adanya hubungan berbentuk inverted U-shape antara ESG dan Tobin's Q, yang mengindikasikan adanya diminishing returns setelah tingkat ESG tertentu. Selain itu, firm size terbukti memoderasi hubungan ESG terhadap Tobin's Q, di mana pengaruh ESG menjadi lebih negatif pada bank berukuran lebih besar. Hasil robustness check menggunakan 2SLS belum memberikan bukti yang kuat akibat keterbatasan kekuatan instrumen, sehingga diinterpretasikan sebagai bukti empiris eksploratif. Secara keseluruhan, penelitian ini menunjukkan bahwa pengaruh ESG terhadap performa perbankan di Malaysia bergantung pada indikator performa yang digunakan, serta mengindikasikan bahwa manfaat implementasi ESG tidak selalu meningkat secara linier. ***** This study aims to examine the impact of Environmental, Social, and Governance (ESG) performance on the financial performance of the Malaysian commercial banking sector during the 2019–2024 period. The research is motivated by the inconsistent empirical findings regarding the relationship between ESG and corporate financial performance, particularly in emerging markets. The theoretical framework is based on the Resource-Based View Theory, Dynamic Capabilities Theory, and Signaling Theory. This study employs a quantitative research approach using secondary data obtained from Refinitiv ESG, annual reports of commercial banks, and macroeconomic data from Bank Negara Malaysia and the World Bank. The sample consists of eight Malaysian commercial banks selected through purposive sampling, resulting in 45 panel observations. Panel data regression analysis is employed to examine the linear relationship, nonlinear relationship, and the moderating role of firm size. In addition, the Two-Stage Least Squares (2SLS) method is conducted as a robustness check to address potential endogeneity issues. The findings indicate that the ESG Combined Score has no significant linear relationship with risk-adjusted profitability, measured by Return on Assets based on Risk-Weighted Assets (ROA RWA), but exhibits a significant negative relationship with Tobin's Q. The nonlinear analysis reveals an inverted U-shaped relationship between ESG and Tobin's Q, suggesting the existence of diminishing returns beyond a certain level of ESG performance. Furthermore, firm size significantly moderates the relationship between ESG and Tobin's Q, indicating that the negative effect of ESG becomes stronger for larger banks. The robustness analysis using 2SLS does not provide strong causal evidence due to weak instrumental variables and is therefore interpreted as exploratory empirical evidence. Overall, the study suggests that the impact of ESG on banking performance depends on the performance indicator employed and that the benefits of ESG implementation do not necessarily increase linearly.

Item Type:	Thesis (Sarjana)
Additional Information:	1). Prof. Dr. Suherman, M.Si. ; 2). Prof. Dr. Agung Dharmawan Buchdadi, MM., Ph.D.
Subjects:	Manajemen > Manajemen , Business
Divisions:	FE > S1 Manajemen
Depositing User:	Naufal Shadiq .
Date Deposited:	31 Jul 2026 13:33
Last Modified:	31 Jul 2026 13:33
URI:	http://repository.unj.ac.id/id/eprint/67986

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