Pengaruh Corporate Sustainability Performance Terhadap Leverage Adjustment: Peran Moderasi Karakteristik Perusahaan

Putri Awanda, Ita Rakhmawati

Abstract


Sejumlah perusahaan di Indonesia memiliki tingkat rasio utang yang tinggi, mengindikasikan bahwa ketergantungan perusahaan terhadap utang relatif besar. Untuk menyeimbangkan proporsi utang agar tidak terjadi risiko financial distress atau bahkan kebangkrutan, maka perlu dilakukan leverage adjustment. Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas, ukuran perusahaan, dan pertumbuhan perusahaan dalam memoderasi Corporate Sustainability Performance (CSP) terhadap leverage adjustment. Penelitian ini berfokus pada perusahaan infrastruktur yang terdaftar di BEI tahun 2021-2024. Dengan metode purposive sampling didapatkan total sampel 19 perusahaan dengan 76 data. Pengujian dan analisis data dilakukan dengan model regresi linear sederhana dan moderated regression analysis (MRA). Hasil penelitian menunjukkan bahwa CSP berpengaruh signifikan terhadap leverage adjustment. Dalam konteks pemoderasi, menunjukkan hasil bahwa profitabilitas dapat memoderasi positif CSP terhadap leverage adjustment, sedangkan ukuran perusahaan dan pertumbuhan perusahaan tidak dapat memoderasi pengaruh CSP terhadap leverage adjustment.


Keywords


Leverage Adjustment; CSP; Profitabilitas, Ukuran Perusahaan, Pertumbuhan Perusahaan

Full Text:

PDF

References


Abdi, Y., Li, X., & Càmara, X. (2022). Exploring the impact of sustainability ( ESG ) disclosure on firm value and financial performance ( FP ) in airline industry : the moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w

Adeneye, Y. B., Kammoun, I., & Ab Wahab, S. N. A. (2023). Capital structure and speed of adjustment: the impact of environmental, social and governance (ESG) performance. Sustainability Accounting, Management and Policy Journal, 14(5), 945–977. https://doi.org/10.1108/SAMPJ-01-2022-0060

Adiwiguna, D. (2019). Faktor-Faktor Yang Mempengaruhi Struktur Modal Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2015-2018. Universitas Islam Indonesia Yogyakarta.

Ahmad, F., & Soepriyanto, G. (2022). Analisis sustainability peformance pada perusahaan di bursa efek indonesia sebelum dan selama Covid 19. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(11), 5094–5099. https://doi.org/10.32670/fairvalue.v4i11.1828

Aisjah, S., & Rahman, A. A. (2020). Target and Leverage Adjustment Speed: Evidence on Manufacturing Companies in Indonesia. Advances in Economics, Business and Management Research, 144. https://doi.org/10.2991/aebmr.k.200606.076

Al-Akheli, A., Tan, H. T., Hazaea, S. A., Elfarra, B., & Ammar, A.-Z. (2025). Mapping the Literature Trends of Corporate Social Responsibility and Cost of Capital: A Systematic Literature Review. Corporate Social Responsibility and Environmental Management, 32(3). https://doi.org/https://doi.org/10.1002/csr.3137

Arayssi, M., Jizi, M., & Tabaja, H. H. (2020). The impact of board composition on the level of ESG disclosures in GCC countries. Sustainability Accounting, Management and Policy Journal, 11(1), 137–161. https://doi.org/10.1108/SAMPJ-05-2018-0136

Asimakopoulos, S., Asimakopoulos, P., & Li, X. (2021). The role of Environmental, Social, and Governance rating on corporate debt structure. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3889307

Aulia, I., & Mahpudin, E. (2020). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Tax Avoidance. Akuntabel, 3(2), 289–300. https://doi.org/https://doi.org/10.30872/jakt.v17i2.7981

Brigham, E. F., & Houston, J. F. (2011). Dasar-Dasar Manajemen Keuangan. Terjemahan Ali Akbar Yulianto. Salemba Empat.

Chen, H. (2024). ESG and Leverage Adjustment: Based on Stakeholder Theory and Signaling Theory. Advances in Economics, Management and Political Sciences, 72(1), 82–91. https://doi.org/10.54254/2754-1169/72/20240689

Chipeta, C., & Mbululu, D. (2013). Firm heterogeneity, macroeconomic conditions and capital structure adjustment speeds: Evidence from the JSE. Investment Analysts Journal, 42(77), 69–80. https://doi.org/doi.org/10.1080/10293523.2013.11082557

D’Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909–924. https://doi.org/10.1002/csr.1855

Dang, C., Li, Z., & Yang, C. (2018). Measuring Firm Size in Empirical Corporate Finance. Journal of Banking & Finance, 86, 159–176. https://doi.org/10.1016/j.jbankfin.2017.09.006

Defi, I. K., & Wahyudi, I. (2022). Pengaruh Pertumbuhan Perusahaan, Struktur Modal, Dan Ukuran Perusahaan Terhadap Harga Saham. JUMBIWIRA, 1(2).

Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097

Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001

Faulkender, M., Flannery, M. J., Hankins, K. W., & Smith, J. M. (2012). Cash flows and leverage adjustments. Journal of Financial Economics, 103(3), 632–646. https://doi.org/10.1016/j.jfineco.2011.10.013

Febrian, J. F., & Hendriyeni, N. S. (2024). Can Corporate Sustainability Performance (CSP) Overcome Indonesia’s Corporate Debt Problems? Jurnal Akuntansi Dan Keuangan Indonesia, 21(1), 1–20. https://doi.org/10.21002/jaki.2024.01

Ford, J. S. D. (2020). An Empirical Investigation of Dynamic Trade-off Theory: Evidence from Sri Lankan non Financial Firms. Peradeniya Management Review, 2(2), 65. https://doi.org/10.4038/pmr.v2i2.40

Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which Factors Are Reliably Important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x

Hadi, N., Baihaqi, J., Rakhmawati, I., & Udin, U. (2024). Corporate Social Responsibility Obscuration Strategy : The Ineffectiveness Of Social Accounting In CSR Implementation. 5(1), 54–65. https://doi.org/10.22495/cbsrv5i1art6

Hanafi, M. M., & Halim, A. (2016). Analisis Laporan Keuangan (5th ed.). UPP STIM YKPN.

Harmoni, A. (2013). Stakeholder-Based Analysis of Sustainability Report: A Case Study on Mining Companies in Indonesia. 204–210. https://doi.org/10.36880/C04.00704

Hery. (2016). Analisis Laporan Keuangan : Integrated And Comprehensive Edition. Grasindo.

Ho, L., Bai, M., Lu, Y., & Qin, Y. (2021). The effect of corporate sustainability performance on leverage adjustments. The British Accounting Review, 53(5), 100989. https://doi.org/10.1016/j.bar.2021.100989

Irawanti, G., & Safitri, K. (2022). Kecepatan Penyesuaian Leverage : Bukti Empiris Perusahaan Pertambangan di Indonesia. 13(2), 219–226.

Jarboui, A., Kachouri Ben Saad, M., & Riguen, R. (2020). Tax avoidance: do board gender diversity and sustainability performance make a difference? Journal of Financial Crime, 27(4), 1389–1408. https://doi.org/10.1108/JFC-09-2019-0122

Jaworski, J., & Czerwonka, L. (2021). Determinants of Enterprises’ Capital Structure in Energy Industry: Evidence from European Union. Energies, 14(7), 1871. https://doi.org/10.3390/en14071871

Kasmir. (2018). Analisis Laporan Keuangan. Rajawali Pers.

Kim, S., & Li, Z. (Frank). (2021). Understanding the Impact of ESG Practices in Corporate Finance. Sustainability, 13(7), 3746. https://doi.org/10.3390/su13073746

Kopa, M. (2021). Pengaruh Struktur Modal, Ukuran Perusahaan, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmiah Edunomika, 5(1), 701–711. https://doi.org/10.29040/jie.v5i1.1971

Lin, H., Pujiastuti, A., & Hsieh, T. (2021). CSR, Adjustment Speed of Capital Structure, and Firm Performance: Evidence from ASEAN Nations with ESG Performance Data. 13(3), 1–27.

Lins, K. V, Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance, 72(4). https://doi.org/10.1111/jofi.12505

Lukitasari, A. S., & Gunarsih, T. (2019). Determinant Variables on Leverage and Speed of Adjustment (Study in Indonesia Stock Exchange). Journal of Applied Economics in Developing Countries, 4(2), 54–63.

Maulana, Y., & Yusuf, A. A. (2019). Pencapaian Target Leverage Melalui Speed of Adjustment Karakteristik Perusahaan. AKURASI: Jurnal Riset Akuntansi Dan Keuangan, 1(2), 131–140. https://doi.org/10.36407/akurasi.v1i2.131

Mayanti, Y., Setiawan, I., & Mulyawan, S. (2025). The Impact of Intellectual Assets , Islamic Sustainability Reporting , and Green Performance on Sharia-Based Corporate Value. 10(1), 93–111.

Mayasari, S. (2024). Menilik Dampak Utang Jumbo Perusahaan BUMN Terhadap Kinerja Industri Perbankan. Kontan.

Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0

Rahayu, M., & Utami, N. E. (2022). Pengaruh Profitabilitas sebagai Moderasi Struktur Modal dan Size terhadap Nilai Perusahaan. IKRAITH-EKONOMIKA, 6(2), 191–201. https://doi.org/10.37817/ikraith-ekonomika.v6i2.2351

Saputra, D., Sari, P. I. P., & Yudha, A. M. (2021). Pengaruh struktur modal, keputusan investasi dan CSR terhadap nilai perusahaan dengan growth opportunity sebagai moderating variable. Procuratio: Jurnal Ilmiah Manajemen, 9(1). https://doi.org/10.35145/procuratio.v9i1.879

Sari, D. F., Hariyanto, E., Wahyuni, S., & Dirgantari, N. (2023). Effectiveness of Size, Liquidity, Leverage, and Growth on CSR Disclosure Moderating Role by Profitability in Indonesian Stock Exchange (IDX). Jurnal Akuntansi Dan Bisnis : Jurnal Program Studi Akuntansi, 9(1). https://doi.org/10.31289/jab.v9i1.8642

Sari, N. M. W., Sukadana, I. W., & Widnyana, I. W. (2021). Pengaruh Corporate Governance, Ukuran Perusahaan Dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Emas, 2(1), 201–217.

Sekartaji, J. (2017). Pengaruh Ukuran Perusahaan Dan Growth Terhadap Leverage Pada Sub Sektor Keramik Porselin Dan Kaca Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode. Jom Fisip, 4(2), 1–16.

Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Alfabeta.

Suharyono, Zarefar, A., & Zarefar, A. (2023). Analysis of Corporate Governance and Corporate Sustainability Performance in the Indonesian Context. Business: Theory and Practice, 24(1), 137–147. https://doi.org/10.3846/btp.2023.16898

Sumbara, G. R. (2024). Pengaruh Kebijakan Dividen, Capital Gain Dan Struktur Modal Terhadap Harga Saham Pada Perusahaan Subsektor Semen Yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2019-2023. Universitas Komputer Indonesia.




DOI: http://dx.doi.org/10.21043/aktsar.v9i1.36455

Refbacks

  • There are currently no refbacks.


Creative Commons Licence
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.