Pengaruh Environmental, Social, Governance (ESG) Disclosure Dan Intellectual Capital Terhadap Kinerja Keuangan Pada Perusahaan Perbankan Milik Pemerintah Di ASEAN-4

Wati, Az Zahra Putri Setyo (2026) Pengaruh Environmental, Social, Governance (ESG) Disclosure Dan Intellectual Capital Terhadap Kinerja Keuangan Pada Perusahaan Perbankan Milik Pemerintah Di ASEAN-4. Sarjana (S1) thesis, Universitas Muhammadiyah Indonesia.

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Abstract

The objective of this study was to determine whether environmental, social, governance disclosure, and intellectual capital influence the financial performance of state-owned banks in the ASEAN-4. The method used was quantitative, utilizing secondary data in the form of annual reports and sustainability reports from 10 state-owned banks in the ASEAN-4 countries for the period 2021-2025. The method used was panel data regression with a Fixed Effects Model (FEM) approach, selected based on the Chow and Hausman tests. The results showed that environmental factors had a positive (0.012004) and significant (0.0018 < 0.05), social factors had a negative (-0.025529) and significant (0.0000 < 0.05), governance factors had a positive (0.007925) and significant (0.0028 < 0.05), and intellectual capital factors also had a positive (0.000705) and significant (0.0000 < 0.05). These results indicate that the implementation of environmental and good governance aspects, as well as optimal intellectual capital management, can improve the financial performance of state-owned banks. However, the implementation of social aspects in the short term has the potential to depress financial performance due to high costs. This study implies that state-owned banks in ASEAN need to balance financial and non-financial objectives in implementing ESG, and strengthen intellectual capital management to support sustainability and improve financial performance.

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