The Role of Sustainability Reporting Disclosure in Mediating the Effects of Good Corporate Governance and Leverage on Financial Performance Among Renewable Energy Issuers on the Indonesia Stock Exchange (IDX) from 2022 to 2024
DOI:
https://doi.org/10.65310/vf7s0q32Keywords:
Good Corporate Governance, Leverage, Sustainability Reporting Disclosure, Financial Performance, Renewable Energy.Abstract
This study analyzes the role of Sustainability Reporting Disclosure (SRD) in mediating the influence of Good Corporate Governance (GCG) and leverage on the financial performance of renewable energy companies listed on the Indonesia Stock Exchange during 2022–2024. The research employed a quantitative approach using secondary data collected from annual reports and sustainability reports, while purposive sampling was used to select the research sample. Data were analyzed using Partial Least Square–Structural Equation Modeling (PLS-SEM). The results indicate that GCG has a positive and significant effect on SRD, but does not significantly affect financial performance. Leverage shows a positive and significant influence on financial performance, whereas SRD does not significantly affect financial performance and fails to mediate the relationship between GCG, leverage, and financial performance. These findings suggest that sustainability disclosure practices in renewable energy companies remain oriented toward compliance rather than serving as a strategic instrument for long-term financial value creation.
Downloads
References
Dewi, I. P., Ariani, K. R., & Kurniawati, L. (2025). Pengungkapan Sustainability Report: Peran Kinerja Keuangan, Good Corporate Governance, dan Ukuran Perusahaan sebagai Variabel Moderasi. Reviu Akuntansi dan Bisnis Indonesia, 9(1), 61-79. https://doi.org/10.18196/rabin.v9i1.24877
Global Reporting Initiative. (2021). GRI Standards 2021. GRI.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (3rd ed.). Sage Publications.
Kementerian Energi dan Sumber Daya Mineral Republik Indonesia. (2023). Laporan perkembangan energi terbarukan Indonesia 2023. Kementerian ESDM.
Khaerunnisa, N., & Widiyati, D. (2026). Faktor-Faktor yang Mempengaruhi Pengungkapan Sustainability Report. RIGGS: Journal of Artificial Intelligence and Digital Business, 5(1), 7163-7173. https://doi.org/10.31004/riggs.v5i1.7135
Krisdianto, D., & Usman, B. (2025). The Impact of CSR Disclosure on Firm Financial Performance: The Mediating Role of Competitive Advantage in Indonesia's Manufacturing Sector. Jurnal Ekonomi, Manajemen dan Perbankan (Journal of Economics, Management and Banking), 11(3), 557-580. https://doi.org/10.35384/jemp.v11i3.846
Kurniawan, K. T. (2026). Pengaruh Corporate Social Responsibility (CSR), Kinerja Lingkungan dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Pertambangan yang Terdaftar di BEI Tahun 2020-2024. Jurnal Mahasiswa Manajemen dan Akuntansi, 5(1), 795-809. https://doi.org/10.30640/jumma45.v5i1.6012
Kusuma, I. G. A. A. R., & Yasa, G. W. (2023). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening. EKONOMIKA45: Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 10(2), 595-612. https://doi.org/10.30640/ekonomika45.v10i2.2032
Kusumawardani, A. M. T. (2022). Pengaruh Good Corporate Governance dan Ukura Perusahaan terhadap Pengungkapan Sustainability Report serta Dampaknya terhadap Return Saham: Studi Empiris pada perusahaan Perbankan yang terdaftar di Bursa Efek Indonesia Periode 2018–2020. Owner: Riset Dan Jurnal Akuntansi, 6(4), 3724-3742. https://doi.org/10.33395/owner.v6i4.1129
Nugroho, A. Y., & Kohardinata, C. (2024). Pengaruh Kinerja Tata Kelola Terhadap Harga Saham Perusahaan: Peran Mediasi Kinerja Sosial. Perspektif Akuntansi, 7(3), 315-335. https://doi.org/10.24246/persi.v7i3.p315-335
Nurhayati, N. T., Dianty, A., & Meila, K. D. (2025). Pengaruh Indeks Green Investment dan Ukuran Perusahaan Terhadap Return Saham dengan Kinerja Keuangan Sebagai Variabel Intervening: Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2019–2023. In Search, 24(1), 65-80. https://doi.org/10.37278/insearch.v24i1.1329
Pertiwi, M. D., & Atahau, A. D. R. (2024). Keberadaan Wanita Dalam Manajemen Puncak Dan Nilai Perusahaan: Efek Mediasi Pengungkapan Environmental, Social, And Governance (ESG). Jurnal Dinamika Ekonomi Rakyat, 3(2), 50-71. https://doi.org/10.24246/dekat.v3i2.17786
Rahmawati, A. N., & Susilowati, E. (2023). Peran Kinerja Keuangan Dalam Memediasi Corporate Governance Pada Corporate Internet Reporting. Gorontalo Accounting Journal, 192-201. https://doi.org/10.32662/gaj.v6i2.3136
Rismawati, A., & Bawono, A. (2022). Environmental performance, Islamic corporate governance, and liquidity's impact on financial performance with sustainability reporting as a mediating factor. Journal of Accounting and Digital Finance, 2(3), 184-200. https://doi.org/10.53088/jadfi.v2i3.456
Rosalin, F., & Prasetyo, A. H. (2025). Pengaruh Green Investment dan Ukuran Perusahaan terhadap Kinerja Keberlanjutan melalui Kinerja Keuangan pada Perusahaan Manufaktur di BEI (2019–2023). Journal of Emerging Business Management and Entrepreneurship Studies, 5(2), 112-130. https://doi.org/10.34149/jebmes.v5i2.278
Safitri, C. Y., Wijaya, R. S., & Janudin, S. E. B. (2025). Analisis Pengaruh Akuntansi Hijau Terhadap Kinerja Keuangan Dengan Peran Mediasi Tanggung jawab Sosial Perusahaan. Jurnal Ekonomi dan Bisnis Dharma Andalas, 27(2), 146-160. https://doi.org/10.47233/jebd.v27i2.2210
Sari, L. L., Afrina, A., Oktavia, M., & Wendari, N. (2024). Pengaruh profitabilitas, leverage dan ukuran perusahaan terhadap sustainability report pada perusahaan yang terdaftar di BEI. Journal of Management and Innovation Entrepreneurship (JMIE), 1(3), 674-683. https://doi.org/10.59407/jmie.v1i3.708
Satrio, A. B. (2025). Peranan Good Corporate Governance dalam Memitigasi Kendala Keuangan. Jurnal Informatika Ekonomi Bisnis, 1072-1079. https://doi.org/10.37034/infeb.v7i4.1327
Shabiihah, A. D., & Andayani, S. (2025). Stakeholder Pressure, External Assurance, Firm Size, And Sustainability Report. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis, 13(1), 699-712. https://doi.org/10.37676/ekombis.v13i1.6687
Shafira, R. Y., & Hersugondo, H. (2023). Peran Third Party Assurance, CSR dan Kinerja Keuangan: Financial Leverage sebagai Efek Moderasi. Owner: Riset dan Jurnal Akuntansi, 7(2), 1479-1489. https://doi.org/10.33395/owner.v7i2.1389
Shofiana, A. N. (2025). Studi Systematic Literature Review Hubungan Financial Performance Dan Firm Value. Growth, 23(2), 404-418. https://doi.org/10.36841/growth-journal.v23i2.7259
Sirkomba, A., & Amirya, M. (2023). Pengaruh Tata Kelola Perusahaan Yang Baik Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Laporan Keberlanjutan Sebagai Variabel Mediasi. Reviu Akuntansi, Keuangan, dan Sistem Informasi, 2(4), 972-985. https://doi.org/10.21776/reaksi.2023.2.4.236
Tino, I. W. R., & Sudana, I. P. (2025). Peran corporate social responsibility memediasi pengaruh penerapan green accounting dan kinerja lingkungan terhadap profitabilitas perusahaan yang terdaftar di BEI. Gemawisata: Jurnal Ilmiah Pariwisata, 21(1), 17-32. https://doi.org/10.56910/gemawisata.v21i1.428
Ulfa, R. U., Harjanti, A. E., & Wijayanti, S. (2025). Pengaruh good corporate governance, profitabilitas, dan ukuran perusahaan terhadap tingkat pengungkapan sustainability report. Jurnal Akuntansi Dan Manajemen, 22(1), 53-64. https://doi.org/10.36406/jam.v22i1.136
Wardani, T. K., & Machdar, N. M. (2023). Pengaruh business risk, investment opportunity set, dan sustainability report terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening. Jurnal Kajian dan Penelitian Umum, 1(6), 234-248. https://doi.org/10.47861/jkpu-nalanda.v1i6.673
Winardi, S., Daromes, F. E., & Tangke, P. (2025). Pengaruh Kepemilikan Manajerialterhadap Nilai Perusahaan Dengan Sustainability Reporting Sebagai Pemediasi. Balance: Jurnal Akuntansi, Auditing dan Keuangan, 22(2), 124-150. https://doi.org/10.25170/balance.v22i2.6679
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Della Widyasari, Cholis Hidayati (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
