Dimensi Environmental, Social, dan Governance (ESG) Sebagai Praktik Keberlanjutan: Hubungannya dengan Profitabilitas dan Peran Corporate Life Cycle Pada Perusahaan Sektor Energi dalam ISSI

Abstract

This study aims to examine the relationships between Environmental, Social, and Governance (ESG) dimensions and profitability and to investigate whether the Corporate Life Cycle moderates these relationships among energy-sector companies listed in the Indonesia Sharia Stock Index (ISSI) during 2021–2024. From a social inquiry perspective, ESG is viewed as a corporate practice reflecting environmental responsibility, social responsibility toward employees and communities, and governance accountability.

This study employed a quantitative approach using secondary data obtained from annual reports, sustainability reports, and financial statements. From an initial population of 89 companies, 26 companies were selected through purposive sampling, generating 104 firm-year observations. Data were analyzed using descriptive statistics, multiple linear regression, and Moderated Regression Analysis (MRA) with IBM SPSS Statistics.

The main regression results indicate that the Environmental dimension was not significantly associated with profitability (B = −0.023; p = 0.539), whereas the Social (B = 0.122; p = 0.047) and Governance (B = 0.589; p < 0.001) dimensions showed positive and significant relationships with profitability. The simultaneous test was also statistically significant. The available interaction coefficients between ESG dimensions and the Corporate Life Cycle were not statistically significant. However, conclusions regarding the moderating role of the Corporate Life Cycle should be interpreted cautiously pending verification of the complete MRA model and consistency of its operational measurement.

The findings provide contextual evidence that ESG dimensions are differently associated with the profitability of energy companies listed in the ISSI. Social and governance dimensions appear more closely associated with profitability than the environmental dimension. These findings highlight the importance of evaluating ESG dimensions separately and avoiding the assumption that profitability represents overall sustainability performance. Further verification of ESG measurement and the Corporate Life Cycle moderation model is required before definitive conclusions regarding the moderating effect can be established.