The Effect of Environmental, Social, and Governance (ESG) Disclosure and Intellectual Capital on the Financial Performance of Energy Sector Companies Listed on the Indonesian Stock Exchange (IDX) for the 2022–2024 Period
DOI:
https://doi.org/10.59141/jiss.v7i7.2427Keywords:
esg disclosure, intellectual capital, value added intellectual coefficient, return on assets, energy sectorAbstract
This study aims to obtain empirical evidence on the effect of ESG disclosure and Intellectual Capital on the financial performance of energy sector companies listed on the IDX for 2022–2024. A quantitative causal design was applied to 22 companies selected through purposive sampling, yielding 66 firm-year observations. Financial performance was measured using Return on Assets (ROA), ESG disclosure using the Global Reporting Initiative (GRI) index, and Intellectual Capital using the Value-Added Intellectual Coefficient (VAIC), analyzed through panel data regression with the Fixed Effect Model. Results show ESG disclosure has a negative, insignificant effect on ROA, while Intellectual Capital has a positive and significant effect. The findings indicate ESG disclosure is still treated as a compliance cost, whereas efficient intellectual capital management is a key driver of profitability in the energy sector. The global business paradigm has shifted from a purely profit-oriented focus toward integrating sustainability and intangible value-creation factors into corporate performance assessment. ESG disclosure and Intellectual Capital (IC) have become increasingly relevant non-financial indicators, particularly for energy sector companies that face high environmental and social risk exposure, yet prior studies on their relationship with financial performance remain inconsistent, and evidence specific to the energy sector on the Indonesia Stock Exchange (IDX) in recent periods is still limited.
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Afiad, F. P., Sari, E. N., & Hani, S. (2023). Faktor-Faktor Yang Mempengaruhi Pengungkapan Intellectual Capital yang Dimoderasi Profitabilitas. Owner: Riset & Jurnal Akuntansi, 7(1), 545–563. https://doi.org/10.33395/owner.v7i1.1220
Antonius, F., & Ida, I. (2023). Pengaruh Environmental , Social, Governance (ESG) Dan Intellectual Capital Terhadap Kinerja Perusahaan. JURNAL EKOBIS: EKONOMI, BISNIS Dan MANAJEMEN, 13(2), 126–138.
Ernst, D., & Gleißner, W. (2022). Paradigm shift in finance: the transformation of the theory from perfect to imperfect capital markets using the example of company valuation. Journal of Risk and Financial Management, 15(9), 399.
Kim, E., & Pae, S. (2024). Voluntary Disclosure When Information Quality Is Unknown. The Accounting Review, 100, 1–29. https://doi.org/10.2308/TAR-2023-0540
Larasati, S., & Nafiati, L. (2025). Pengaruh Esg Disclosure Serta Intellectual Capital Terhadap Kinerja Perusahaan Dengan Risiko Lingkungan Sebagai Variabel Moderasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 14(09), 1365–1378.
Luo, Y. (2024). Paradigm shift and theoretical implications for the era of global disorder. Journal of International Business Studies, 55(2), 127–135.
Mer, A., & Virdi, A. S. (2023). Navigating the paradigm shift in HRM practices through the lens of artificial intelligence: A post-pandemic perspective.
OJK, Otoritas Jasa Keuangan 1 (2017).
Palupi, M. R., & Adi, S. W. (2026). The Effect of Environmental Social and Governance Disclosure , Capital Structure , and Firm Size on Financial Performance with Good Corporate Governance as a Moderating Variable ( A Case Study of Energy Sector Companies during the 2021 – 2024 Period ). Management Studies and Entrepreneurship Journal, 7(2), 843–859.
Pulic, A. (1998). Measuring the performance of intellectual potential in the knowledge economy. The 2nd World Congress on the Management of Intellectual Capital", 1–20.
Safriani, M. N., & Utomo, D. C. (2020). Pengaruh Environmental, Social dan Governance (ESG) Disclosure terhadap Kinerja Perusahaan. DIPONEGORO JOURNAL OF ACCOUNTING, 9(3), 1–11. https://doi.org/10.29313/bcsa.v4i1.11584
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