The Influence of ESG Factors on Profit Growth of Energy Sector Companies Listed on the Indonesia Stock Exchange
Keywords:
ESG, Carbon Emissions, Corporate Social Responsibility (CSR) Funds, Firm Size, Profit Growth
Abstract
This study aims to analyze the influence of ESG factors on profit growth in energy sector companies listed on the Indonesia Stock Exchange. ESG factors are proxied by carbon emissions and CSR funds. Profit growth is proxied by profit growth for each annual period. Data were obtained from company sustainability reports with a total of 85 observations and analyzed using panel data regression with E-views 12 software. The results show that carbon emissions and Corporate Social Responsibility (CSR) funds have a partial significant effect on profit growth. The control variable, firm size (SIZE), does not have a significant effect on profit growth.
References
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Andriana, I., Ahmad Maulana, A. M., Badia Perizade, B. P., Umi Kalsum, U. K., Thamrin, K., & Rifanka, N. (2025). Enviromental Governance, Local Wisdom, and Financial Sustainability: Empowering Women Entrepenueurs in South Sumatera. Jurnal Riset Akuntansi Kontemporer, 17(2), 108–126. https://doi.org/10.23969/jrak.v17i2.22164
Azizah, N., & Cahyaningtyas, F. (2022). Pengaruh CSR, Kinerja Lingkungan, dan Biaya Lingkungan Terhadap Profitabilitas (Studi Empiris Perusahaan Industri Dasar dan Bahan Kimia). Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 17(2), 212–225. https://doi.org/10.32812/jibeka.v17i2.1557
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Faizulayev, A. (2025). Empirical examination of ESG and fintech factors on financial sustainability: a comparative study of Islamic vs conventional banks in Islamic finance-oriented countries. Asian Journal of Accounting Research, 11(1), 2–21. https://doi.org/10.1108/AJAR-09-2024-0382
Febriantoko, J., Sari, K. R., & Armaini, R. (2025). Peran Pengungkapan ESG dalam Meningkatkan Nilai Perusahaan dan Kinerja Keuangan di Sektor Perhotelan Indonesia: Moderasi Ukuran dan Usia Perusahaan. Owner, 9(2). https://doi.org/10.33395/owner.v9i2.2580
Fuadah, L. L., Yuliani, & Safitri, R. H. (2018). Pengungkapan Sustainability Reporting di Indonesia (1st ed.).
Gunawan, B., & Berliyanda, K. L. (2024). Pengaruh Green Accounting, Pengungkapan Emisi Karbon, dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Reviu Akuntansi Dan Bisnis Indonesia, 8(1), 33–50. https://doi.org/10.18196/rabin.v8i1.22027
Habib, A., Oláh, J., Khan, M. H., & Luboš, S. (2025). Does integration of ESG disclosure and green financing improve firm performance: Practical applications of stakeholders theory. Heliyon, 11(4). https://doi.org/10.1016/j.heliyon.2025.e41996
Kholmi, M., & Nafiza, S. A. (2022). Pengaruh Penerapan Green Accounting dan Corporate Social Responsibility Terhadap Profitabilitas (Studi Pada Perusahaan Manufaktur Yang Terdaftar di BEI Tahun 2018-2019 ). Reviu Akuntansi Dan Bisnis Indonesia, 6(1), 143–155. https://doi.org/10.18196/rabin.v6i1.12998
Luthfillah, M. T., Andriana, I., & Bashir, A. (2024). The Impact of Environmental Management Accounting and Good Corporate Governance on Financial Performance. COSTING : Journal of Economic, Business and Accounting, 7(5), 3534–3545.
Pramudena, S. M. (2025). Analysis of Profitability and CSR on ESG with GCG as a Moderation Variable. KnE Social Sciences, 10(21), 127–137. https://doi.org/10.18502/kss.v10i21.19698
Prayitno, E., Adam, M., Widiyanti, M., & Fuadah, L. (2024). The Impact of ESG Disclosure on Financial Performance with Leverage as an Intervening Variable in Mining Companies Listed on the Indonesia Stock Exchange. International Journal of Business, Economics & Management, 7(2), 81–87. https://doi.org/10.21744/ijbem.v7n2.2285
Sari, H. G. I., Karlinah, Lady, Sugondo, L. Y., & Ananta, A. (2026). Kinerja ESG, Independensi Komite Audit, dan Biaya Modal: Bukti Moderasi dari Perusahaan Bursa Efek Indonesia. Owner, 10(1), 259–271. https://doi.org/10.33395/owner.v10i1.3021
Setiani, E. P., Dewanti, P. W., & Cortez, E. (2024). ESG Scores, Financial Performance, and Carbon Emissions: Evidence from Southeast Asian Companies. Nominal: Barometer Riset Akuntansi Dan Manajemen, 13(2), 227–238. https://doi.org/10.21831/nominal.v13i2.76302
Taddeo, S., Agnese, P., & Busato, F. (2024). Rethinking the effect of ESG practices on profitability through cross-dimensional substitutability. Journal of Environmental Management, 352. https://doi.org/10.1016/j.jenvman.2024.120115
Tyas, C. D. N., & Prastiwi, A. (2025). Pengaruh Profitabilitas Terhadap Nilai Perusahaan Dengan ESG Performance Sebagai Variabel Moderasi. Owner, 9(2). https://doi.org/10.33395/owner.v9i2.2624
Velte, P., Stawinoga, M., & Lueg, R. (2020). Carbon performance and disclosure: A systematic review of governance-related determinants and financial consequences. In Journal of Cleaner Production (Vol. 254). Elsevier Ltd. https://doi.org/10.1016/j.jclepro.2020.120063
Wang, C. M., & Wu, T. P. (2025). Non-Linear Dynamics: ESG Investment and Financial Performance Heterogeneity in the Tourism Industry. Sustainability (Switzerland), 17(24). https://doi.org/10.3390/su172411010
Zvarikova, K., Gajanova, L., & Horak, J. (2024). Exploring CSR performance as a proxy for competitive advantage across sectors in the Central European countries. Oeconomia Copernicana, 15(3), 991–1020. https://doi.org/10.24136/oc.3247
Published
2026-06-20
How to Cite
Merici, A., Andriana, I., Thamrin, K. M. H., & Taufik. (2026). The Influence of ESG Factors on Profit Growth of Energy Sector Companies Listed on the Indonesia Stock Exchange. International Journal of Economics, Business and Innovation Research, 5(04), 1875-1888. https://doi.org/10.63922/ijebir.v5i04.3917
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