PENGARUH ESG DISCLOSURE TERHADAP RISIKO FINANCIAL DISTRESS PERUSAHAAN MAKANAN DAN MINUMAN DI BEI

Authors

  • Hani Fitria Universitas Nusa Putra
  • Herman Rustandi Universitas Nusa Putra

DOI:

https://doi.org/10.25299/jafar.2026.29234

Keywords:

ESG Disclosure, Financial Distress, Model Zmijewski

Abstract

Penelitian ini bertujuan untuk menguji pengaruh Environmental, Social, and Governance (ESG) Disclosure terhadap risiko financial distress pada perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan sampel 24 perusahaan dan total 120 observasi. Risiko financial distress diukur menggunakan model Zmijewski, sedangkan ESG diukur melalui metode content analysis. Analisis data dilakukan menggunakan regresi data panel dengan Random Effect Model (REM). Hasil penelitian menunjukkan bahwa aspek environmental, social, dan governance tidak berpengaruh signifikan terhadap financial distress. Temuan ini menunjukkan bahwa pengungkapan ESG belum sepenuhnya mampu mencerminkan kondisi keuangan perusahaan dalam memprediksi risiko financial distress pada perusahaan subsektor makanan dan minuman di Indonesia.

Downloads

Download data is not yet available.

References

Aliazahra, S., & Husodo, Z. (2025). The Analysis Of ESG Score On Corporate Financial Distress Risk In Emerging And Developed Countries In Asia. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 13(3), 2775–2790. https://doi.org/10.37676/ekombis.v13i3

Ath-thahir, L. V., Setijaningsih, H. T., & Kasenda, F. (2025). Integrating Sustainability and Finance : Evidence from Apparel & Luxury Goods , Food & Beverage , and Food & Staples Retailing Sub-Sectors in Indonesia. Journal of Cultural Analysis and Social Change, 10(2), 2227–2235. https://doi.org/10.64753/jcasc.v10i2.1920

Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th ed.). https://doi.org/10.1007/978-3-030-53953-5

Erikawati, C., Aini Muktiana Intan, N., & Huda, F. (2024). Pengujian Kinerja Keuangan terhadap Financial Distress pada Perusahaan Food and Beverage di BEI Tahun 2020-2023. Borobudur Management Review, 4(1), 1–20. https://doi.org/10.31603/bmar.v4i1.11868

Fachrudin, K. R. (2025). Pengaruh Net Income , Perputaran Total Aktiva dan Leverage Terhadap Financial Distress Padaperusahaan Manufaktur Subsektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024. Socius: Jurnal Penelitian Ilmu‑Ilmu Sosial, 2(6), 497–500. https://doi.org/10.5281/zenodo.14843005

Febriantoko, J., Sari, K. R., Astuti, I. I., Selimarsela, Avariza, A. A., & Prastio, S. (2025). Environmental, Social, and Governance (ESG) dan Implikasinya terhadap Keberlanjutan Keuangan Perusahaan. Jurnal Proaksi, 12(4), 817–833. https://doi.org/10.32534/jpk.v12i4.8110

Freeman, R. E. (2010). Strategic Management: A Stakeholder Approach. Cambridge University Press. https://doi.org/DOI: 10.1017/CBO9781139192675

Gao, B., Liu, H., Tong, S., & Jin, Y. (2025). Does ESG Performance Reduce Bankruptcy Risk ? International Journal of Financial Studies, 13(4), 1–30. https://doi.org/10.3390/ijfs13040221

Ghozali, I., & Ratmono, D.C. (2013). Analisis Multivariat dan Ekonometrika Teori, Konsep dan Aplikasi dengan Eviews 8. Badan Penerbit Universitas Diponegoro

Gujarati, D.N., & Porter, D. . (2012). DASAR-DASAR EKONOMETRIKA BUKU 1 EDISI 5 (5th ed.). Salemba Empat.

Jensen, C., & Meckling, H. (1976). THEORY OF THE FIRM : MANAGERIAL BEHAVIOR , AGENCY COSTS AND OWNERSHIP STRUCTURE. Journal of Financial Economics 3, 3, 305–360. https://doi.org/https://doi.org/10.1016/0304-405X(76)90026-X

Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110(4), 441–456. https://doi.org/10.1007/s10551-012-1492-2

Khairunnisa, N., & Setiawati, E. (2025). Pengungkapan Environmental, Sosial and Governance Terhadap Financial Distress Perusahaan yang Terdaftar dalam Indeks IDX ESG Tahun 2024. Al-Kharaj : Jurnal Ekonomi , Keuangan & Bisnis Syariah, 7(6), 2552–2561. https://doi.org/10.47467/alkharaj.v7i6.8570

Lhantiraa, R. M., & Dewi, R. R. (2024). The Influence of Gender Diversity, Firm Life Cycle, and ESG Disclosure on Financial Distress in Energy Companies on the IDX. Jurnal Ekonomi Syariah Indonesia (JESI), 14(1), 292–306. https://doi.org/10.21927/jesi.3124.3483

Li, Y., Qin, L., & He, Z. (2025). Corporate green transformation and bankruptcy risk: Empirical evidence from Chinese manufacturing firms. Pacific-Basin Finance Journal, 93, 102889. https://doi.org/10.1016/J.PACFIN.2025.102889

Listyarini, F. (2020). ANALISIS PERBANDINGAN PREDIKSI KONDISI FINANCIAL DISTRESS DENGAN MENGGUNAKAN MODEL ALTMAN, SPRINGATE DAN ZMIJEWSKI. Jurnal Bina Akuntansi, 7(1), 1–20. https://doi.org/10.52859/jba.v7i1.71

Liwa, K. H., Daromes, F. E., & Asri, M. (2024). The Effect of ESG Disclosure on the Risk of Financial Distress : Pengaruh Pengungkapan ESG terhadap Risiko Kesulitan Keuangan : Program Studi Magister Akuntansi , Universitas Atma Jaya Makassar , Indonesia. Atma Jaya Accounting Research ( AJAR ), 7(2), 208–235. https://doi.org/10.35129/ajar.v7i02.522

Oikonomou, I., Brooks, C., & Pavelin, S. (2012). The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis. Financial Management, 41(2), 483–515. https://doi.org/10.1111/j.1755-053X.2012.01190.x

Oktarina, D., Herlina, E., Africa, L. A., Maulita, S. H., & Amalia, A. I. (2024). The Role of Company Performance in Determine Effect of ESGD on Risk of Financial Distress. Jurnal Riset Akuntansi Dan Keuangan, 12(1), 699–710. https://doi.org/10.17509/jrak.v12i1.61918

Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 26(2), 184–199. https://doi.org/10.1007/BF02755985

Prameswari, S. N., Novita, & Fambudi, I. N. (2024). The Influence of ESG Disclosures on Financial Distress Considering The Director ’ s Financial Expertise as a Moderating Factor. Jurnal Riset Akuntansi Dan Keuangan, 12(1), 805–818. https://doi.org/10.17509/jrak.v12i1.67959

Prihandini, W. (2024). ESG DISCLOSURE IN THE SUSTAINABILITY REPORTS OF INDONESIAN BANKS 2022. International Journal of Economics, Bussiness and Accounting Research (IJEBAR), 8(4), 1–14. https://jurnal.stie-aas.ac.id/index.php/IJEBAR%0AESG

Sastroredjo, P. E., & Suganda, T. R. (2025). ESG and Financial Distress : The Role of Bribery , Corruption , and Fraud in FTSE All-Share Companies. Risks, 13(3), 1–19. https://doi.org/10.3390/risks13030041

Wahyuni, K. T. (2025). Studi Komparatif Financial Distress Perusahaan F&B di BEI Berdasarkan Ukuran Perusahaan dengan Metode Altman Z- Score (2020-2024). Jurnal Nirta : Studi Inovasi, 5(1), 486–507. https://doi.org/10.61412/jnsi.v5i1.309

Widarjono, A. (2018). Ekonometrika Pengantar Dan Aplikasinya Disertai Panduan Eviews (5th ed.). Yogyakarta: UPP STIM YKPN.

Zmijewski, M. (1984). Methodological Issues Related to Estimation of Financial Distress Prediction Models. Journal of Accounting Research, 22. https://doi.org/10.2307/2490859

Downloads

Published

2026-08-31

How to Cite

Fitria, H., & Rustandi, H. (2026). PENGARUH ESG DISCLOSURE TERHADAP RISIKO FINANCIAL DISTRESS PERUSAHAAN MAKANAN DAN MINUMAN DI BEI. Journal Of Islamic Finance And Accounting Research, 5(2 AGUSTUS), 19–38. https://doi.org/10.25299/jafar.2026.29234

Issue

Vol. 5 No. 2 AGUSTUS (2026): JAFAR 2026

Section

Articles

License

Copyright (c) 2026 Hani Fitria, Herman Rustandi

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.