Electronic Theses and Dissertation

Penelitian ini bertujuan untuk menguji pengaruh sustainability reporting terhadap
kinerja keuangan dengan kepemilikan pemerintah sebagai variabel moderasi pada
perusahaan Badan Usaha Milik Negara (BUMN) di Indonesia. Sustainability reporting
diukur berdasarkan tiga aspek utama, yaitu aspek ekonomi, sosial, dan lingkungan,
sedangkan kinerja keuangan diukur menggunakan Return on Assets (ROA). Penelitian
ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari
laporan tahunan dan laporan keberlanjutan perusahaan BUMN yang terdaftar di
Indonesia. Metode analisis yang digunakan adalah regresi data panel serta Moderated
Regression Analysis (MRA) untuk menguji peran variabel moderasi. Hasil penelitian
menunjukkan bahwa secara parsial, pengungkapan aspek ekonomi, sosial, dan
lingkungan dalam sustainability reporting memiliki pengaruh yang berbeda terhadap
kinerja keuangan perusahaan. Namun, kepemilikan pemerintah tidak sepenuhnya
mampu memperkuat hubungan antara sustainability reporting dan kinerja keuangan,
sehingga perannya sebagai variabel moderasi tidak konsisten pada setiap hubungan
yang diuji. Temuan ini menunjukkan bahwa efektivitas sustainability reporting dalam
meningkatkan kinerja keuangan sangat bergantung pada kualitas implementasi dan
integrasinya dalam strategi bisnis perusahaan, bukan hanya pada tingkat kepemilikan
pemerintah. Penelitian ini memberikan kontribusi bagi pengembangan literatur
akuntansi dan keuangan, khususnya terkait pelaporan keberlanjutan pada perusahaan
milik negara, serta memberikan implikasi praktis bagi manajemen, investor, dan
regulator dalam meningkatkan kualitas pelaporan dan kinerja perusahaan secara
berkelanjutan.
Kata Kunci: Sustainability Reporting, Kinerja Keuangan, Return on Assets (ROA),
Kepemilikan Pemerintah, BUMN, Regresi Data Panel, Moderasi

This study aims to examine the effect of sustainability reporting on financial performance with government ownership as a moderating variable in State-Owned Enterprises (SOEs) in Indonesia. Sustainability reporting is measured based on three main aspects, namely economic, social, and environmental aspects, while financial performance is measured using Return on Assets (ROA). This study uses a quantitative approach with secondary data obtained from annual reports and sustainability reports of SOEs listed in Indonesia. The analytical method used is panel data regression and Moderated Regression Analysis (MRA) to test the role of moderating variables. The results show that partially, the disclosure of economic, social, and environmental aspects in sustainability reporting has a different influence on the company's financial performance. However, government ownership is not fully able to strengthen the relationship between sustainability reporting and financial performance, so its role as a moderating variable is inconsistent in each relationship tested. These findings indicate that the effectiveness of sustainability reporting in improving financial performance is highly dependent on the quality of its implementation and integration into the company's business strategy, not only on the level of government ownership. This research contributes to the development of accounting and finance literature, particularly regarding sustainability reporting in state-owned enterprises. It also provides practical implications for management, investors, and regulators in improving reporting quality and corporate performance sustainably. Keywords: Sustainability Reporting, Financial Performance, Return on Assets (ROA), Government Ownership, State-Owned Enterprises, Panel Data Regression, Moderation