KINERJA ESG PADA PERUSAHAAN KELUARGA: PERAN FOUNDER DOMINATION, RISIKO PERUSAHAAN DAN KEPEMILIKAN INSTITUSIONAL
DOI:
https://doi.org/10.33603/jka.v10i1.11428Kata Kunci:
Corporate Risk, ESG performance, Founder domination, Institutional ownershipAbstrak
Penelitian ini menganalisis pengaruh founder domination dan risiko perusahaan terhadap kinerja Environmental, Social, and Governance (ESG) serta menguji peran kepemilikan institusional sebagai variabel moderasi. Penelitian ini dilakukan pada perusahaan keluarga sektor manufaktur di Indonesia, dengan jumlah sampel penelitian berjumlah 83 perusahaan keluarga dengan periode observasi dua tahun. Teknik analisis data dengan menggunakan moderated regression analysis. Hasil penelitian menunjukkan bahwa dominasi pendiri tidak berpengaruh terhadap kinerja ESG, mencerminkan berkurangnya pengaruh pendiri seiring peralihan kontrol kepada generasi penerus. Risiko perusahaan berpengaruh positif signifikan terhadap kinerja ESG, menunjukkan bahwa perusahaan yang menghadapi tingkat risiko perusahaan lebih tinggi cenderung memperkuat praktik keberlanjutan untuk meningkatkan legitimasi dan transparansi. Kepemilikan institusional terbukti memoderasi hubungan dominasi pendiri dan risiko perusahaan terhadap kinerja ESG, menegaskan perannya sebagai mekanisme tata kelola eksternal yang meningkatkan kualitas monitoring dan mendorong komitmen keberlanjutan perusahaan. Temuan ini memperkaya literatur mengenai perusahaan keluarga dan ESG, khususnya terkait pentingnya struktur kepemilikan dalam membentuk kinerja keberlanjutan. Selain itu, penelitian ini menegaskan
bahwa peningkatan kinerja ESG bukan hanya bentuk kepatuhan, tetapi merupakan strategi perusahaan yang efektif dalam merespons risiko yang dihadapi perusahaan.
Kata Kunci: Founder Domination; Kepemilikan Institusional; Kinerja ESG; Risiko Perusahaan
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