Pengungkapan Esg Dan Efisiensi Investasi Investigasi Peran Kualitas Audit Dan Transformasi Digital Sebagai Variabel Moderasi
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This study examines the impact of environmental, social and governance (ESG) disclosures on investment performance by considering audit quality and digital transformation as moderating variables. Using a purposive sampling method, this research was conducted using a quantitative approach and focused on energy sector companies listed on the Indonesia Stock Exchange (IDX) in 2018-2023. Hypothesis testing was carried out using multiple linear regression. The results showed that environmental and social disclosures positively influence investment efficiency, while governance disclosures have no significant effect. In addition, audit quality is found to negatively influence investment efficiency, while digital transformation has a positive impact. Hence, the effect of ESG disclosure on investment efficiency varies when moderated by audit quality and digital transformation. When moderated by audit quality, environmental disclosures have a negative effect, while social and governance disclosures have no significant impact. On the other hand, when moderated by digital transformation, environmental disclosure has a positive impact, social disclosure has a negative effect, and governance disclosure has no significant effect on investment efficiency. This finding indicates that moderating factors such as audit quality and digital transformation significantly affect investment efficiency.
References
Al-jubori, I. A. M. (2021). The Impact Of Digital Transformation On The Investment Climate and Assesment of Preference and Risk Factors (Descriptive Analytical Study) By Applying To Egypt As A Model. 5, 116–125.
Allman, E., & Won, J. (2022). The Effect of ESG Disclosure on Corporate Investment Efficiency. October.
Aryonanto, F. A., & Dewayanto, T. (2022). Pengaruh Pengungkapan Environmental, Social, Governance (ESG) dan Kualitas Laporan Keuangan Pada Efisiensi Investasi. 11, 1–9.
Assad, N. F., & Alshurideh, M. T. (2020). Financial Reporting Quality , Audit Quality , and Investment Efficiency : Evidence from GCC Economies. March.
Baker, R. A., & Al-thuneibat, A. (2011). Audit tenure and the equity risk premium : evidence from Jordan. 19(1), 5–23. https://doi.org/10.1108/18347641111105908
Barman, E. (2018). Doing Well By Doing Good: A Comparative Analysis Of ESG Standards For Responsible Investment. https://doi.org/10.1108/S0742-332220180000038016
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency ? $. Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001
Chasiotis, I., Gounopoulos, D., Konstantions, D., Naoum, V. christos, & Patsika, V. (2023). Does ESG reputational risk affect the efficiency and speed of adjustment of corporate investment ? https://doi.org/10.1111/eufm.12470
Christensen, B. E., Glover, S. M., Omer, T. C., & Shelley, M. K. (2016). Understanding Audit Quality : Insights from Audit Professionals and Investors. 33(4), 1648–1684. https://doi.org/10.1111/1911-3846.12212
Darwanti, D., Darman, & Yolanda. (2021). Contribution Of Domestic Direct Investment And Direct Foreign Investment To Economic Growth In Indonesia Era Joko Widodo. 8(1), 39–49. https://doi.org/10.18488/journal.62.2021.81.39.49
Defond, M., & Zhang, J. (2014). A review of archival auditing research. Journal of Accounting and Economics, 58(2–3), 275–326. https://doi.org/10.1016/j.jacceco.2014.09.002
Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. Emerald Publishing Limited.
Fajriani, A., Wijaya, S. Y., & Widyastuti, S. (2021). Determinasi efisiensi investasi. 2, 1541–1554.
Firawan, P. A., & Dewayanto, T. (2021). Pengaruh Kualitas Audit Dan Kualitas Pelaporan Keuangan Terhadap Efisiensi Investasi Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Pada Tahun 2017-2019. 10, 1–8.
Freeman, R. . (1994). The Politics of Stakeholder Theory: Some Future Directions. 4(4), 410–421.
Fu, C., Guo, Z., & Yang, L. (2023). An Empirical Study of ESG Performance and Corporate Investment Efficiency -- Moderating Effect of External Pressure. https://doi.org/10.4108/eai.6-1-2023.2330311
Gao, T. (2021). Research on the Impact of Digital Finance Coverage on the Investment Efficiency of SMEs. Wepm, 255–262.
Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26. Badan Penerbit Universitas Diponegoro.
GRI. (2013). G4 Sustainability Reporting Guidelines. https://www.globalreporting.org/standards/g4/Pages/default.aspx/
Hai, M., Fang, Z., & Li, Z. (2022). Does Business Group ’ s Conscious of Social Responsibility Enhance its Investment Efficiency ? Evidence from ESG Disclosure of China ’ s Listed Companies.
Hammami, A., & Zadeh, M. H. (2020). Audit quality , media coverage , environmental , social , and governance disclosure and fi rm investment e ffi ciency Evidence from Canada. 28(1), 45–72. https://doi.org/10.1108/IJAIM-03-2019-0041
Hsiao, C., & Zhou, Y. (2022). The Impact of ESG and the Characteristics of the Board of Directors on Investment Efficiency : A Case Study of Chinese Listed Companies. 9001, 61–70. https://doi.org/10.36348/gajeb.2022.v04i03.001
Imelda, I. (2019). Analisis Tingkat Efisiensi Investasi (ICOR) dan Hubungannya Dengan Pertumbuhan Ekonomi Sumatera Selatan.
Lin, Y., Lu, Z., & Wang, Y. (2023). The impact of environmental, social, and governance (ESG) practices on investment efficiency in China: Does digital transformation matter? https://doi.org/10.1016/j.ribaf.2023.102050
Luypaert, M., & Caneghem, T. O. M. V. A. N. (2014). Can Auditors Mitigate Information Asymmetry In M&AS An Empirical Analysis Of The Method Of Payment In Belgian Transactions.
Manning, M. L., & Munro, D. (2004). The business survey researcher’s SPSS cookbook (2nded). Pearson Education.
Shahzad, F., Rehman, I. U., Hanif, W., Asim, G. A., & Baig, M. H. (2019). The influence of financial reporting quality and audit quality on investment efficiency. https://doi.org/10.1108/IJAIM-08-2018-0097
Su, X., Wang, S., & Li, F. (2023). The Impact of Digital Transformation on ESG Performance Based on the Mediating Effect of Dynamic Capabilities.
Wang, W., Yu, Y., & Li, X. (2022). ESG performance , auditing quality , and investment efficiency : Empirical evidence from China. October, 1–14. https://doi.org/10.3389/fpsyg.2022.948674
Xue, H. (2023). ESG Disclosure , Market Forces , and Investment Efficiency.
Xue, R., Wang, H., Yang, Y., Linnenluecke, M. K., Jin, K., & Weiyi, C. (2023). The adverse impact of corporate ESG controversies on sustainable investment. Journal of Cleaner Production, 427(September), 139237. https://doi.org/10.1016/j.jclepro.2023.139237
Yang, L. (2023). The Impact of Intelligent Manufacturing on Company Investment Efficiency. 9, 649–657.
Zhu, Z., & Ning, S. (2023). Corporate digital transformation and strategic investments of construction industry in China. Heliyon, 9(7), e17879. https://doi.org/10.1016/j.heliyon.2023.e17879
Zou, J. (2023). Can the Digital Economy Enhance the Investment Efficiency in The Manufacturing Industry ? 11(2).
Afrin, S., & Rahman, M. M. (2023). Does CSR affect investment efficiency ? The moderating role of company reputation. https://doi.org/10.1108/PRR-03-2023-0024
Al-jubori, I. A. M. (2021). The Impact Of Digital Transformation On The Investment Climate and Assesment of Preference and Risk Factors (Descriptive Analytical Study) By Applying To Egypt As A Model. 5, 116–125.
Allman, E., & Won, J. (2022). The Effect of ESG Disclosure on Corporate Investment Efficiency. October.
Aryonanto, F. A., & Dewayanto, T. (2022). Pengaruh Pengungkapan Environmental, Social, Governance (ESG) dan Kualitas Laporan Keuangan Pada Efisiensi Investasi. 11, 1–9.
Assad, N. F., & Alshurideh, M. T. (2020). Financial Reporting Quality , Audit Quality , and Investment Efficiency : Evidence from GCC Economies. March.
Baker, R. A., & Al-thuneibat, A. (2011). Audit tenure and the equity risk premium : evidence from Jordan. 19(1), 5–23. https://doi.org/10.1108/18347641111105908
Barman, E. (2018). Doing Well By Doing Good: A Comparative Analysis Of ESG Standards For Responsible Investment. https://doi.org/10.1108/S0742-332220180000038016
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency ? $. Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001
Chasiotis, I., Gounopoulos, D., Konstantions, D., Naoum, V. christos, & Patsika, V. (2023). Does ESG reputational risk affect the efficiency and speed of adjustment of corporate investment ? https://doi.org/10.1111/eufm.12470
Christensen, B. E., Glover, S. M., Omer, T. C., & Shelley, M. K. (2016). Understanding Audit Quality : Insights from Audit Professionals and Investors. 33(4), 1648–1684. https://doi.org/10.1111/1911-3846.12212
Darwanti, D., Darman, & Yolanda. (2021). Contribution Of Domestic Direct Investment And Direct Foreign Investment To Economic Growth In Indonesia Era Joko Widodo. 8(1), 39–49. https://doi.org/10.18488/journal.62.2021.81.39.49
Defond, M., & Zhang, J. (2014). A review of archival auditing research. Journal of Accounting and Economics, 58(2–3), 275–326. https://doi.org/10.1016/j.jacceco.2014.09.002
Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. Emerald Publishing Limited.
Fajriani, A., Wijaya, S. Y., & Widyastuti, S. (2021). Determinasi efisiensi investasi. 2, 1541–1554.
Firawan, P. A., & Dewayanto, T. (2021). Pengaruh Kualitas Audit Dan Kualitas Pelaporan Keuangan Terhadap Efisiensi Investasi Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Pada Tahun 2017-2019. 10, 1–8.
Freeman, R. . (1994). The Politics of Stakeholder Theory: Some Future Directions. 4(4), 410–421.
Fu, C., Guo, Z., & Yang, L. (2023). An Empirical Study of ESG Performance and Corporate Investment Efficiency -- Moderating Effect of External Pressure. https://doi.org/10.4108/eai.6-1-2023.2330311
Gao, T. (2021). Research on the Impact of Digital Finance Coverage on the Investment Efficiency of SMEs. Wepm, 255–262.
Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26. Badan Penerbit Universitas Diponegoro.
GRI. (2013). G4 Sustainability Reporting Guidelines. https://www.globalreporting.org/standards/g4/Pages/default.aspx/
Hai, M., Fang, Z., & Li, Z. (2022). Does Business Group ’ s Conscious of Social Responsibility Enhance its Investment Efficiency ? Evidence from ESG Disclosure of China ’ s Listed Companies.
Hammami, A., & Zadeh, M. H. (2020). Audit quality , media coverage , environmental , social , and governance disclosure and fi rm investment e ffi ciency Evidence from Canada. 28(1), 45–72. https://doi.org/10.1108/IJAIM-03-2019-0041
Hsiao, C., & Zhou, Y. (2022). The Impact of ESG and the Characteristics of the Board of Directors on Investment Efficiency : A Case Study of Chinese Listed Companies. 9001, 61–70. https://doi.org/10.36348/gajeb.2022.v04i03.001
Imelda, I. (2019). Analisis Tingkat Efisiensi Investasi (ICOR) dan Hubungannya Dengan Pertumbuhan Ekonomi Sumatera Selatan.
Lin, Y., Lu, Z., & Wang, Y. (2023). The impact of environmental, social, and governance (ESG) practices on investment efficiency in China: Does digital transformation matter? https://doi.org/10.1016/j.ribaf.2023.102050
Luypaert, M., & Caneghem, T. O. M. V. A. N. (2014). Can Auditors Mitigate Information Asymmetry In M&AS An Empirical Analysis Of The Method Of Payment In Belgian Transactions.
Manning, M. L., & Munro, D. (2004). The business survey researcher’s SPSS cookbook (2nded). Pearson Education.
Shahzad, F., Rehman, I. U., Hanif, W., Asim, G. A., & Baig, M. H. (2019). The influence of financial reporting quality and audit quality on investment efficiency. https://doi.org/10.1108/IJAIM-08-2018-0097
Su, X., Wang, S., & Li, F. (2023). The Impact of Digital Transformation on ESG Performance Based on the Mediating Effect of Dynamic Capabilities.
Wang, W., Yu, Y., & Li, X. (2022). ESG performance , auditing quality , and investment efficiency : Empirical evidence from China. October, 1–14. https://doi.org/10.3389/fpsyg.2022.948674
Xue, H. (2023). ESG Disclosure , Market Forces , and Investment Efficiency.
Xue, R., Wang, H., Yang, Y., Linnenluecke, M. K., Jin, K., & Weiyi, C. (2023). The adverse impact of corporate ESG controversies on sustainable investment. Journal of Cleaner Production, 427(September), 139237. https://doi.org/10.1016/j.jclepro.2023.139237
Yang, L. (2023). The Impact of Intelligent Manufacturing on Company Investment Efficiency. 9, 649–657.
Zhu, Z., & Ning, S. (2023). Corporate digital transformation and strategic investments of construction industry in China. Heliyon, 9(7), e17879. https://doi.org/10.1016/j.heliyon.2023.e17879
Zou, J. (2023). Can the Digital Economy Enhance the Investment Efficiency in The Manufacturing Industry ? 11(2).
Afrin, S., & Rahman, M. M. (2023). Does CSR affect investment efficiency ? The moderating role of company reputation. https://doi.org/10.1108/PRR-03-2023-0024
Al-jubori, I. A. M. (2021). The Impact Of Digital Transformation On The Investment Climate and Assesment of Preference and Risk Factors (Descriptive Analytical Study) By Applying To Egypt As A Model. 5, 116–125.
Allman, E., & Won, J. (2022). The Effect of ESG Disclosure on Corporate Investment Efficiency. October.
Aryonanto, F. A., & Dewayanto, T. (2022). Pengaruh Pengungkapan Environmental, Social, Governance (ESG) dan Kualitas Laporan Keuangan Pada Efisiensi Investasi. 11, 1–9.
Assad, N. F., & Alshurideh, M. T. (2020). Financial Reporting Quality , Audit Quality , and Investment Efficiency : Evidence from GCC Economies. March.
Baker, R. A., & Al-thuneibat, A. (2011). Audit tenure and the equity risk premium : evidence from Jordan. 19(1), 5–23. https://doi.org/10.1108/18347641111105908
Barman, E. (2018). Doing Well By Doing Good: A Comparative Analysis Of ESG Standards For Responsible Investment. https://doi.org/10.1108/S0742-332220180000038016
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency ? $. Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001
Chasiotis, I., Gounopoulos, D., Konstantions, D., Naoum, V. christos, & Patsika, V. (2023). Does ESG reputational risk affect the efficiency and speed of adjustment of corporate investment ? https://doi.org/10.1111/eufm.12470
Christensen, B. E., Glover, S. M., Omer, T. C., & Shelley, M. K. (2016). Understanding Audit Quality : Insights from Audit Professionals and Investors. 33(4), 1648–1684. https://doi.org/10.1111/1911-3846.12212
Darwanti, D., Darman, & Yolanda. (2021). Contribution Of Domestic Direct Investment And Direct Foreign Investment To Economic Growth In Indonesia Era Joko Widodo. 8(1), 39–49. https://doi.org/10.18488/journal.62.2021.81.39.49
Defond, M., & Zhang, J. (2014). A review of archival auditing research. Journal of Accounting and Economics, 58(2–3), 275–326. https://doi.org/10.1016/j.jacceco.2014.09.002
Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. Emerald Publishing Limited.
Fajriani, A., Wijaya, S. Y., & Widyastuti, S. (2021). Determinasi efisiensi investasi. 2, 1541–1554.
Firawan, P. A., & Dewayanto, T. (2021). Pengaruh Kualitas Audit Dan Kualitas Pelaporan Keuangan Terhadap Efisiensi Investasi Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Pada Tahun 2017-2019. 10, 1–8.
Freeman, R. . (1994). The Politics of Stakeholder Theory: Some Future Directions. 4(4), 410–421.
Fu, C., Guo, Z., & Yang, L. (2023). An Empirical Study of ESG Performance and Corporate Investment Efficiency -- Moderating Effect of External Pressure. https://doi.org/10.4108/eai.6-1-2023.2330311
Gao, T. (2021). Research on the Impact of Digital Finance Coverage on the Investment Efficiency of SMEs. Wepm, 255–262.
Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26. Badan Penerbit Universitas Diponegoro.
GRI. (2013). G4 Sustainability Reporting Guidelines. https://www.globalreporting.org/standards/g4/Pages/default.aspx/
Hai, M., Fang, Z., & Li, Z. (2022). Does Business Group ’ s Conscious of Social Responsibility Enhance its Investment Efficiency ? Evidence from ESG Disclosure of China ’ s Listed Companies.
Hammami, A., & Zadeh, M. H. (2020). Audit quality , media coverage , environmental , social , and governance disclosure and fi rm investment e ffi ciency Evidence from Canada. 28(1), 45–72. https://doi.org/10.1108/IJAIM-03-2019-0041
Hsiao, C., & Zhou, Y. (2022). The Impact of ESG and the Characteristics of the Board of Directors on Investment Efficiency : A Case Study of Chinese Listed Companies. 9001, 61–70. https://doi.org/10.36348/gajeb.2022.v04i03.001
Imelda, I. (2019). Analisis Tingkat Efisiensi Investasi (ICOR) dan Hubungannya Dengan Pertumbuhan Ekonomi Sumatera Selatan.
Lin, Y., Lu, Z., & Wang, Y. (2023). The impact of environmental, social, and governance (ESG) practices on investment efficiency in China: Does digital transformation matter? https://doi.org/10.1016/j.ribaf.2023.102050
Luypaert, M., & Caneghem, t. o. m. v. a. n. (2014). Can Auditors Mitigate Information Asymmetry In M&AS An Empirical Analysis Of The Method Of Payment In Belgian Transactions.
Manning, M. L., & Munro, D. (2004). The business survey researcher’s SPSS cookbook (2nded). Pearson Education.
Shahzad, F., Rehman, I. U., Hanif, W., Asim, G. A., & Baig, M. H. (2019). The influence of financial reporting quality and audit quality on investment efficiency. https://doi.org/10.1108/IJAIM-08-2018-0097
Su, X., Wang, S., & Li, F. (2023). The Impact of Digital Transformation on ESG Performance Based on the Mediating Effect of Dynamic Capabilities.
Wang, W., Yu, Y., & Li, X. (2022). ESG performance , auditing quality , and investment efficiency : Empirical evidence from China. October, 1–14. https://doi.org/10.3389/fpsyg.2022.948674
Xue, H. (2023). ESG Disclosure , Market Forces , and Investment Efficiency.
Xue, R., Wang, H., Yang, Y., Linnenluecke, M. K., Jin, K., & Weiyi, C. (2023). The adverse impact of corporate ESG controversies on sustainable investment. Journal of Cleaner Production, 427(September), 139237. https://doi.org/10.1016/j.jclepro.2023.139237
Yang, L. (2023). The Impact of Intelligent Manufacturing on Company Investment Efficiency. 9, 649–657.
Zhu, Z., & Ning, S. (2023). Corporate digital transformation and strategic investments of construction industry in China. Heliyon, 9(7), e17879. https://doi.org/10.1016/j.heliyon.2023.e17879
Zou, J. (2023). Can the Digital Economy Enhance the Investment Efficiency in The Manufacturing Industry ? 11(2).
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