Pengaruh Corporate Governance terhadap Sustainability Report Disclosure dengan Ukuran Dewan Komisaris Sebagai Variabel Moderasi
DOI:
https://doi.org/10.47065/arbitrase.v6i3.3013Keywords:
Corporate Governance; Sustainability Report Disclosure; Board Size; Foreign Ownership; Gender DiversityAbstract
This study aims to analyze the effect of corporate governance on sustainability report disclosure with board size as a moderating variable in non-cyclical manufacturing sector companies listed on the Indonesia Stock Exchange for the period 2021-2024. This quantitative research uses secondary data in the form of annual reports and sustainability reports from 32 companies with a total of 128 observations. Data analysis techniques using panel data regression with Random Effect Model selected based on Chow Test, Hausman Test, and Lagrange Multiplier Test. The novelty of this research lies in adding board size moderation variable that examines the role of board size in strengthening or weakening the relationship between corporate governance mechanisms and sustainability reporting quality in the Indonesian context which has only implemented full sustainability reporting obligations since 2021 according to POJK No. 51/POJK.03/2017. The results showed that foreign ownership has no significant effect on sustainability report disclosure (p=0.689>0.05), while majority ownership (p=0.009<0.05) and gender diversity (p=0.000<0.05) have a significant positive effect on sustainability report disclosure. Board size is proven to moderate by strengthening the effect of foreign ownership on sustainability report disclosure (p=0.031<0.05), but does not moderate the effect of majority ownership (p=0.149>0.05) and gender diversity (p=0.423>0.05). Adjusted R-squared value increased from 29.6% in Model 1 to 37.2% in Model 2 after including moderation variables. The contribution of this research provides practical implications for companies in designing optimal governance structures, for investors in assessing sustainability commitments, and for regulators in evaluating the implementation effectiveness of POJK No. 51/POJK.03/2017.
Downloads
References
Al-Qudah, A. A., & Houcine, A. (2023). Firms’ characteristics, corporate governance, and the adoption of sustainability reporting: evidence from Gulf Cooperation Council countries. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-02-2023-0066
Alodat, A. Y., Salleh, Z., & Hashim, H. A. (2023). Corporate Governance and Sustainability Disclosure: Evidence From Jordan. 23(3), 587–606. https://doi.org/10.1108/CG-04-2022-0162
Bimo, Delfy, & Dwinanto, I. (2021). Institutional Ownership and Disclosure of Sustainability Reports With Environmental Uncertainty as a Moderating Variable. Academic Journal. https://doi.org/10.15294/aaj.v10i2.45731
Erin, O. A., & Ackers, B. (2024). Corporate Board, Assurance, and Sustainability Reporting Practices: A Focus on Selected African Countries. 20(6), 85–118. https://doi.org/10.1108/JAOC-07-2023-0123
Eryadi, V. U., Wahyudi, D. I., & Jumaili, S. (2022). Pengaruh Kepemilikan Institusional, Kepemilikan Mayoritas, Kepemilikan Pemerintah, dan Profitabilitas terhadap Sustainability Reporting. 35, 1–17.
Harahap, R. H., & Marpaung, N. Z. (2023). Analisis Teori Legitimasi Pada Konflik Rekognisi Penguasaan Tanah Adat antara PT Asam Jawa dengan Komunitas Terdampak. 2(1), 13–22. https://doi.org/10.32734/jkakp.v2i1.13262
KPMG Survey of Sustainability Reporting. (2024). The Move to Mandatory Reporting. http://kpmg.com/governance
Maysarah, D., Indayani, & Diantimala, Y. (2023). How Corporate Governance Impacts Sustainability Reporting? 2023 International Conference on Decision Aid Sciences and Applications (DASA), 68–72. https://doi.org/10.1109/DASA59624.2023.10286710
Nugrahani, T. S., Kusuma, H., Arifin, J., & Muhammad, R. (2023). Determinants of Sustainability Report Quality in Indonesian Public Companies: An Isomorphism Theory Approach. 18(12), 3909–3921. https://doi.org/10.18280/ijsdp.181222
Otoritas Jasa Keuangan. (2017). Financial Services Authority Regulation. Otoritas Jasa Keuangan, 1–15.
PricewaterhouseCoopers. (2023). Tren dan Arah Sustainability Report Indonesia di Masa Mendatang.
Singhania, S., Singh, J., Aggrawal, D., & Rana, S. (2024). Board Gender Diversity and Sustainability Reporting Quality: A Generalized Ordered Logit Approach. 53(8), 2679–2699. https://doi.org/10.1108/K-07-2022-0963
Sofya, A., Novita, N. C., Afgani, M. W., & Isnaini, M. (2024). Metode Survey?: Explanatory Survey dan Cross Sectional dalam Penelitian Kuantitatif. 4(3), 1695–1708. https://doi.org/10.56832/edu.v4i3.556
Trisnawati, R., Wardati, S. D., & Putri, E. (2022). The Influence of Majority Ownership, Profitability, Size of the Board of Directors, and Frequency of Board of Commissioners’ Meetings on Sustainability Report Disclosure.
Wahyuningrum, I. F. S., Ihlashul’amal, M., Hidayah, R., & Rizkyana, F. W. (2023). Stakeholder Pressure and Its Effect on Sustainability Report. Jurnal Presipitasi, 20(2), 494–506. https://doi.org/10.14710/presipitasi.v20i2.494-506
Wahyuningrum, I. F. S., Mukhibad, H., Oktavilia, S., Hidayah, R., Setyadharma, A., & Yunita, R. C. (2024). The Evolution of Environmental Disclosure Practices in Indonesia. Advances in Economics, Business and Management Research. https://doi.org/10.2991/978-94-6463-522-5
Wahyuningrum, I. F. S., Oktavilia, S., Suryarini, T., Wahyudin, A., Pratista, A. R. H., & Wulandari, M. P. (2025). Environmental disclosure practices in mining sector companies in Indonesia. E3S Web of Conferences 605, 03042. https://doi.org/10.1051/e3sconf/202560503042
Wahyuningrum, I. F. S., Oktavilia, S., & Utami, S. (2022). The Effect of Company Characteristics and Gender Diversity on Disclosures Related to Sustainable Development Goals. 1–13. https://doi.org/10.3390/su142013301
Wahyuningrum, I. F. S., Tauhida, T. T. Z., Setyadharma, A., Oktavilia, S., & Megasari, A. (2025). The Influence of Corporate Governance and Environmental Management Systems on Environmental Disclosure. E3S Web of Conferences 650, 02050. https://doi.org/10.1051/e3sconf/202565002050
Zarefar, A., Agustia, D., & Soewarno, N. (2024). The Role of Foreign Board and Ownership on the Quality of Sustainability Disclosure: The Moderating Effect of Social Reputation. 24(4), 900–918. https://doi.org/10.1108/CG-05-2022-0236
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Pengaruh Corporate Governance terhadap Sustainability Report Disclosure dengan Ukuran Dewan Komisaris Sebagai Variabel Moderasi
ARTICLE HISTORY
How to Cite
Issue
Section
Copyright (c) 2026 Cetta Aptada, Indah Fajarini Sri Wahyuningrum
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
