PENGARUH UKURAN PERUSAHAAN DAN BOARD GENDER DIVERSITY TERHADAP ESG SCORE
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Abstract
Abstract,
This study aims to examine the effect of firm size and board gender diversity on the ESG scores of companies listed on the IDX Sustainability Index (IDX) that have been assigned ESG scores by Morningstar Sustainalytics, in collaboration with IDX, for 2024.
The research method used was quantitative with cross-sectional data. The population was 80 companies listed on the IDX Sustainability Index that had been assigned ESG scores by Morningstar Sustainalytics, with a sample size of 48 companies. The results showed that board gender diversity significantly impacted ESG scores, while firm size did not.
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How to Cite
Erwansyah, F., & Maryana, F. (2025). PENGARUH UKURAN PERUSAHAAN DAN BOARD GENDER DIVERSITY TERHADAP ESG SCORE. Dinamika Ekonomi: Jurnal Ekonomi Dan Bisnis, 18(2), 288-304. https://doi.org/https://doi.org/10.53651/jdeb.v18i2.591
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This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License
References
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Sustainalytics.com, 2025. https://www.sustainalytics.com/esg-data#overview. Diakses tanggal 1 Oktober 2025.
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review. 20(3), 571–610. https://doi.org/10.5465/amr.1995.9508080331
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Tingbani, I., Chitambo, L., Taurigana, V., Papanikolaou, N (2020). Board gender diversity, environmental committee and greenhouse gas voluntary disclosures. Business Strategy and the Environment. 29 (6). 2145-2892. https://doi.org/10.1002/bse.2495
Tjahjadi, B., Novitasari, M., et al (2025). Sustainability: Perspektif Bisnis dan Akuntansi. Jilid 1. Jorong Pale: Mitra Cendikia Media.
Vivianita, A., Roestanto, A., Indudewi, D (2024). Determinan Environmental, Social, and Governance (ESG) (Studi Empiris Perusahaan di Indonesia yang Terdaftar di IDX 2018-2021). Jurnal Dinamika Ekonomi dan Bisnis. 21 (1). 93-108. https://doi.org/10.34001/jdeb.v21i1.4728.
Wernerfelt, B (1984). A resource-based view of the firm. Strategic Management Journal. https://doi.org/10.1002/smj.4250050207
Yusoff, W. F. W., & Alhaji, I. A. (2012). Insight of corporate governance theories. Journal of Business & Management, 1(1), 52–63
Badulescu, A., Badulescu, D., Saveanu, T., & Hatos, R. (2018). The relationship between firm size and age, and its social responsibility actions-Focus on a developing country (Romania). Sustainability. Volume 10 (3). https://doi.org/10.3390/su10030805
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207–221. https://doi.org/10.1007/s10551-010-0505-2
Bernardi, R. A., Bosco, S. M., & Columb, V. L. (2009). Does female representation on boards of directors associate with the most ethical companies list? Corporate Reputation Review, 12(3), 270–280. https://doi.org/10.1057/crr.2009.15
Bissoondoyal-Bheenick, E., Brooks, R., Do, H. X (2023). ESG and firm performance: The role of size and media channels. Economic Modelling. Vol 121. https://doi.org/10.1016/j.econmod.2023.106203
Brigham, Eugene F., Houston, Joel F. 2011. Dasar-dasar Manajemen Keuangan. Terjemahan. Edisi 10. Jakarta: Salemba Empat.
Chen, S., Ni, X. & Tong, J.Y (2016). Gender Diversity in the Boardroom and Risk Management: A Case of R&D Investment. Journal of Business Ethics. Vol 136. 599–621. https://doi.org/10.1007/s10551-014-2528-6
Christensen, D. M., Serafeim, G., & Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 147–175. https://doi.org/10.2308/TAR-2019-0506
Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 333-360.
EFRAG (2022). First set of draft ESRS
Elgart, L. D. (1983). Women on fortune 500 boards. California Management Review, 25(4), 121–127. https://doi.org/10.2307/41165036
European Parliament (2022). Directive (EU) 2022/2464. Strasbourg: The European Parliament and the Council of the European Union. https://eur-lex.europa.eu/legalcontent/EN/TXT/PDF/?uri=CELEX:32022L2464&from=EN
Fan, Y., Li, S., Yang, W. Q (2024) The impact of the percentage of female directors on corporate ESG score. Finance Research Letter. Vol 63. 1-7.
García-Meca E, Martinez-Ferrero J (2025), "Understanding the role of gender diversity in ESG misconduct. The moderating effect of gender equality policies". Sustainability Accounting, Management and Policy Journal, Vol. 16 No. 3 pp. 816–844, doi: https://doi.org/10.1108/SAMPJ-06-2024-0546
IDX.co.id, 2025. https://sustainability.idx.co.id/sustainalytics. Diakses tanggal 1 Agustus 2025.
------------, 2025. https://www.idx.co.id/en/listed-companies/esg-score-explanation/. Diakses tanggal 1 Agustus 2025
IDX, 2025. Panduan Pelaporan ESG: Sistem Pelaporan IDX (Versi 1.0). Jakarta: Bursa Efek Indonesia.
Karim S (2021), "An investigation into the remuneration–CSR nexus and if it can be affected by board gender diversity". Corporate Governance, Vol. 21 No. 4 pp. 608–625. https://doi.org/10.1108/CG-08-2020-0320
Liu, D., Gu, K., Hu, W (2023). ESG performance and stock idiosyncratic volatility. Financial Research Letter. Vol 58. https://doi.org/10.1016/j.frl.2023.104393.
Martinez, S. G., Medrano, M. L., Navas, D. A (2024). Evaluating ESG performance: The influence of firm size and gender diversity. SBIR: Small Business International Review. 8 (2). 1-11. https://doi.org/10.26784/sbir.v8i2.693
MSCI (2020). MSCI ESG metrics calculation methodology. New York City: MSCI. https://www.msci.com/documents/10199/1283513/MSCI_ESG_Metrics_Calc_Methodology_Dec2020.pdf/92a299cb-0dbc-63ba-debb-e821bd2e2b08
Nadeem, M., Suleman, T., Ahmed, A (2019). Women on boards, firm risk and the profitability nexus: Does gender diversity moderate the risk and return relationship? International Review of Economics & Finance. Vol 64. 427-442. https://doi.org/10.1016/j.iref.2019.08.007
Nekhili, M., Chakroun, H. & Chtioui, T (2018). Women’s Leadership and Firm Performance: Family Versus Nonfamily Firms. Journal of Business Ethics. 153. 291–316. https://doi.org/10.1007/s10551-016-3340-2
Sustainalytics.com, 2025. https://www.sustainalytics.com/esg-data#overview. Diakses tanggal 1 Oktober 2025.
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review. 20(3), 571–610. https://doi.org/10.5465/amr.1995.9508080331
Tella, M. D., Miti, F., Ardito, R. B., Adenzato, M (2020). Social cognition and sex: Are men and women really different? Personality and Individual Differences. Vol 162. https://doi.org/10.1016/j.paid.2020.110045
Tingbani, I., Chitambo, L., Taurigana, V., Papanikolaou, N (2020). Board gender diversity, environmental committee and greenhouse gas voluntary disclosures. Business Strategy and the Environment. 29 (6). 2145-2892. https://doi.org/10.1002/bse.2495
Tjahjadi, B., Novitasari, M., et al (2025). Sustainability: Perspektif Bisnis dan Akuntansi. Jilid 1. Jorong Pale: Mitra Cendikia Media.
Vivianita, A., Roestanto, A., Indudewi, D (2024). Determinan Environmental, Social, and Governance (ESG) (Studi Empiris Perusahaan di Indonesia yang Terdaftar di IDX 2018-2021). Jurnal Dinamika Ekonomi dan Bisnis. 21 (1). 93-108. https://doi.org/10.34001/jdeb.v21i1.4728.
Wernerfelt, B (1984). A resource-based view of the firm. Strategic Management Journal. https://doi.org/10.1002/smj.4250050207
Yusoff, W. F. W., & Alhaji, I. A. (2012). Insight of corporate governance theories. Journal of Business & Management, 1(1), 52–63