Kinerja keberlanjutan lingkungan terhadap kinerja profitabilitas: Studi mediasi efisiensi operasional
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Abstract
Sustainable environmentally friendly business practices can not only benefit the environment but can also have an impact on the efficiency and profitability of the company. This study aims to examine the effect of environmental sustainability performance on profitability performance through the mediation of operational efficiency. The object of the study was carried out on palm oil companies in Indonesia. The selection of the palm oil sector study object took into account: (1) the challenges of the palm oil plantation sector related to sustainable practices, (2) to control the influence of differences between industrial sectors in the same time period. The study was conducted using secondary data from ESG (Environment, Social, Governance) sustainability performance reports and Financial Reports published by Morningstar Sustainalytics and SPOTT.org. Palm oil companies were selected that were listed on the Indonesia Stock Exchange in 2019-2024. Environmental performance is one of the elements of the ESG score. Data analysis used regression analysis with panel data. The results of the study found that environmental sustainability performance had a significant effect on operational efficiency. Environmental sustainability performance did not have a direct effect on profitability performance, but had an indirect effect through the mediation of operational efficiency performance.
Praktik bisnis yang ramah lingkungan secara berkelanjutan, tidak hanya dapat bermanfaat bagi lingkungan, tetapi juga dapat memberikan dampak pada efisiensi dan profitabilitas perusahaan. Studi ini bertujuan untuk menguji pengaruh kinerja keberlanjutan lingkungan terhadap kinerja profitabilitas melalui mediasi efisiensi operasional. Obyek studi dilakukan pada perusahaan sawit di Indonesia. Pemilihan obyek studi sektor sawit dengan mempertimbangkan: (1) tantangan sektor perkebunan sawit terkait praktik berkelanjutan, (2) untuk mengontrol pengaruh perbedaan antar sektor industri dalam periode waktu yang sama. Studi dilakukan dengan menggunakan data sekunder laporan kinerja keberlanjutan ESG (Environment, Social, Governance) dan Laporan Keuangan yang dipublikasi Morningstar Sustainalytics dan SPOTT.org. Perusahaan sawit dipilih yang listed di Bursa Efek Indonesia tahun 2019-2024. Kinerja lingkungan merupakan salah satu elemen skor ESG. Analisis data menggunakan analisis regresi dengan data panel. Hasil penelitian menemukan bahwa kinerja keberlanjutan lingkungan berpengaruh signifikan terhadap kinerja efisiensi operasional. Kinerja keberlanjutan lingkungan tidak berpengaruh langsung terhadap kinerja profitabilitas, tetapi berpengaruh tidak langsung melalui mediasi kinerja efisiensi operasional.
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