The Effect of Environmental, Social, and Governance and Human Capital on Company Performance (Case Study of Healthcare Sector Companies Listed on the Indonesia Stock Exchange for the Period 2021 - 2023)
Main Article Content
Sabilla Meisya Putriani*
Patria Prasetio Adi
In an increasingly complex business environment, company success is influenced not only by financial factors but also by non-financial aspects such as Environmental, Social, and Governance (ESG) and human capital. ESG integrates environmental concerns such as better waste and emissions management, social responsibility towards employees and the community, and good corporate governance to ensure transparency and accountable decision-making, thereby increasing investor confidence, creating operational efficiency, and strengthening corporate sustainability. On the other hand, human capital focuses on managing human resources as intangible assets that have a central role in supporting the implementation of ESG values, through innovation, skills enhancement, and productivity. Companies with quality human capital tend to have better adaptability to industry changes, improve decision-making effectiveness, and strengthen innovation that contributes directly to improving company performance. This study examines the impact of ESG and human capital on company performance in the healthcare sector listed on the Indonesia Stock Exchange (IDX) for the period 2021–2023. Using a quantitative approach with multiple linear regression analysis, the research analyzes 11 purposively selected companies over three years, resulting in 33 data points. The findings indicate that ESG and human capital have a positive and significant partial effect on company performance. Simultaneously, ESG and human capital influence company performance, as evidenced by a high R Square value of 87.1%. This finding highlights the importance of integrating ESG principles and effective human capital management to support corporate sustainability.
Agustia, D. (2021). Intellectual Capital Terhadap Financial Performance Dan Sustainable Growth. 2(2), 1–16.
Agustin, O., Anwar, Y., & Bramana, S. M. (2023). Analisis Rasio Profitabilitas Terhadap Optimalisasi Laba Pada PT Grand Titian Residence. Jurnal Media Wahana Ekonomika, 20(1), 202–215. https://doi.org/10.31851/jmwe.v20i1.9395
Ahdian, A. (2022). Ini Tren Investasi ESG di Indonesia sampai 2021. Katadata.Co.Id.
Ahdiyat, A. (2022). Banyak Perusahaan Kesulitan Terapkan ESG, Ini Kendala Utamanya. Katadata.Co.Id.
Alimy, J. I., & Herawaty, V. (2020). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan: Dengan Variabel Moderasi Prospector Strategy Pada Perusahaan Manufaktur Yang Terdaftar Di Idx Periode 2016-2018. Prosiding Seminar Nasional Pakar, 1–9. https://doi.org/10.25105/pakar.v0i0.6853
Almekhlafi, A. A.-G. S. (2022). Human capital impact on organizational performance of commercial banks operating in Yemen. https://doi.org/10.21511/bbs.17(2).2022.15
Antonius, F., & Ida, I. (2023). Pengaruh Environmental , Social , Governance (ESG) Dan Intellectual Capital Terhadap Kinerja Perusahaan. Jurnal Ekobis : Ekonomi Bisnis &Amp; Manajemen, 13(2), 126–138. https://doi.org/http://orcid.org/0000-0001-5694-0745
Azis, S. N., Mide, N. Z., Sari, C. W., & Manabung, Y. I. (2022). Pengaruh human capital, customer capital, structural capital, dan social capital terhadap kinerja perusahaan.
Deviyanti, I., & Syahriar, I. (2022). Rumah Sakit Ramah Lingkungan untuk Masa Depan Lebih Sehat. Who.Int.
Estiningtyas, P., Andi, Y., & Noegroho, K. (2022). Peranan Employee Stock Ownership Program Memoderasi Hubungan Intellectual Capital Terhadap Kinerja Perusahaan. 6, 2941–2952.
Event, A. (2023). Apa itu ESG dan CSR. Agievent.Com. https://agievent.com/news/apa-itu-esg-dan-csr
Grace Lordita Hatumena, Titiek Rachmawati, N. R. (2024). Pengaruh Capital Employed, Human Capital, Structural Capital Terhadap Kinerja Keuangan Pada Perusahaan Manufaktur Yang Terdaftar Pada Bursa Efek Indonesia. Ganec Swara, 18(1), 147. https://doi.org/10.35327/gara.v18i1.744
Hamdi, K., Guenich, H., & Saada, M. Ben. (2022). Does corporate financial performance promote ESG : Evidence from US Firms. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2154053
Hasanah, & Sunarti. (2022). Human Capital as A Source Of Strategy For Achieving Organizational Performance. 1854–1863.
Hidayah, N. (2023). Mengenal Human Capital dan Contohnya, Aspek Penting untuk Perusahaan. Mekari.Com.
IEC. (2023). Mengenal ESG (Environmental, Social, and Governance). Environment-Indonesia.Com.
Inawati, W. A., & Rahmawati. (2023). Dampak Environmental, Social, Dan Governance (ESG) Terhadap Kinerja Keuangan. Jurnal Akademi Akuntansi, 6(2), 225–241. https://doi.org/10.22219/jaa.v6i2.26674
Inggri, E. C., Aren, Riyan, Riswaningtia, Y., & Riyadi, M. (2017). Etika Profesi Akuntan Dan Permasalahan Audit Studi Kasus Rekayasa Laporan Keuangan Pt Dcl. Etika Profesi Akuntan Dan Permasalahan Audit Studi Kasus Rekayasa Laporan Keuangan Pt Dcl, ISBN : 978, 179–188.
Ismiyati. (2020). Dampak Human Capital pada Kinerja Organisasi. Administrasi Dan Kesekretarisan, 5(1), 56–73.
Jayanti, D., & Romli, R. (2023). The Influence of Intellectual Capital on the Performance of UMKM Tempe Craftsmen in Sukabumi City. Journal of Economics, Finance and Accounting Studies, 5(1), 16–25. https://doi.org/10.32996/jefas.2023.5.1.2
Khodijah, A., & Kusuma, I. (2022). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Dengan Competitive Advantage Sebagai Variabel Moderating. 1(April), 168–182.
Kustinah, S. (2022). Influence of intellectual capital and managerial ownership on sustainability finance the influence of intellectual capital and managerial ownership on sustainability finance. 4(7), 2838–2848.
Laoli, G. (2023). Penerapan Pendampingan Dalam Meningkatkan Kompetensi Supervisi Akademik Kepala SMA Binaan di Wilayah Kabupaten Nias Barat. Simpati, 1(3), 113–124.
Littahayu, N. C., & Sulistiyoningsih. (2023). Pengaruh Environmental, Social, dan Governance (ESG) terhadap Kinerja Perusahaan di Indonesia. Prosiding ASIC 2022, 2(1), 35–43.
Liu, D. (2022). The Impact of ESG on Financial Performance of Listed Companies - An Analysis Based on Corporate Reputation Perspective. 20, 1258–1273.
Mahmut Aydogmus, Guzhan Gulay, K. E. (2022). Impact of ESG performance on firm value and profitability. May. https://doi.org/10.1016/j.bir.2022.11.006
Mayasyifa, R. (2020). Pengaruh Current Ratio dan Earning Per Share Terhadap Harga Saham Perusahaan Sub Sektor Farmasi yang Terdaftar di PT Bursa Efek Indonesia Tahun 2020-2022. 19(2019), 2018–2020.
Mekari Talenta. (2023). Mengetahui Cara dan Contoh Pengukuran Kinerja Perusahaan. Talenta.Co.
Merici, A., Aboladaka, J., & Neonufa, G. F. (2023). Environmental, Social dan Governance (ESG) dan Kinerja Keuangan Perusahaan Publik di Indonesia. Owner, 7(2), 1186–1195. https://doi.org/10.33395/owner.v7i2.1371
Mochammad Ridwan, Ina Ratnamiasih, B. S. (2022). Sustainability fot Startup Business : The Role of Human Capital. 21(2), 70–76.
Mudzakir, F. U., & Pangestuti, I. R. D. (2023). Pengaruh Environmental, Social and Governance Disclosure Terhadap Nilai Perusahaan dengan ROA dan DER sebagai Variabel Kontrol. Diponegoro Journal of Management, 12(2), 1–13.
Mulzaki, H., & Yulianti, E. (2024). Pengaruh Environmental Social Governance (Esg) Terhadap Kinerja Keuangan (Roa) Dengan Gender Diversity Sebagai Variabel Moderating Pada Perusahaan Yang Terdaftar Di Indeks Esg Leaders Periode 2020-2022. Jurnal Kajian Pendidikan Ekonomi Dan Ilmu Ekonomi, 8(2), 234–246.
Nugroho, N. A., & Hersugondo, H. (2022). Analisis Pengaruh Environmental , Social , Governance ( ESG ) Disclosure terhadap Kinerja Keuangan Perusahaan. 15(2), 233–243.
Okalesa, Raha, E., & Irman, M. (2024). Pengaruh Pengungkapan Lingkungan, Sosial dan Tata Kelola (ESG) Terhadap Kinerja PErusahaan dan Struktur Modal PErusahaan pada Sub-sektor Bank yang Terdaftar di Bursa Efek Indonesia Periode 2017-2021. 4(1), 30–39.
Oktaviyana, D., Titisari, K. H., & Kurniati, S. (2023). Pengaruh Leverage, Likuiditas, Struktur Modal Dan Ukuran Perusahaan Terhadap Kinerja Keuangan. Journal of Economic, Bussines and Accounting (COSTING), 6(2), 1563–1573. https://doi.org/10.31539/costing.v6i2.5444
Panjaitan, R. K., Salim, U. H., & Firmansyah. (2023). Pengaruh Intelektual Kapital Terhadap Kinerja Keuangan Perusahaan. Detikproperti, 1(2), 119–121.
Rachmawati, S., & Jayanti, D. (2023). Pengaruh Human Capital, Green Banking Disclosure dan Likuiditas terhadap Profitabilitas. Portofolio: Jurnal Ekonomi, Bisnis, Manajemen, Dan Akuntansi, 20(1), 1–15. https://doi.org/10.26874/portofolio.v20i1.262
Safriani, M. N., & Utomo, D. C. (2020). Pengaruh Environmental, Social, Governance (ESG) Disclosure Terhadap Kinerja Perusahaan. 9, 1–11.
Salim, S. (2023). Promoting Firm Performance via Board of Directors Effectiveness: A Study of Financial Services Companies in New Orleans. Journal Of Management, Accounting, General Finance And International Economic Issues, 3(1), 16–31. https://doi.org/10.55047/marginal.v3i1.848
Sekar Sari, P., & Widiatmoko, J. (2023). Pengaruh Environmental, Social, and Governance (ESG) Disclosure terhadap Kinerja Keuangan dengan Gender Diversity sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Keuangan, 5(9), 2023.
Sutisnawinata, K. (2024). Return on Asset (ROA): Arti, Cara Menghitung, Fungsinya. Asdf.Id.
Syahputra, R., & Arfah, M. (2022). Pengukuran Kinerja Perusahaan dengan menggunakan Metode Balance Scorecard Dan Importance Performance (Analisis di UD . Mini Top Medan Johor). 3814, 95–98.
Tjahjanto, A. (2024). Peran Human Capital dalam Mendukung ESG melalui Implementasi ISO di Sustainable Finance and Development. Qubisa.Com.
Tonce, D. D. (2024). Deretan Masalah Indofarma (INAF) dan Anak Usaha Selain Terlilit Pinjol. Bisnis.Com.
Wardifa, I. K. S., & Yanthi, M. D. (2022). Kontribusi Intellectual Capital Terhadap Kinerja Keuangan, Nilai Perusahaan dan Harga Saham. Jurnal Akuntansi Unesa, 11(1), 11–24.
Widodo, S. (2022). Semua Alami Laba Turun, Simak Data Lengkap Kinerja 8 Emiten Kesehatan pada QI/2022. Dataindonesia.Id.
