Sustainability disclosure pada Perusahaan Industri Minyak dan Gas: Determinan dan Dampaknya terhadap Nilai Perusahaan
DOI:
https://doi.org/10.63822/wgkdba43Keywords:
sustainability disclosure, nilai perusahaan, industri minyak dan gas, determinan, systematic literature reviewAbstract
Penelitian ini bertujuan untuk mengkaji secara sistematis determinan dan dampak sustainability disclosure terhadap nilai perusahaan pada industri minyak dan gas. Industri ini menghadapi tingkat pengawasan ESG yang tinggi akibat dampak lingkungan yang signifikan, tekanan institusional, serta tuntutan para pemangku kepentingan, sehingga praktik sustainability disclosure menjadi aspek strategis dalam pelaporan perusahaan. Penelitian ini menggunakan pendekatan Systematic Literature Review (SLR) untuk mengumpulkan dan menganalisis temuan empiris dari berbagai studi sebelumnya yang membahas sustainability disclosure, pengungkapan ESG, serta aspek pelaporan terkait pada industri minyak dan gas maupun sektor lain yang sensitif terhadap lingkungan, baik pada konteks nasional maupun internasional. Hasil kajian menunjukkan bahwa ukuran perusahaan, profitabilitas, leverage, karakteristik tata kelola, tekanan institusional, dan tuntutan pemangku kepentingan merupakan faktor utama yang memengaruhi sustainability disclosure. Meskipun terdapat beberapa hasil penelitian yang bersifat kontradiktif atau bergantung pada konteks tertentu, secara umum sustainability disclosure memiliki hubungan positif dengan nilai perusahaan melalui penurunan asimetri informasi, peningkatan legitimasi, serta peningkatan kepercayaan investor. Penelitian ini memberikan kontribusi berupa pemetaan komprehensif yang dapat menjadi acuan bagi penelitian selanjutnya dalam bidang akuntansi berkelanjutan, khususnya pada industri minyak dan gas.
References
Adiwardhana, G., Rahmawati, R., Sangka, K. B., Prasetyani, D., Kurniawati, E. M., & Jayanti, R. D. (2025). Impact of environment, social, and governance pillars on firm value in oil and gas sector. International Journal of Energy Economics and Policy, 15(5), 18–25. https://doi.org/10.32479/ijeep.17805
Agung, U. I. G. K., Muhammad, Z. G., & Michael, M. A. (2023). Environmental sustainability disclosure in sustainability reports: Mining, oil, and gas companies on the Indonesia stock exchange. International Journal of Management and Sustainability, 12(2), 214–228. https://doi.org/10.18488/11.v12i2.3351
Alamsyah, M. F., & Malanua, W. (2021). Pengaruh investment opportunity set, corporate social responsibility, dan risiko bisnis terhadap nilai perusahaan. Jurnal Fokus Manajemen Bisnis, 11(2), 154. https://doi.org/10.12928/fokus.v11i2.4228
Al-Dosari, M., Marques, A., & Fairbrass, J. (2023). The effect of the EU’s directive on non-financial disclosures of the oil and gas industry. Accounting Forum, 47(2), 166–197. https://doi.org/10.1080/01559982.2023.2198179
Arena, M., Azzone, G., Ratti, S., Urbano, V. M., & Vecchio, G. (2023). Sustainable development goals and corporate reporting: An empirical investigation of the oil and gas industry. Sustainable Development, 31(1), 12–25. https://doi.org/10.1002/sd.2369
Behl, A., Kumari, P. S. R., Makhija, H., & Sharma, D. (2022). Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: case of the Indian energy sector. Annals of Operations Research, 313(1), 231–256. https://doi.org/10.1007/s10479-021-04189-8
Buallay, A., El Khoury, R., & Hamdan, A. (2021). Sustainability reporting in smart cities: A multidimensional performance measures. Cities, 119, 103397. https://doi.org/https://doi.org/10.1016/j.cities.2021.103397
Cardillo, M. A. dos R., & Basso, L. F. C. (2025). Revisiting knowledge on ESG/CSR and financial performance: A bibliometric and systematic review of moderating variables. Journal of Innovation and Knowledge, 10(1). https://doi.org/10.1016/j.jik.2024.100648
Chang, Y. L., & Ke, J. (2024). Socially responsible artificial intelligence empowered people analytics: a novel framework towards sustainability. Human Resource Development Review, 23(1), 88–120. https://doi.org/10.1177/15344843231200930
Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: moderating role of ESG investors. International Review of Financial Analysis, 83, 102291. https://doi.org/10.1016/j.irfa.2022.102291
Constantinescu, D. (2021). Sustainability disclosure and its impact on firm’s value for Energy and Healthcare industry. Central European Economic Journal, 8(55), 313–329. https://doi.org/10.2478/ceej-2021-0022
Czaja-Cieszyńska, H. E., & Kordela, D. (2023). Sustainability Reporting in Energy Companies—Is There a Link between Social Disclosures, the Experience and Market Value? Energies, 16(9). https://doi.org/10.3390/en16093642
Dang, H. N., Nguyen, T. T. C., & Tran, D. M. (2020). The impact of earnings quality on firm value: The case of Vietnam. Journal of Asian Finance, Economics and Business, 7(3), 63–72. https://doi.org/10.13106/jafeb.2020.vol7.no3.63
Edith Ebele Agu, Toluwalase Vanessa Iyelolu, Courage Idemudia, & Tochukwu Ignatius Ijomah. (2024). Exploring the relationship between sustainable business practices and increased brand loyalty. International Journal of Management & Entrepreneurship Research, 6(8), 2463–2475. https://doi.org/10.51594/ijmer.v6i8.1365
Ethika, E., Syofyan, E., & Idris, I. (2025). From Fiscal Input to Social Outcome: Literacy in the Effectiveness of Education Budget Policy. Journal of Cultural Analysis and Social Change, 3392–3404. https://doi.org/10.64753/jcasc.v10i4.3549
Fani, R. A., Marsha, I. M. A., Putri, N. A., Pradanti, A. P., & Sari, A. N. (2025). Peran corporate governance dan esg dalam meningkatkan reputasi dan keberlanjutan perusahaan : studi literatur. Business Preneur: Jurnal Ilmu Administrasi Bisnis, 7(1), 658–673. https://doi.org/10.23969/bp.v7i1.21069
Fawzyputra, V. R., Dewi, V. S., & Pramita, Y. D. (2025). Carbon emissions on firm value: evidence from energy sector companies in Indonesia. E3S Web of Conferences, 622. https://doi.org/10.1051/e3sconf/202562202013
Freeman, R. E., & Reed, L. D. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. In California Management Review (Vol. 25, p. 4). California Management Review.
Frydman Cary, & Wang, B. (2020). The impact of salience on investor behavior: evidence from a natural experiment. The Journal of Finance, 75(1), 229–276. https://doi.org/10.1111/jofi.12851
Haddaway, N. R., Page, M. J., Pritchard, C. C., & McGuinness, L. A. (2022). PRISMA2020: An R package and Shiny app for producing PRISMA 2020-compliant flow diagrams, with interactivity for optimised digital transparency and Open Synthesis. Campbell Systematic Reviews, 18(2), e1230. https://doi.org/https://doi.org/10.1002/cl2.1230
Hahn, R., & Kühnen, M. (2013). Determinants of sustainability reporting: A review of results, trends, theory, and opportunities in an expanding field of research. Journal of Cleaner Production, 59, 5–21. https://doi.org/10.1016/j.jclepro.2013.07.005
Ikpor, I. M., Bracci, E., Kanu, C. I., Ievoli, R., Okezie, B., Mlanga, S., & Ogbaekirigwe, C. (2022). Drivers of sustainability accounting and reporting in emerging economies: evidence from nigeria. Sustainability (Switzerland), 14(7). https://doi.org/10.3390/su14073780
Julianty, P. U., & Nugroho, H. S. (2025). Pengaruh tanggung jawab sosial lingkungan dan tata kelola perusahaan terhadap nilai perusahaan. Ratio : Reviu Akuntansi Kontemporer Indonesia, 6(2), 49–60. https://doi.org/10.30595/ratio.v6i2.27768
Khamisu, M. S., Paluri, R. A., & Sonwaney, V. (2024). Environmental social and governance (ESG) disclosure motives for environmentally sensitive industry: an emerging economy perspective. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2322027
Kumar, R. (2024). Does environmental and social disclosure foretell the financial performance of oil and gas behemoths? Evidence from the emerging market using mixed-methods research. Corporate Governance and Sustainability Review, 8(2), 48–60. https://doi.org/10.22495/cgsrv8i2p4
Madona, M. A., & Khafid, M. (2020). Pengaruh good corporate governance terhadap pengungkapan sustainability report dengan ukuran perusahaan sebagai pemoderasi. Jurnal Optimasi Sistem Industri, 19(1), 22–32. https://doi.org/10.25077/josi.v19.n1.p22-32.2020
Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166. https://doi.org/10.1016/j.jbusres.2023.114104
Mahmood, Z., Kouser, R., Ali, W., Ahmad, Z., & Salman, T. (2018). Does corporate governance affect sustainability disclosure? A mixed methods study. Sustainability (Switzerland), 10(1). https://doi.org/10.3390/su10010207
Mandagie, W. C., Susanto, K. P., Endri, E., & Wiwaha, A. (2024). Oil Price and Corporate Social Responsibility Disclosure (CSRD): Evidence from Indonesian Energy Companies. International Journal of Energy Economics and Policy, 14(3), 694–701. https://doi.org/10.32479/ijeep.15937
Masruroh, Irvianti, L. S. D., Hindarwati, E. N., Nursanti, T. D., & Augie, R. K. (2023). Does Sustainability (Reporting and Three Bottom Lines) matter: The Facts from Energy Sector Companies Listed on The Indonesian Stock Exchange 2017-2021. E3S Web of Conferences, 426. https://doi.org/10.1051/e3sconf/202342602072
Masud, M. A. K., Sahara, J., Maola, M., & Rahman, M. (2025). Enhancing ESG performance through corporate governance: insights from emerging markets. International Journal of Energy Economics and Policy, 15(1), 47–58. https://doi.org/10.32479/ijeep.17717
Maysari, M., & Endri, E. (2025). ESG Disclosure, Intellectual Capital, and Firm Value in the Energy Sector in Indonesia: The Moderating Role of Firm Size. International Journal of Energy Economics and Policy, 15(6), 512–522. https://doi.org/10.32479/ijeep.21243
Menéndez-Sánchez, J., Fernández-Gómez, J., & Araujo-de-la-Mata, A. (2023). Sustainability Strategies by Oil and Gas Companies, Contribution to the SDGs and Local Innovation Ecosystems. Energies, 16(6). https://doi.org/10.3390/en16062552
Muahammad Ardi Fajar. (2024). Meta-analisis mengunakan metode PRISMA: penerapan teknologi pendidikan pada usaha digital printing. KRESNA: Jurnal Riset Dan Pengabdian Masyarakat, 4(2), 141–150. https://doi.org/10.36080/kresna.v4i2.163
Muanifah, S., Holiawati, & Suripto. (2023). Peran tata kelola perusahaan yang baik dalam memoderasi tekanan pemangku kepentingan yang komprehensif terhadap kualitas laporan keberlanjutan. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 6(2), 461–480. https://doi.org/10.29303/akurasi.v6i2.420
Okpo, S. A. O. A., Ukpong, E. G., & Otung, A. U. (2024). Sustainability reporting and investors’ behaviour in the oil and gas firms listed in the nigerian capital market. European Journal of Accounting, Auditing and Finance Research, 12(6), 59–76. https://doi.org/10.37745/ejaafr.2013/vol12n65976
Pramesti, W. C., Sudarma, M., & Ghofar, A. (2024). Environmental, Social, And Governance (ESG) Disclosure, Intellectual Capital And Firm Value: The Moderating Role Of Financial Performance. Jurnal Reviu Akuntansi Dan Keuangan, 14(1), 103–121. https://doi.org/10.22219/jrak.v14i1.32849
Prasetyaningsih, B. I., Sutoyo, S., & Sujatmika, S. (2025). The Influence of Green Accounting and Carbon Emission Disclosure on Company Value. Jurnal Ilmiah Manajemen Kesatuan, 13(1), 83–90. https://doi.org/10.37641/jimkes.v13i1.3037
Putri, M. O., & Vita Fitria Sari. (2026). Pengaruh environmental, social and governance disclosure terhadap kinerja keuangan. Atestasi : Jurnal Ilmiah Akuntansi, 9(1), 127–139. https://doi.org/10.57178/atestasi.v9i1.2215
Ratmono, D., & Sagala, W. M. (2016). Pengungkapan corporate social responsibility (csr) sebagai sarana legitimasi: dampaknya terhadap tingkat agresivitas pajak. Nominal, Barometer Riset Akuntansi Dan Manajemen, 4(2). https://doi.org/10.21831/nominal.v4i2.7997
Saragih, A. E., & Forever, F. (2024). Pengaruh kinerja keuangan terhadap nilai perusahaan dimoderasi good corporate governance. Jesya, 7(1), 871–885. https://doi.org/10.36778/jesya.v7i1.1501
Sharaf-Addin, H. H., & Al-Dhubaibi, A. A. S. (2025). Carbon sustainability reporting based on GHG protocol framework: A Malaysian practice towards net-zero carbon emissions. Environmental and Sustainability Indicators, 25. https://doi.org/10.1016/j.indic.2025.100588
Silitonga, D., Kustina, K. T., Syaifullah, Zain, I. A. S., Hardiana, Y., Febrianty, Halawa, F., Wardhana, A., Viana, E. D., Syamil, A., Dewi, I. C., Utami, E. Y., & Nurhalizah, H. F. (2023). Green management strategy (M. Y. Sianipar, Ed.). MEDIA SAINS INDONESIA.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374.
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
Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a Methodology for Developing Evidence-Informed Management Knowledge by Means of Systematic Review*. In British Journal of Management (Vol. 14).
Tsang, A., Frost, T., & Cao, H. (2023). Environmental, social, and governance (ESG) disclosure: a literature review. British Accounting Review, 55(1). https://doi.org/10.1016/j.bar.2022.101149
Wai-Khuen, W., Boon-Heng, T., & Siow-Hooi, T. (2023). The Influence of External Stakeholders on Environmental, Social, and Governance (ESG) Reporting: Toward a Conceptual Framework for ESG Disclosure. Foresight and STI Governance, 17(2), 9–20. https://doi.org/10.17323/2500-2597.2023.2.9.20
Widhiatmoko, A. R., & Sucipto, B. (2025). Signaling theory dalam konteks pasar kerja dan bisnis di Indonesia. Journal of Accounting and Finance Management (JAFM), 6(5), 3016–3024. https://doi.org/10.38035/jafm.v6i5
Wieczorek-Kosmala, M., Marquardt, D., & Kurpanik, J. (2021). Drivers of sustainable performance in european energy sector. Energies, 14(21). https://doi.org/10.3390/en14217055
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Muhammad Al Ghazali, Rina Tjandra Kirana DP (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
