DOES GOOD CORPORATE GOVERNANCE MODERATE THE DETERMINANTS OF SUSTAINABILITY REPORTING? EVIDENCE STATE-OWNED ENTERPRISES (SOEs) IN INDONESIA
DOI:
https://doi.org/10.70248/jakpt.v4i1.4606Abstract
This study aims to analyze the determinants of sustainability report disclosure in State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX), as well as to examine the role of Good Corporate Governance (GCG) as a moderating variable. This quantitative study analyzes secondary data using panel data regression with the Fixed Effects Model. The results show that the regression model simultaneously exerts a significant effect on sustainability disclosure, with R2 of 28% and p-value 0.000. Partially, profitability, firm size, and GCG have a positive effect, whereas leverage has e negative effect and earnings management has no significant effect. As a moderator, GCG only strengthens the effects of profitability, firm size, and earnings management. These findings indicate that GCG implementation in SOEs still tends toward symbolic compliance rather than substantive control. Managerially and from a policy perspective, SOEs and regulators (the Ministry of SOEs and OJK) need to strengthen the oversight function of the Governance Oversight Committee, integrate ESG performance into the Key Performance Indicators (KPIs) of supervisory bodies, and promote third-party assurance regulations to curb greenwashing risks and enhance public transparency.
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