Pengaruh Corporate Governance Terhadap Kinerja Keberlanjutan

Abstract

This study aims to examine the effect of Good Corporate Governance (GCG) on sustainability performance in primary consumer goods sector companies listed on the Indonesia Stock Exchange for the period 2020–2024. The sample was selected using purposive sampling, consisting of 11 companies with a total of 55 observations. Sustainability performance was measured using the Sustainability Balanced Scorecard (SBSC) and Sustainability Reporting Disclosure (SRD) based on GRI G4 guidelines. GCG was assessed using 185 disclosure items from the ASEAN Corporate Governance Scorecard (ACGS). Panel data regression analysis was employed, and the best model was determined through the Chow and Hausman tests, which identified the Fixed Effect Model as the most appropriate. The results show that GCG has a positive and significant effect on sustainability performance, with a coefficient of 2.826 and a significance level of 0.0071. The Adjusted R² value of 0.553 indicates that 55.3% of the variation in sustainability performance is explained by GCG. These findings support agency theory and indicate that effective GCG not only enhances financial performance but also improves a company's social and environmental responsibilities. The study implies the importance of strengthening GCG practices to promote long-term corporate sustainability