Analysis of ESG Disclosure Practices in Healthcare Sector Companies
DOI:
https://doi.org/10.20961/akumulasi.v3i1.1677Keywords:
disclosure quality, disclosure quantity, ESG, healthcareAbstract
This study aims to describe the disclosure of ESG, environmental, social, and governance dimension practices in healthcare sector companies listed on the Indonesian Stock Exchange from 2021 to 2022. This research used a descriptive study to describe ESG disclosure in healthcare companies. The research objects are 28 healthcare sector companies listed on the Indonesian Stock Exchange from 2021 to 2022. The result shows that the ESG disclosure in Indonesian healthcare sector companies based on the GRI Standard needs to be higher and more informative. In the environmental aspect, the average quantity of ESG disclosure is 38.65%, while the quality of disclosure is 31.94%. In the social aspect, the average amount of ESG disclosure is 43.47%, while the quality of disclosure is 31.10%. In the governance aspect, the average quantity of ESG disclosure is 53.82%, while the quality of disclosure is 37.78%.
References
Aboud, A., & Diab, A. (2018). The impact of social, environmental and corporate governance disclosures on firm value: Evidence from Egypt. Journal of Accounting in Emerging Economies, 8(4), 442–458. https://doi.org/10.1108/JAEE-08-2017-0079
Abideen, Z., & Fuling, H. (2024). Non-financial sustainability reporting and firm reputation. Evidence from Chinese listed companies. International Journal of Emerging Markets, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJOEM-08-2023-1319
Aditama, F. W. (2022). Analisa pengaruh environmental, social, governance (ESG) terhadap return saham yang terdaftar di index IDX30. Contemporary Studies in Economic, Finance and Banking, 1(4), 592-602. https://csefb.ub.ac.id/index.php/csefb/article/view/83
Alameddin, Walid R. (2022). Balancing environmental, social and governance goal. E-book. www.archwaypublishing.com
Allianz Indonesia. (2020, Juli 8). Inilah sektor industri yang bertahan di tengah pandemi COVID19. Allianz. https://www.allianz.co.id/explore/inilah-sektor-industri-yang-bertahan-di-tengah-pandemi-covid19.html
Aris, N. A., Marzuki, M. M., Othman, R., Rahman, S. A., & Ismail, N. H. (2018). Designing indicator for cooperative sustainability: The Malaysian perspective. Social Responsibility Journal, 14 (1), 226-248. https://doi.org/10.1108/SRJ-01-2017-0015
Azkia, S., & Mulyani, S. (2018). Analisis beda kualitas sustainability reporting terhadap nilai perusahaan. Jurnal Sistem Informasi, Keuangan, Auditing dan Perpajakan, 3(1), 1-16. https://doi.org/10.32897/jsikap.v3i1.96
Basar, N. F., Hamzah, F., & Aisyah, N. (2023). Penerapan konsep triple bottom line pada usaha ayam potong UD. Firman di Maros Sulawesi Selatan. Jurnal Akuntansi Kompetif, 6(1), 104-114. https://doi.org/10.35446/akuntansikompetif.v6i1.1181
Bhatia, A., & Tuli, S. (2018). Sustainability reporting: An empirical evaluation of emerging and developed economies. Journal of Global Responsibility, 9(2), 207–234. https://doi.org/10.1108/JGR-01-2018-0003
Buallay, A., Fadel, S.M., Alajmi, J., & Saudagaran, S. (2021). Sustainability reporting and bank performance after financial crisis: Evidence from developed and developing countries. Competitiveness Review: An International Business Journal, 31(4), 747-770. https://doi.org/10.1108/CR-04-2019-0040
Carter, C. R., Hatton, M. R., Wu, C., & Chen, X. (2020). Sustainable supply chain management: Continuing evolution and future directions. International Journal of Physical, 56(1-2), 122-146. https://doi.org/10.1108/IJPDLM-02-2019-0056
Chariri, A., & Ghozali, I. (2007). Teori akuntansi. Semarang: Badan Penerbit Universitas Diponegoro, 2014.
Cuesta, M., & Valor, C. (2013). Evaluation of the environmental, social and governance information disclosed by Spanish listed companies. Social Responsibility Journal, 9(2), 220-240. https://doi.org/10.1108/SRJ-08-2011-0065
Deng, X., Li, W.H., & Ren, X.H. (2023). More sustainable, more productive: Evidence from ESG ratings and total factor productivity among listed Chinese firms. Finance Research Letters, Elsevier, 51(C). https://doi.org/10.1016/j.frl.2022.103439
Dion, H., & Evans, M. (2022). Strategic frameworks for sustainability and corporate governance in healthcare facilities; approaches to energy-efficient hospital management. Benchmarking: An International Journal, 31(2), 353-390. https://doi.org/10.1108/BIJ-04-2022-0219
ElHawary, E. and Elbolok, R. (2024). The implications of COVID-19 on ESG performance and financial reporting quality in Egypt. Journal of Financial Reporting and Accounting, Vol. ahead-of-print No. ahead-of-print. https://doi-org.unslib.idm.oclc.org/10.1108/JFRA-08-2023-0469
Elkington, J. (1998). Partnerships from cannibals with forks: The triple bottom line of the 21st-century business. Environmental Quality Management, 8(1), 37- 51. https://doi.org/10.1002/tqem.3310080106
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global finance journal, 38, 45-64. https://doi.org/10.1016/j.gfj.2017.03.001
Imtiaz, F.M., Adams, C.A,, & Boyce, G. (2019). Institutional drivers of environmental management accounting adoption in public sector water organizations. Accounting, Auditing & Accountability Journal, 32(4), 984–1012. https://doi.org/10.1108/AAAJ-09-2017-3145
Fernando, K., Nurcholifah, S., & Pulungan, A. H. (2022). Disclosure of environmental, social, and governance on firm performance pre and post introduction of integrated reporting: Evidence from ASEAN countries. International Journal of Energy Economics and Policy, 12 (6), 377-382. https://doi.org/10.32479/ijeep.13561
Fonseca, J. (2020). ESG investing: How corporate tax avoidance affects corporate governance & ESG analysis. Illinois Business Law Journal, 25, 1-18. https://ssrn.com/abstract=3628879
Freeman, R. (1984). Strategic management: A stakeholder approach. Cambridge, MA: Cambridge University Press.
Frooman, J. (1999). Stakeholder influence strategies. Academy of Management Review, 24(2), 191-205. https://doi.org/10.5465/amr.1999.1893928
Garcia-Amate, A., Ramirez-Orellana, A., Rojo-Ramirez, A. A., & Casado-Belmonte, M. P. (2023). Do ESG controversies moderate the relationship between CSR and corporate financial performance in oil and gas firms? Human and Social Science Communications, 10(749), 1-14. https://doi.org/10.1057/s41599-023-02256-y
Grast J., Maas K., & Suijs J. (2022). Materiality assessment is an art, not a science: selecting ESG topics for sustainability reports. Calif Manage Rev, 65(1), 64- 90. https://doi.org/10.1177/00081256221120692
Holder-Webb, L., Cohen, J.R., Nath, L. and Wood, D. (2009). The supply of corporate social responsibility disclosures among US firms. Journal of Business Ethics, 84, 497-527. https://doi.org/10.1007/s10551-008-9721-4
International Association for Public Participation Indonesia. (2022, Maret 3). Situasi dan tantangan perjalanan ESG di Indonesia. IAP2. https://iap2.or.id/situasi-dan-tantangan-perjalanan-esg-di-indonesia/
Iswara, M. A. (2021, Juli 24). Seberapa besar untung perusahaan sektor kesehatan dari COVID-19? Tirto.id. https://tirto.id/seberapa-besar-untung-perusahaan-sektor-kesehatan-dari-covid-19-ghYm
Kalia, D. & Aggarwal, D. (2022). Examining impact of ESG score on financial performance of healthcare companies. Journal of Global Responsibility, 14 (1), 155-176. https://doi.org/10.1108/JGR-05-2022-0045
Khan, N. U., Irshad, A. R., Ahmed, A., & Khattak, A. (2021). Do organizational citizenship behavior for the environment predict triple bottom line performance in manufacturing firms?. Business Process Management Journal, 27 (4), 1033-1053. https://doi.org/10.1108/BPMJ-01-2021-0007
Kim, Woo Cheol, & Park, J. (2017). Examining structural relationships between work engagement, organizational procedural justice, knowledge sharing, and innovative work behavior for sustainable organizations. Sustainability, 9(2), 1-16. https://doi.org/10.3390/su9020205
Kotler, P., & Armstrong, G. (2021). Principles of marketing (18th ed.). Pearson.
KPMG International. (2022, Oktober). Big shifts, small steps: Survey of sustainability reporting 2022. KPMG. https://assets.kpmg.com/content/dam/kpmg/se/pdf/komm/2022/Global-Survey-of-Sustainability-Reporting-2022.pdf
Kuswanto, R. (2019). Penerapan standar GRI dalam laporan keberlanjutan di Indonesia: Sebuah evaluasi. Jurnal Bina Akuntansi, 6(2), 1-21. https://doi.org/10.52859/jba.v6i2.59
Leung, T., C., H., & You, C., S. (2023). Environmental, social, and governance (ESG) in the business industry. Springer Nature Singapore Ltd. Environmental, Social and Governance and Sustainable Development in Healthcare, 11-32. https://doi.org/10.1007/978-981-99-1564-4_2
Li, T., Wang, K., Sueyoshi, T., & Wang, D., D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663. https://doi.org/10.3390/su132111663
Lu, J & Wang, J. (2021). Corporate governance, law, culture, environmental performance and CSR disclosure: A global perspective. Journal of International Financial Markets, Institution and Money, 70. https://doi.org/10.1016/j.intfin.2020.101264
Melinda, A., & Wardhani, R. (2020). Pengaruh lingkungan, sosial, tata kelola, dan kontroversi pada nilai perusahaan: Bukti dari Asia. Advanced Issues in the Economics of Emerging Markets, 27, 147-173. https://doi.org/10.1108/S1571-038620200000027011
Michael, R., Raharjo, S. T., & Resnawaty, R. (2019). Program CSR yayasan Unilever Indonesia berdasarkan teori triple bottom line. Jurnal Pekerjaan Sosial, 2(1), 23-31. https://jurnal.unpad.ac.id/focus/article/view/23116
Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. The Academy of Management Review, 22(4), 853–886. https://doi.org/10.2307/259247
Muhammadinah, Muhammadinah. (2016). Analisis kelengkapan pengungkapan corporate social responsibility (CSR) berdasarkan indeks global reporting initiative (GRI) pada Bank Umum Syariah (BUS) di Indonesia. I-Finance, 2(2), 34-53. https://jurnal.radenfatah.ac.id/index.php/I-Finance/article/view/1019
Molero, A., Calabro, M., Vignes, M., Gouget, B., & Gruson, D. (2021). Sustainability in healthcare: Perspectives and reflections regarding laboratory medicine. Annals of Laboratory Medicine (Ann Lab Med), 41(2), 139-144. https://doi.org/10.3343/alm.2021.41.2.139
Parameswar, N., Hasan, Z., Shri, C. & Saini, N. (2023). Exploring the barriers to ESG adoption using modified TISM approach. Kybernetes, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/K-05-2023-0888
Rahmawati, L., & Sembiring, E., E. (2022). Perbandingan kinerja keuangan perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia sebelum dan saat pandemi covid-19. Indonesian Accounting Literacy Journal, 2(3), 589-600. https://doi.org/10.35313/ialj.v2i3.3985
Rohmawan, A. M., Yahya, M. R., Nunik, N., & Estu, W. (2021). Social responsibility investing and firm performance preliminary finding in Indonesia industry during Covid-19. Institute of Certified Sustainability Practitioners. https://institute-csp.org/wp-content/uploads/2022/05/11.-Rohmawan-Rizki-dan-Nurmalasari.pdf
Romero S, Ruiz S, & Fernandez-Feijoo, B. (2019). Sustainability reporting and stakeholder engagement in Spain: Different instruments, different quality. Bus Strategy Environ, 28(1), 221–232. https://doi.org/10.1002/bse.2251
Ruan, L., & Liu, H. (2021). Environmental, social, governance activities and firm performance: Evidence from China. Sustainability, 13 (2), 767. https://doi.org/10.3390/su13020767
Ruiz-Lozano M., De Vicente-Lama M., Tirado-Valencia P., & Cordobes-Madueno M. (2022). The disclosure of the materiality process in sustainability reporting by Spanish state-owned enterprises. Account Audit Account Journal, 35(2), 385-412. https://doi.org/10.1108/AAAJ-08-2018-3629
Safriani, M. N., & Utomo, D. C. (2020). Pengaruh environmental, social, governance (ESG) disclosure terhadap kinerja perusahaan. Diponegoro Journal of Accounting, 9(3), 1-11. https://ejournal3.undip.ac.id/index.php/accounting/article/view/29093
Saha, A.K. & Khan, I. (2024). Sustainable prosperity: Unravelling the Nordic nexus of ESG, financial performance, and corporate governance. European Business Review, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/EBR-09-2023-0276
Savarese, M., Castellini G, Morelli L, & Graffigna G. (2021). COVID-19 disease and nutritional choices: How will the pandemic reconfigure our food psychology and habits? A case study of the Italian population. Nutrition, Metabolism and Cardiovascular Diseases, 31(2), 399–402. https://doi.org/10.1016/j.numecd.2020.10.013
Shah, S. and Naghi Ganji, E. (2019). Sustainability adoption in project management practices within a social enterprise case. Management of Environmental Quality, 30(2), 346-367. https://doi.org/10.1108/MEQ-03-2018-0050
Sibarani, S. (2022). ESG (Environmental, social, and governance) implementation to strengthen business sustainability PT. Migas–North Field. European Journal of Business and Management Research, 8 (1), 147-150. https://www.ejbmr.org/index.php/ejbmr/article/view/1798/1027
Singh, K. and Jaiwani, M. (2024). ESG and share price volatility in energy sector firms: Does the development phase of countries matter?. International Journal of Energy Sector Management, 18(5), 956-979. https://doi.org/10.1108/IJESM-05-2023-0033
Srivastav, A. and Hagendorff, J. (2016). Corporate governance and bank risk-taking. Corporate Governance: An International Review, 24(3), 334-345. https://doi.org/10.1111/corg.12133
Sekaran, U., & Bougie, R. (2017). Metode penelitian untuk bisnis: Pendekatan pengembangan keterampilan (edisi ke-8).
Sciarelli, M., Cosimato, S., Landi, G. and Iandolo, F. (2021). Socially responsible investment strategies for the transition towards sustainable development: The importance of integrating and communicating ESG. The TQM Journal, 33(7), 39-56. https://doi.org/10.1108/TQM-08-2020-0180
Siregar, P. A., Tambunan, R. P., Puspito, E., & Muda, I. (2022). Sustainability reporting in the health sector by considering economic, environmental, social and governance (ESG) aspects in the Kalbe Farma pharmaceutical industry. Journal of Pharmaceutical Negative Results, 13(9), 6688-6695. https://www.pnrjournal.com/index.php/home/article/view/5345
Thomas, A. and Suresh, M. (2023). Readiness for sustainable-resilience in healthcare organisations during Covid-19 era. International Journal of Organizational Analysis, 31(1), 91-123. https://doi.org/10.1108/IJOA-09-2021-2960
Septiana, W. R., & Puspawati, D. (2022). Analisis good corporate governance terhadap pengungkapan ESG di Indonesia tahun 2016-2020. Jurnal Ilmiah Akuntansi dan Keuangan, 4(10), 4274–4283. https://doi.org/10.32670/fairvalue.v4i10.1642
Wu, M., & Shen, C. H. (2023). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37(9), 3529-3547, https://doi.org/10.1016/j.jbankfin.2013.04.023
Yadav, P. L., Han, S. H., & Rho, J. J. (2016). Impact of environmental performance on firm value for sustainable investment: Evidence from large US firms. Business Strategy and the Environment, 25(6), 402–420. https://doi.org/10.1002/bse.1883
Yoon, B., Hwan Lee, J., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10, 3635. https://doi.org/10.3390/su10103635
Yustin, M & Suhendah, R. (2023). The effect of profitability, risk, and company age on ESG disclosure. International Journal of Application on Economics and Business (IJAEB), 1(1), 151-161. https://doi.org/10.24912/ijaeb.v1i1.151-161
Zhang, X., & Tavitiyaman. (2022). Sustainability courses in hospitality and tourism higher education: Perspectives from industry practitioners and students. Journal of Hospitality, Leisure, Sport and Tourism Education, 31. https://doi.org/10.1016/j.jhlste.2022.100393
![](<a target="_blank" href="https://www.imghost.net/t2YCosHoTGal3PY"><img src="https://www.imghost.net/ib/XgTtYft8xXyWSso_1724222378.jpg" alt="Google-Scholar.jpg"/></a>)
![](<a href="https://ibb.co.com/VTM5x0x"><img src="https://i.ibb.co.com/2dcHS0S/Google-Scholar-1.jpg" alt="Google-Scholar-1" border="0"></a>)
