PENGARUH KEPEMILIKAN INSTITUSIONAL DAN INTELLECTUAL CAPITAL TERHADAP PENGUNGKAPAN SUSTAINABILITY REPORT: PERAN MODERASI KINERJA LINGKUNGAN

Nadhifatul Nur Maulani, Acynthia Ayu Wilasittha

Abstract


ABSTRAK

Penelitian ini bertujuan untuk meneliti pengaruh kepemilikan institusional dan intellectual capital terhadap pengungkapan laporan keberlanjutan, serta mengevaluasi fungsi kinerja lingkungan sebagai variabel moderasi. Populasi penelitian terdiri dari 52 perusahaan pertambangan yang tercatat di Bursa Efek Indonesia, dengan sampel sebanyak 14 perusahaan selama periode 2021–2024 (total 56 observasi). Analisis menggunakan regresi data panel dengan model Fixed Effect dan robust standard error untuk mendapatkan estimasi yang lebih handal. Temuan penelitian menunjukkan bahwa kepemilikan institusional memiliki pengaruh positif dan signifikan terhadap luasnya pengungkapan sustainability report. Di sisi lain, intellectual capital tidak terbukti berpengaruh signifikan. Penelitian ini juga mengungkap bahwa kinerja lingkungan melemahkan pengaruh kepemilikan institusional terhadap pengungkapan laporan keberlanjutan, khususnya pada perusahaan dengan kinerja lingkungan yang buruk. Adapun kinerja lingkungan tidak memperkuat dampak intellectual capital terhadap pengungkapan sustainability report. Penelitian ini berkontribusi dengan menekankan pentingnya pengawasan pemegang saham institusional dan pengelolaan lingkungan yang baik dalam meningkatkan transparansi keberlanjutan, serta menunjukkan bahwa pemanfaatan modal intelektual belum dioptimalkan untuk mendukung praktik pengungkapan tersebut.

Kata kunci: kepemilikan institusional, intellectual capital, kinerja lingkungan, sustainability report, pertambangan

ABSTRACT

This study aims to examine the influence of institutional ownership and intellectual capital on the disclosure of sustainability reports, as well as evaluate the role of environmental performance as a moderating variable. The research population consists of 52 mining companies listed on the Indonesia Stock Exchange, with a sample of 14 companies over the period 2021–2024 (totaling 56 observations). The analysis employs panel data regression using the Fixed Effect Model and robust standard error testing to obtain more reliable estimates. The findings indicate that institutional ownership has a positive and significant impact on the extent of sustainability report disclosure. Conversely, intellectual capital does not prove to have a significant influence. The study also reveals that environmental performance weakens the influence of institutional ownership on sustainability report disclosure, particularly in companies with poor environmental performance. Meanwhile, environmental performance does not strengthen the impact of intellectual capital on sustainability report disclosure. This research contributes by emphasizing the importance of oversight by institutional shareholders and good environmental management in enhancing sustainability transparency, as well as showing that the utilization of intellectual capital has not yet been optimized to support such disclosure practices.

Keywords: institutional ownership, intellectual capital, environmental performance, sustainability report, mining sector


Keywords


kepemilikan institusional; intellectual capital; kinerja lingkungan; sustainability report; pertambangan

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DOI: http://dx.doi.org/10.35906/jurakun.v12i2.2678

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