APAKAH CEO BERPENDIDIKAN DI LUAR NEGERI MENINGKATKAN PENGUNGKAPAN PERUBAHAN IKLIM? BUKTI DARI PERUSAHAAN NON-KEUANGAN DI INDONESIA

Budi Chandra; Robby Krisyadi; Ivone Ivone; Nurul Fayumi

doi:10.35906/equili.v15i1.2720

APAKAH CEO BERPENDIDIKAN DI LUAR NEGERI MENINGKATKAN PENGUNGKAPAN PERUBAHAN IKLIM? BUKTI DARI PERUSAHAAN NON-KEUANGAN DI INDONESIA

Budi Chandra, Robby Krisyadi, Ivone Ivone, Nurul Fayumi

Abstract

ABSTRAK

Perubahan iklim kini menjadi perhatian global, dan perusahaan-perusahaan didorong untuk menggunakan pengungkapan perubahan iklim (Climate Change Disclosure/CCD) guna meningkatkan transparansi pelaporan lingkungan. Meskipun penelitian sebelumnya telah meneliti karakteristik eksekutif dan keterlibatan asing dalam tata kelola korporasi, data empiris di pasar berkembang seperti Indonesia masih terbatas, dan hasilnya tidak konsisten. Tujuan studi ini adalah untuk menyelidiki bagaimana karakteristik CEO asing memengaruhi kualitas CCD pada perusahaan publik non-keuangan di Indonesia antara tahun 2020 dan 2023. Kerangka regulasi yang unik, perusahaan keuangan tidak termasuk dalam anallisis ini. Analisis regresi panel berdasarkan 1.986 observasi firma-tahun menunjukkan bahwa CEO dengan latar belakang pendidikan asing memiliki dampak yang positif dan signifikan terhadap CCD. Namun, tidak ada hubungan yang siggnifikan antara kewarganegaraan CEO secara nasional dan CCD. Selain itu, CCD ditemukan memiliki dampak yang positif dan signifikan terhadap kesuksesan bisnis yang diukur melalui return on assets, sedangkan return on equity menunjukkan efek yang moderat dan tidak konsisten, dan leverage tidak memiliki dampak yang dapat diidentifikasi terhadap tingkat pengungkapan. Hasil ini menunjukkan bahwa promosi prosedur pengungkapan perubahan iklim di perusahaan non-keuangan Indonesia lebih dipengaruhi oleh paparan eksekutif senior terhadap pendidikan internasional daripada kewarganegaraan asing mereka.

Kata Kunci: CEO_Pendidikan_Luar_Negeri; Karakteristik_CEO; Pengungkapan_Perubahan_Iklim; Tata_Kelola_Perusahaan; Pelaporan_Keberlanjutan

ABSTRACT

Climate change is now a worldwide concern, businesses are encouraged to use climate change dislosure (CCD) to increase environmental reporting transparency. Even while earlier research has looked at executive traits and foreign involvement in corporate governance, there is still little empirical data in developing market settings like Indonesian, and the results are inconsistent. The purpose of this study is to investigate how foreign CEO traits affect the quality of CCD in Indonesian non-financial publicly traded companies between 2020 and 2023. Because of their unique regulatory frameworks, financial firms are not included. CEO with foreign educational backgrounds have a favorable and significant impact on CCD, according to panel data regression analysis base on 1,986 firm-year observations. However, there is no appreciable relationship between CEO nationwide and CCD. Furthermore, CCD is found to be favorably and considerably impacted by business success as assessed by return on assets, whereas return on equity exhibits a modest and inconsistent effect and leverage has no discernible impact on disclosure levels. These results imply that the promotion of climate change disclosure procedures in Indonesian non-financial enterprises is more significantly influenced by senior executives exposure to international education than by their foreign nationally.

Keywords: CEO_Education_Abroad; Characteristics_of_CEOs; Disclosure_of_Climate_Change; Corporate_Governance; Sustainability_Reporting

Full Text:

PDF (Bahasa Indonesia)

References

Achenbach, M. (2021). Transparency of Climate-Related Risks and Opportunities: Determinants Influencing the Disclosure in Line with the Task Force on Climate-Related Financial Disclosures. Glocality, 4(1). https://doi.org/10.5334/glo.32

Adardour, Z., Ed-Dafali, S., Mohiuddin, M., El Mortagi, O., Sbai, H., & Bouzahir, B. (2025). Exploring the drivers of environmental, social, and governance (ESG) disclosure in an emerging market context using a mixed methods approach. Future Business Journal, 11(1). https://doi.org/10.1186/s43093-025-00530-w

Adomako, S., & Tran, M. D. (2023). Do foreign chief executive officers spend more on corporate social responsibility in Vietnam? Corporate Social Responsibility and Environmental Management, 30(1), 226–235. https://doi.org/10.1002/csr.2350

Aini, S. N., Harymawan, I., Nasih, M., & Kamarudin, K. A. (2024). CEO overseas experience and sustainability report disclosure: Evidence from Indonesia. Corporate Social Responsibility and Environmental Management, 31(6), 5837–5849. https://doi.org/10.1002/csr.2883

Alam, S. M., & Costa, E. (2025). Climate Change Disclosure: A Conceptual Framework and Future Research Avenues. In Corporate Social Responsibility and Environmental Management (Vol. 32, Issue 3, pp. 4019–4034). John Wiley and Sons Ltd. https://doi.org/10.1002/csr.3168

Aljughaiman, A. A., Cao, N. D., Albarrak, M. S., & Almulhim, A. A. (2024). Influence of Cultural and Environmental Values of CEOs on Greenhouse Gas Emission Intensity. Sustainability (Switzerland), 16(2). https://doi.org/10.3390/su16020913

Alshahrani, F., Eulaiwi, B., Duong, L., & Taylor, G. (2024). Climate change disclosure performance and audit fees: evidence from Australia. Sustainability Accounting, Management and Policy Journal. https://doi.org/10.1108/SAMPJ-07-2023-0509

Ameli, N., Drummond, P., Bisaro, A., Grubb, M., & Chenet, H. (2020). Climate finance and disclosure for institutional investors: why transparency is not enough. Climatic Change, 160(4), 565–589. https://doi.org/10.1007/s10584-019-02542-2

Anita, N. (2020). karina,+Journal+manager,+(Page+80-94)+Anita+dan+Nurkhalifa+Fajriya.

Armadani, A., & Zarefar, A. (2023). Quality of Sustainability Disclosure, Foreign Board, and Firm Performance? Evidence from Indonesia. Jurnal Dinamika Akuntansi, 15(2), 129–138. https://doi.org/10.15294/jda.v15i2.40138

Bazhair, A. H., Khatib, S. F. A., & Al Amosh, H. (2022). Taking Stock of Carbon Disclosure Research While Looking to the Future: A Systematic Literature Review. In Sustainability (Switzerland) (Vol. 14, Issue 20). MDPI. https://doi.org/10.3390/su142013475

Bertrand, O., Betschinger, M. A., & Moschieri, C. (2021). Are firms with foreign CEOs better citizens? A study of the impact of CEO foreignness on corporate social performance. Journal of International Business Studies, 52(3), 525–543. https://doi.org/10.1057/s41267-020-00381-3

Bose, S., Lim, E. K. Y., Minnick, K., & Shams, S. (2024). Do foreign institutional investors influence corporate climate change disclosure quality? International evidence. Corporate Governance: An International Review, 32(2), 322–347. https://doi.org/10.1111/corg.12535

Butar-butar, D. T. M., Pangestu, K. Y., & Itan, I. (2024). Examining Board Characteristics and Integrated Reporting Quality : Insight from ESG-Focused Firms in Indonesian. Journal of Applied Finance and Accounting, 11(2). https://doi.org/10.21512/jafa.v11i2.12426

Cahyono, S., Ardianto, A., & Nasih, M. (2024). Breaking barriers: CEOs STEM educational background and corporate climate change disclosure. International Journal of Accounting and Information Management, 32(4), 651–684. https://doi.org/10.1108/IJAIM-10-2023-0268

Chotiyaputta, V., & Yoon, Y. (2016). Journal of Management and Marketing Review Firm Performance of Thai CEOs in the SET100: Foreign or Locally Educated? J. Mgt. Mkt. Review, 1(1), 9–14. www.gatrenterprise.com/GATRJournals/index.html

Dabbebi, A., Lassoued, N., & Khanchel, I. (2022). Peering through the smokescreen: ESG disclosure and CEO personality. Managerial and Decision Economics, 43(7), 3147–3164. https://doi.org/10.1002/mde.3587

Dany Merliyana, R. (2024). Summa : Journal of Accounting and Tax The Role of Governance and Regulation in Shaping ESG Disclosure Quality. https://journal.idscipub.com/summa

Faisal, M., Djakman, C. D., & Adhariani, D. (2019). CEO’s International Characteristics and Corporate Social Responsibility.

Farfán-Pérez, L., Moreno, J. O., & Adamuz, M. de las M. (2025). Going long, going short, issue or liquidate? Corporate debt maturity of Mexican public firms. Journal of Economics, Finance and Administrative Science, 30(59), 150–168. https://doi.org/10.1108/JEFAS-03-2024-0082

Feng, L., & Ma, Z. (2025). Research on the Impact of Executives with Overseas Backgrounds on Corporate ESG Performance: Evidence from Chinese A-Share Listed Companies. Sustainability (Switzerland), 17(17). https://doi.org/10.3390/su17177683

Freeman, R. E. E., & McVea, J. (2005). A Stakeholder Approach to Strategic Management. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.263511

García-Sánchez, I. M., Ortiz-Martínez, E., Marín-Hernández, S., & Aibar-Guzmán, B. (2023). How does the European Green Deal affect the disclosure of environmental information? Corporate Social Responsibility and Environmental Management, 30(6), 2766–2782. https://doi.org/10.1002/csr.2514

Garrido-Ruso, M., Aibar-Guzmán, B., & Suárez-Fernández, Ó. (2023). What kind of leaders can promote the disclosure of information on the sustainable development goals? Sustainable Development, 31(4), 2694–2710. https://doi.org/10.1002/sd.2539

Ge, Y., & Zhang, Y. (2025). Green investors and corporate carbon disclosure. Advances in Accounting, 69. https://doi.org/10.1016/j.adiac.2025.100850

Gehrke, J.-M., Groth, M., & Seipold, P. (2024). A process model approach to integrate future climate change into corporate strategies. Sustainability Nexus Forum, 32(1). https://doi.org/10.1007/s00550-024-00550-0

Harjito & Sutopo. (2024). Measuring Carbon Disclosure from CEO Characteristics Yunus Harjito. In Jurnal Akuntansi dan Auditing (Vol. 21, Issue Tahun). www.climatewatchdata.org

Hirwa, L., & Asad, S. J. S. (2024). Exploring The Dynamics of Foreign Employment in Indonesian Local Businesses: Barriers, Experiences, And Opportunities for Cultural Integration. JENTRE, 5(1), 41–53. https://doi.org/10.38075/jen.v5i1.483

Hörisch, J., Schaltegger, S., & Freeman, R. E. (2020). Integrating stakeholder theory and sustainability accounting: A conceptual synthesis. Journal of Cleaner Production, 275. https://doi.org/10.1016/j.jclepro.2020.124097

I Made Dwi Kusumajaya, & I Gusti Ayu Nyoman Budiasih. (2025). Corporate Governance, Green Investment, and Carbon Emission Disclosure Moderated by Environmental Reputation. E-Jurnal Akuntansi, 35(7). https://doi.org/10.24843/eja.2025.v35.i07.p01

Ihza Mahendra, Moch. Y., Lating, A. I. S., Aripratiwi, R. A., & Nufaisa, N. (2025). Corporate Factors Affecting Carbon Disclosure for SDG 13 in Indonesia. Journal of Accounting Science, 9(2), 272–291. https://doi.org/10.21070/jas.v9i2.2003

Itan, I., Laudeciska, L., Karjantoro, H., & Chen, R. (2023). Riset Akuntansi dan Keuangan Indonesia URL : http://journals.ums.ac.id/index.php/reaksi/index Corporate Governance and Corporate Governance and Environmental Disclosure : Environmental Disclosure : Assessing The Role of Assessing The Role of Environmental Performance Environmental Performance. http://journals.ums.ac.id/index.php/reaksi/index

Itan, I., Sylvia, S., Septiany, S., & Chen, R. (2025). The influence of environmental, social, and governance disclosure on market reaction: evidence from emerging markets. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-01085-0

Ivone, I., Vivin, V., & Karina, R. (2024). Pengaruh Karakteristik Chief Executive Officer Terhadap Real Earnings Management Dengan Koneksi Politik Sebagai Moderasi. Gorontalo Accounting Journal, 7(1), 46–60. https://doi.org/10.32662/gaj.v7i1.3249

Khalid, F., Ye, Z., Voinea, C. L., Naveed, K., & Akram, R. (2022). Carbon disclosure project: Chinese chief executive officer background and corporate voluntary climate change reporting. Carbon Management, 13(1), 321–336. https://doi.org/10.1080/17583004.2022.2083983

Khan, T. M., Bai, G., Fareed, Z., Quresh, S., Khalid, Z., & Khan, W. A. (2021). CEO Tenure, CEO Compensation, Corporate Social and Environmental Performance in China: The Moderating Role of Coastal and Non-coastal Areas. Frontiers in Psychology, 11. https://doi.org/10.3389/fpsyg.2020.574062

Le, S., & Kroll, M. (2017). CEO international experience: Effects on strategic change and firm performance. Journal of International Business Studies, 48(5), 573–595. https://doi.org/10.1057/s41267-017-0080-1

Leukhardt, L., Charifzadeh, M., & Diefenbach, F. (2022). Does integrated reporting quality matter to capital markets? Empirical evidence from voluntary adopters. Corporate Social Responsibility and Environmental Management, 29(5), 1482–1494. https://doi.org/10.1002/csr.2285

Meutia, I., Kartasari, S. F., & Yaacob, Z. (2022). Stakeholder or Legitimacy Theory? The Rationale behind a Company’s Materiality Analysis: Evidence from Indonesia. Sustainability (Switzerland), 14(13). https://doi.org/10.3390/su14137763

MSS Sitepu. (2024). 43910-101847-1-SM.

Mukherjee, T., & Sen, S. S. (2022). Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India. Financial Innovation, 8(1). https://doi.org/10.1186/s40854-022-00344-7

Nathalia, C., & Setiawan, D. (2022). Does board capital improve climate change disclosures? Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2121242

Nyakuwanika, M., & Panicker, M. (2025). The Role of Environmental Accounting in Mitigating Climate Change: ESG Disclosures and Effective Reporting—A Systematic Literature Review. In Journal of Risk and Financial Management (Vol. 18, Issue 9). Multidisciplinary Digital Publishing Institute (MDPI). https://doi.org/10.3390/jrfm18090480

Oino, I., & Yekini, S. (2024). Meeting Stakeholder Needs: Who Should Managers Pay Close Attention To? Evidence from Listed Chinese Manufacturing Companies. Sustainability (Switzerland) , 16(9). https://doi.org/10.3390/su16093806

Pinheiro, A. B., Mazzo, G. G., Lopes, G. da C., & Branco, M. C. (2023). A Bird’s Eye View: Uncovering the Impact of Stakeholder Pressure on Sustainable Development Goal Disclosure. Sustainability (Switzerland), 15(23). https://doi.org/10.3390/su152316156

Pour, E. K., Uddin, M., Murinde, V., & Amini, S. (2023). CEO power, bank risk-taking and national culture: International evidence. Journal of Financial Stability, 67. https://doi.org/10.1016/j.jfs.2023.101133

Prihandono, &, & Yuniarti. (2023). Indonesia Sustainability Reporting Standard: What Needs to be Improved? Padjadjaran Journal of International Law, 7(1), 1–23. https://doi.org/10.23920/pjil.v7i1.1159

Quan, X., Ke, Y., Qian, Y., & Zhang, Y. (2023). CEO Foreign Experience and Green Innovation: Evidence from China. Journal of Business Ethics, 182(2), 535–557. https://doi.org/10.1007/s10551-021-04977-z

Ramdhan, D. (2025). The Role of ESG Disclosure in Attracting Sustainable Investment in Indonesia’s Capital Market. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(3), 3384–3393. https://doi.org/10.31004/riggs.v4i3.2484

Rizki Mulyani, I., Adhyka Kusumawati, R., Sarjana Terapan Analisis Keuangan, P., & Bisnis dan Ekonomi, F. (2024). Evaluasi Rasio Profitabilitas Terhadap Harga Saham di PT Sumarecon Agung, Tbk. Jurnal Aplikasi Bisnis, 21(2), 657.

Saiful. (2024). The Influence of Asset Management and Capital Structure on Company Performance Pengaruh Manajemen Aset dan Struktur Modal terhadap Kinerja Perusahaan.

Simamora, R. N. H., Safrida, & Elviani, S. (2022). Carbon emission disclosure in Indonesia: Viewed from the aspect of board of directors, managerial ownership, and audit committee. Journal of Contemporary Accounting, 1–9. https://doi.org/10.20885/jca.vol4.iss1.art1

Sorour, M. K., Shrives, P. J., El-Sakhawy, A. A., & Soobaroyen, T. (2020). Exploring the evolving motives underlying corporate social responsibility (CSR) disclosures in developing countries: the case of “political CSR” reporting. Accounting, Auditing and Accountability Journal, 34(5), 1051–1079. https://doi.org/10.1108/AAAJ-07-2019-4080

Su, W., Hu, X., & Zhang, L. (2023). Association Between Directors With Foreign Experience and Firms’ Environmental Disclosure. SAGE Open, 13(4). https://doi.org/10.1177/21582440231214052

Suharyani, Ulum, & & Jati. (2019). Pengaruh Tekanan Stakeholder dan Corporate Governance terhadap Kualitas Sustainability Report. http://ejournal.umm.ac

Vola, P., Cantino, G., & Gransinigh, S. (2025). Stakeholder theory and sustainability disclosure: A comparative analysis of different approaches. Corporate Ownership and Control, 22(2), 63. https://doi.org/10.22495/cocv22i2art6

Wahyuningrum, I. F. S., Ihlashul’amal, M., Utami, S., Djajadikerta, H. G., & Sriningsih, S. (2024). Determinants of carbon emission disclosure and the moderating role of environmental performance. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2023.2300518

Wahyuningrum, I. F. S., Rizkyana, F. W., Amal, M. I., & Elviana, L. D. (2025). Foreign influence on carbon disclosure: Evidence from Indonesian non-financial firms. Journal of Open Innovation: Technology, Market, and Complexity, 11(3). https://doi.org/10.1016/j.joitmc.2025.100603

Wang, C., Gou, L., & Li, X. (2022). Is Education Beneficial to Environmentally Friendly Behaviors? Evidence from CEOs. International Journal of Environmental Research and Public Health, 19(18). https://doi.org/10.3390/ijerph191811391

Xu, Z., & Hou, J. (2021). Effects of ceo overseas experience on corporate social responsibility: Evidence from chinese manufacturing listed companies. Sustainability (Switzerland), 13(10). https://doi.org/10.3390/su13105335

Yusuf, M., & Jateng, S. B. (2020). Determinan Carbon Emission Disclosure di Indonesia. In Jurnal Akuntansi dan Auditing (Vol. 17, Issue Tahun). https://lokadata.beritagar.id

Yuwono, W. (2022). The impact on firm performance: evidence from CEO education. Keuangan Dan Manajemen, 18(1), 177. https://doi.org/10.29264/jinv.v18i1.10477

Zhang, S. (2024). Climate change disclosure and carbon performance of Chinese listed companies: exploring the moderating effects of climate governance and corporate environmental governance. Frontiers in Climate, 6. https://doi.org/10.3389/fclim.2024.1469899

Zhang, Y., Wu, J., & Chen, M. (2024). The Influence of Executives’ Education Background on Corporate Green Innovation: A Dual Perspective of Risk Bearing and Social Responsibility. Sustainability (Switzerland), 16(19). https://doi.org/10.3390/su16198382

Zou, H., & Huang, S. (2025). Outside CEOs’ Hesitancy Toward Environmental Responsibility and the Governance Role of Board Social Capital: Evidence from Pollution-Intensive Firms in China. Administrative Sciences, 15(5). https://doi.org/10.3390/admsci15050162

Zou, X., Li, W., Wu, W., Hunt, A., & Lu, H. (2025). How Do Executives’ Overseas Experiences Reshape Corporate Climate Risk Disclosure in Emerging Countries? Evidence from China’s Listed Firms. Systems, 13(6). https://doi.org/10.3390/systems13060494