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ESG Disclosures and ROI Dynamics in Indonesian Technopreneurship for Sustainable Development

Aptisi Transactions on Technopreneurship (ATT) · Vol. 8 No. 3 (2026) · pp. 1029–1042

DOI
10.34306/att.v8i3.1006
ISSN
2656-8888, 2655-8807
Published
2026-09-18
Publisher
Pandawan
Language
en
License
creativecommons.org/licenses/by/4.0

Abstract

This study investigates the simultaneous effects of Environmental, Social, and Governance (ESG) disclosure, along with each of its pillars, on the Return on Investment (ROI) of Indonesian public companies from 2019 to 2024. This study aims to analyze how ESG disclosure and its individual components influence ROI, as well as to examine the moderating roles of market capitalization and leverage. Utilizing a quantitative, explanatory research design with panel data, the research analyzes 30 non-financial firms listed on the Indonesia Stock Exchange (IDX), employing Moderated Regression Analysis (MRA) to examine the moderating roles of market capitalization and leverage. The findings reveal a consistent increase in ESG Disclosure scores, from 40.12 in 2019 to 55.32 in 2024, accompanied by a positive trend in ROI, peaking in 2022. The results demonstrate that ESG, Environmental, Governance, and Social Disclosure each have significant positive impacts on ROI. Market capitalization strengthens the ESG-ROI relationship, while leverage weakens it, highlighting the importance of financial structure and firm scale in optimizing ESG benefits. The study contributes theoretically by integrating all three ESG pillars and two moderators in a comprehensive model, filling a research gap in emerging markets. Practically, it offers insights for management to enhance ESG strategy, for regulators to improve policy, and for investors to make informed decisions. Limitations include sample size, sector focus, and reliance on secondary ESG ratings, suggesting future research across sectors, countries, and with broader variables. Overall, ESG disclosure, supported by robust market capitalization and prudent leverage, is key to sustainable financial performance in emerging markets.

Keywords

Collaboration network of the authors

10 authors · 21 co-authorship links

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Diponegoro University
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Etty Puji LestariAffiliation unknown3
Siti PuryandaniDiponegoro University2
Hamdan HamdanAffiliation unknown1
John EdwardsAffiliation unknown1
Untung RahardjaAffiliation unknown1
Sepandil Laras LaseAffiliation unknown1
Rossanto Dwi HandoyoAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://att.aptisi.or.id/index.php/att/oai, first harvested 6 Nov 2026, last seen 6 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">ESG Disclosures and ROI Dynamics in Indonesian Technopreneurship for Sustainable Development</dc:title>
	<dc:creator xml:lang="en">Sunaryo, Deni</dc:creator>
	<dc:creator xml:lang="en">Hersugondo, Hersugondo</dc:creator>
	<dc:creator xml:lang="en">Ibrahim, Mukdad</dc:creator>
	<dc:subject xml:lang="en">ESG Disclosure</dc:subject>
	<dc:subject xml:lang="en">ROI</dc:subject>
	<dc:subject xml:lang="en">Market Capitalization</dc:subject>
	<dc:subject xml:lang="en">Leverage</dc:subject>
	<dc:subject xml:lang="en">Emerging Markets</dc:subject>
	<dc:description xml:lang="en">This study investigates the simultaneous effects of Environmental, Social, and Governance (ESG) disclosure, along with each of its pillars, on the Return on Investment (ROI) of Indonesian public companies from 2019 to 2024. This study aims to analyze how ESG disclosure and its individual components influence ROI, as well as to examine the moderating roles of market capitalization and leverage. Utilizing a quantitative, explanatory research design with panel data, the research analyzes 30 non-financial firms listed on the Indonesia Stock Exchange (IDX), employing Moderated Regression Analysis (MRA) to examine the moderating roles of market capitalization and leverage. The findings reveal a consistent increase in ESG Disclosure scores, from 40.12 in 2019 to 55.32 in 2024, accompanied by a positive trend in ROI, peaking in 2022. The results demonstrate that ESG, Environmental, Governance, and Social Disclosure each have significant positive impacts on ROI. Market capitalization strengthens the ESG-ROI relationship, while leverage weakens it, highlighting the importance of financial structure and firm scale in optimizing ESG benefits. The study contributes theoretically by integrating all three ESG pillars and two moderators in a comprehensive model, filling a research gap in emerging markets. Practically, it offers insights for management to enhance ESG strategy, for regulators to improve policy, and for investors to make informed decisions. Limitations include sample size, sector focus, and reliance on secondary ESG ratings, suggesting future research across sectors, countries, and with broader variables. Overall, ESG disclosure, supported by robust market capitalization and prudent leverage, is key to sustainable financial performance in emerging markets.</dc:description>
	<dc:publisher xml:lang="en">Pandawan</dc:publisher>
	<dc:date>2026-09-18</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://att.aptisi.or.id/index.php/att/article/view/1006</dc:identifier>
	<dc:identifier>10.34306/att.v8i3.1006</dc:identifier>
	<dc:source xml:lang="en">Aptisi Transactions on Technopreneurship (ATT); Vol. 8 No. 3 (2026): November; 1029-1042</dc:source>
	<dc:source xml:lang="id">Aptisi Transactions On Technopreneurship (ATT); Vol 8 No 3 (2026): November; 1029-1042</dc:source>
	<dc:source>2656-8888</dc:source>
	<dc:source>2655-8807</dc:source>
	<dc:source>10.34306/att.v8i3</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://att.aptisi.or.id/index.php/att/article/view/1006/545</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Deni Sunaryo, Hersugondo, Mukdad Ibrahim</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>