CORPORATE GOVERNANCE, GENDER DIVERSITY, DAN ESG DISCLOSURE: IMPLIKASI TERHADAP KINERJA PERUSAHAAN DAN KEBERLANJUTAN
DOI:
https://doi.org/10.51878/cendekia.v6i4.14509Keywords:
corporate governance, gender diversity, ESG disclosure,Kinerja PerusahaanAbstract
Corporate governance and gender diversity have become strategic factors in enhancing the effectiveness of ESG disclosure and integrated reporting (IR). This article presents a narrative literature review of 18 selected scientific articles published between 2019 and 2025, analyzed through a process of identification, screening, and relevance evaluation based on the research topics of corporate governance, gender diversity, and ESG disclosure. The reviewed literature examines the relationship between corporate governance practices, gender diversity on boards of directors and senior management, and the quality of ESG disclosure. The findings indicate that strong governance mechanisms and adequate gender diversity are positively associated with improved ESG disclosure quality and firm performance. Comprehensive ESG disclosure contributes to reducing the cost of capital, increasing firm value, and strengthening corporate reputation, particularly in the context of emerging markets. This article identifies research gaps related to the influence of local institutions, cultural contexts, and the adoption of digital technologies in supporting ESG disclosure, while providing practical implications for regulators and companies in strengthening sustainable business practices.
ABSTRAK
Corporate governance dan gender diversity menjadi faktor strategis dalam meningkatkan efektivitas ESG disclosure dan integrated reporting (IR). Artikel ini menyajikan tinjauan naratif terhadap 18 artikel ilmiah terpilih periode 2019–2025 yang dianalisis melalui proses identifikasi, screening, dan evaluasi relevansi berdasarkan topik corporate governance, gender diversity, dan ESG disclosure.yang mengkaji hubungan antara praktik tata kelola perusahaan, keberagaman gender pada dewan direksi dan manajemen, serta kualitas ESG disclosure. Literatur dipilih melalui proses identifikasi, screening, dan evaluasi artikel yang relevan berdasarkan kesesuaian topik penelitian. Hasil tinjauan menunjukkan bahwa governance yang kuat dan keberagaman gender yang memadai berhubungan positif dengan peningkatan kualitas ESG disclosure dan kinerja perusahaan. ESG disclosure yang komprehensif berkontribusi terhadap penurunan cost of capital, peningkatan firm value, dan penguatan reputasi perusahaan, terutama dalam konteks emerging markets. Artikel ini mengidentifikasi kesenjangan penelitian terkait pengaruh institusi lokal, konteks budaya, serta pemanfaatan teknologi digital dalam mendukung ESG disclosure, sekaligus memberikan implikasi praktis bagi regulator dan perusahaan dalam memperkuat praktik keberlanjutan.
Downloads
References
Abadía, L., Martínez, J., & Herrera, M. (2022). Assurance in sustainability reporting: Evidence from emerging markets. Sustainability Accounting, Management and Policy Journal, 13(2), 215–238. https://doi.org/10.1108/SAMPJ-01-2021-0025
Abela, A. (2022). Critical perspectives on mainstream sustainability reporting. Journal of Business Ethics, 175(2), 265–280. https://doi.org/10.1007/s10551-020-04674-8
Abideen, Z. U. (2024). The moderating role of investor sentiments between sustainability reporting and firm reputation. Corporate Social Responsibility and Environmental Management, 32(1), 138–159. https://doi.org/10.1002/csr.2943
Al-Adeem, M. (2023). Sustainability reporting frameworks and integrated reporting: Emerging markets perspective. Journal of Accounting & Sustainability, 18(2), 45–63. https://doi.org/10.1016/j.jaccsus.2023.04.003
Au, W., Liu, S., & Tang, P. (2023). ESG and firm performance: Bibliometric analysis. Business Strategy & Development, 8(1), 22–41. https://doi.org/10.1002/bsd2.284
Bellucci, V., Sarto, F., & Caruso, G. (2024). Integrated reporting and ESG disclosure: Principles, practice, and critical perspectives. Corporate Social Responsibility and Environmental Management, 32(3), 3928–3943. https://doi.org/10.1002/csr.2765
Cicchini, D. (2025). Involuntary versus voluntary ESG disclosure: Evidence from digital tools. Business Strategy & Development, 8(4), Article e412. https://doi.org/10.1002/bsd2.412
Dasinapa, M. B. (2024). The integration of sustainability and ESG accounting into corporate reporting practices. AAAR, 2(1), 13–25. https://doi.org/10.60079/aaar.v2i1.167
Fiandrino, S., Rossi, P., & Taccani, M. (2022). Materiality in sustainability reporting: Emerging research directions. Sustainability Accounting, Management and Policy Journal, 13(4), 651–678. https://doi.org/10.1108/SAMPJ-06-2021-0234
Hossain, M., Rezaee, Z., & Haque, F. (2024). ESG disclosure and financial performance: A global review. Journal of Risk and Financial Management, 17(7), 302–322. https://doi.org/10.3390/jrfm17070302
Ioannou, I., & Serafeim, G. (2019). The impact of mandatory ESG disclosure regulations on firms’ financial performance. Management Science, 65(7), 3273–3291. https://doi.org/10.1287/mnsc.2018.3094
Keskin, O., & Esen, S. (2024). Integrative reporting and sustainability disclosure: Conceptual framework. Sustainability, 16(11), Article 5210. https://doi.org/10.3390/su16115210
Moussa, A. S., & Elmarzouky, M. (2024). Beyond compliance: How ESG reporting influences the cost of capital in UK firms. Journal of Risk and Financial Management, 17(8), Article 326. https://doi.org/10.3390/jrfm17080326
Rezaee, Z., Chao, R., & Olibe, K. (2022). Environmental, social, and governance sustainability disclosures: Evidence from EU and US. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4106915
Thomas, A., Ross, G., & Walker, S. (2024). ESG strategic mapping: Bibliometric exploration. Corporate Social Responsibility and Environmental Management, 31(5), 4428–4453. https://doi.org/10.1002/csr.2789
Wesseh, P. K., Yunus, R., & Nanda, S. (2025). Sustainability reporting in emerging markets: Practices, challenges, and prospects. Sustainability, 17(1), Article 451. https://doi.org/10.3390/su17010451
Yunus, R., & Nanda, S. (2024). Integrated reporting adoption in emerging markets: Evidence from Indonesia. Journal of Accounting & Sustainability, 19(2), 88–107. https://doi.org/10.1016/j.jaccsus.2024.03.007
Zhou, S. (2022). Reporting and assurance of climate-related and other sustainability information: A review of research and practice. Australian Accounting Review, 32(3), 315–333. https://doi.org/10.1111/auar.12384
