Impact of Green Sukuk, Green Disclosure, and ESG on Financial Performance

Shafira Azzahra Ramadhani(1), Yusmaniarti Yusmaniarti(2*)


(1) Universitas Muhammadiyah Bengkulu
(2) Universitas Muhammadiyah Bengkulu
(*) Corresponding Author

Abstract


This study examines the effects of green sukuk, green disclosure, and environmental, social, and governance (ESG) performance on financial performance among Jakarta Islamic Index (JII) listed companies during 2021–2024. Employing a quantitative associative design, it utilizes secondary data from annual and sustainability reports. Purposive sampling yielded 20 firms, resulting in 80 observations overall. Panel data regression analysis was performed using EViews 12 software. The findings reveal a negative effect of green sukuk on financial performance, whereas green disclosure and ESG performance exhibit no significant impact. These findings indicate that the implementation of green financial instruments and sustainability practices has not yet had a direct positive impact on corporate financial performance in the short term, due to implementation costs and the need for long-term economic benefits. This study is expected to contribute empirical evidence to the literature on Islamic finance and sustainable finance.


Keywords


Green Sukuk; Green Disclosure; ESG Performance; Financial Performance.

Full Text:

PDF

References


Alifia Risanti, M., Abdullah Alwyni, F., & Samofa Nadya, P. (2020). Peran Green Sukuk dalam Mewujudkan Pembangunan yang Berkelanjutan. Prosiding Konferensi Nasional Ekonomi Manajemen Dan Akuntansi (KNEMA), 1177, 1–11. https://jurnal.umj.ac.id/index.php/KNEMA/article/view/9072

Alim, M. S., Bastiawan, H., Erlin, A., & Saade, A. (2025). Green sukuk as a macroeconomic narrative : a comparative study of Indonesia and the Middle East (2021–2025). 10, 277–291. https://doi.org/10.23916/086205011

Angela Merici, Aboladaka, J., & Neonufa, G. F. (2023). Environmental, Social dan Governance (ESG) dan Kinerja Keuangan Perusahaan Publik di Indonesia. Owner, 7(2), 1186–1195. https://doi.org/10.33395/owner.v7i2.1371

Anggraeni, F., Yusmaniarti, & Astuti, B. (2025). The Influence of Financial Performance, Company Size, and Capital Structure on the Earnings Response Coefficient with Corporate Social Responsibility as a Moderating Variable. 15(2), 228–241. https://jurnal.unimus.ac.id/index.php/MAX%0ANationally

Aprianti, S., Yuniarti, R., & Riswandi, P. (2023). Kinerja Lingkungan terhadap Nilai Perusahaan Dimediasi Kinerja Keuangan Environmental Performance on Firm Value Mediated by Financial Performance. 10(July), 35–46. https://doi.org/10.55963/jraa.v10i2.536

Ardianto, F., & Sukardi, A. (2024). Pengungkapan Environmental, Social, and Governance Disclosure Terhadap Volatilitas Harga Saham Syariah Dimoderasikan oleh Likuiditas. Jurnal Ilmiah Ekonomi Islam, 10(03), 3171–3180. http://dx.doi.org/10.29040/jiei.v10i3.15431

Arjuna, H. K., & Utomo, D. C. (2025). Analisis Pengaruh Environmental Disclosure Terhadap Kinerja Keuangan Perbankan Di Indonesia (Studi Empiris pada Perusahaan Perbankan yang Mengungkapkan Laporan Berkelanjutan dan Terdaftar di BEI Tahun 2021-2023). Diponegoro Journal Of Accounting, 14(2), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting

Brigham, E. F., & Houston, J. F. (2020). Dasar-Dasar Manajemen Keuangan. Selemba Empat.

Brigham, E. F., & Houston, J. F. (2021). Fundamentals Of Financial Management.

Budi, & Akhda. (2025). Pengukuran Kinerja Perspektif Proses Bisnis Internal Dan Perspektif Pertumbuhan Literature Review: Pengukuran Yang Digunakan Dalam Perspektif Proses Bisnis Internal Dan Perspektif Pertumbuhan Kinerja. Journal of Management and Innovation Entrepreneurship (JMIE), 2(2), 1972–1979. https://doi.org/10.70248/jmie.v2i2.1937

Destiana, Rizka, Rizky, B., & Simorangkir, A. (2024). Pengungkapan Akuntansi Hijau dan Dampaknya terhadap Laporan Keuangan Kinerja Perusahaan Pertambangan. 12(2), 238–246. https://doi.org/10.30871/jaemb.v12i2.7905

Dewi, C., Ayu, I., & Kurniawan, Komang Adi. (2024). This open-access article is distributed under a Creative Commons Attribution (CC-BY-NC) 4.0 license 106. Protection: Journal Of Land And Environmental Law, 2(3), 106–116. https://doi.org/https://doi.org/10.38142/ijesss.v6i1.1315

Fadillah, A., Nasution, S. N. R., Intan, S. M., & ... (2025). Green Sukuk dan Investasi Berkelanjutan dalam Perspektif Ekonomi Syariah: Peluang, Tantangan, dan Inovasi Pasar Modal Islam Global. … Komputer Dan Sains, 3(1), 15–20. https://prosiding.seminars.id/prosainteks/article/view/249

Febriana, H., Rismanty, V. A., & Bertuah, E. (2021). Dasar-Dasar Analisis Laporan Keuangan (J. Irnawati (ed.)). CV. MEDIA SAINS INDONESIA.

Ferli, O., Simanjuntak, F. S., Pranaja, Y., Ibrahim, I. F., & Ferli, O. (2025). Apakah Kinerja ESG Berpengaruh terhadap Kinerja Keuangan Studi Kasus Perusahaan Perbankan Indonesia? 9, 917–926. https://doi.org/10.23969/oikos.v9i2

Fitrah, R., & Soemitra, A. (2022). Sukuk Hijau Untuk Tujuan Pembangunan Berkelanjutan di Indonesia : Studi Literatur Jurnal Ilmiah Ekonomi Islam, ISSN : 2477-6157 ; E-ISSN: 2579-6534. 8(01), 231–240. https://jurnal.stie-aas.ac.id/index.php/jie

Hanani, T., & Mardiana. (2025). Pengaruh Green Disclosure terhadap Kinerja Keuangan pada Perusahaan Indeks Saham Syariah Indonesia (ISSI). 8(1), 2565–2582. https://doi.org/10.31538/iijse.v8i1.6215

Hersugomdo, & Ardiansyah, R. (2024). Hubungan Environmental, Social, and Governance (ESG) Disclosure dengan Kinerja Keuangan Perusahaan. 1(1), 76–87. https://ejournal2.undip.ac.id/index.php/jdbk/article/view/24063

Imana, A., & Rosiyana, P. Rd. (2025). Pengaruh Akuntansi Manajemen Lingkungan, Kinerja Lingkungan Dan Pengungkapan Lingkungan Terhadap Nilai Perusahaan. 14(09), 1278–1293. https://doi.org/10.24843/EEB.2025.v14.i09.p04

Lestari, N. D., Wahyuni, N., & Meldona. (2024). The Impact of ESG Performance on Firm Value with Moderation of Corporate Sustainable Growth Rate (Study on JII Indexed Companies for the 2021-2023 Period). Jurnal Ilmiah Ekonomi Islam, 10(03), 3109–3118. https://doi.org/10.29040/jiei.v10i3.15069

Mareta, Febyviani, & Hayati, M. (2024). Kontribusi Green Sukuk pada Implementasi Tujuan Pembangunan Keberlanjutan di Indonesia. Anggaran : Jurnal Publikasi Ekonomi Dan Akuntansi, 2(4), 157–166. https://doi.org/10.61132/anggaran.v2i4.955

Mufida, F. A., Ekasari, K., & Wahyuni, H. (2024). Pengungkapan Laporan Keberlanjutan Berdasarkan GRI 300 di Perusahaan-perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2022. 3(5), 472–486. https://doi.org/10.54408/jabter.v3i5.286

Mutiara, I., Pau, N., Sarlin, Pureza, & Maurice. (2023). Pengaruh Pengungkapan Environmental Social Governance (Esg) Terhadap Kinerja Keuangan Pada Perusahaan Yang Terdaftar Di Indeks Indonesian Stock Exchange Esg Leader Tahun 2019-2023. 1723–1733. https://doi.org/10.70581/glory.v6i5.24979

Normaziah, Fahmi, A., & Hassan, S. (2024). Apakah Investor Mendapatkan Manfaat Dari Hijau Perusahaan? Sukuk Issuance. 10(3), 445–470. https://doi.org/https://doi.org/10.21098/jimf.v10i3.1944

Nugraha, A., Fauzan, R., & Komara, A. (2025). Pengaruh Rasio Likuiditas, Solvabilitas, dan Aktivitas terhadap Bursa Efek Indonesia Selama Tahun 2021 – 2024. 6(4), 1035–1044. https://doi.org/https://doi.org/10.38035/dijdbm.v6i4

Nurlia, Fitriani, Irma, Klemens, & Anindita. (2022). Sukuk Issuance and Company Financial Performance in 2018- 2022. Journal Economic, 11(02), 1549–1554. https://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/1511%0Ahttps://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/download/1511/1192

Putri, R., Honesty, F. F., & Nuri, H. (2024). Pengaruh Green Disclosure, dan ESG Disclosure Terhadap Kinerja Keuangan Pada perusahaan JII. 7(2). https://doi.org/10.32877/eb.v7i2.1990

Rahmawati, F., Ispriyahadi, H., & Abdullah, S. (2023). Analisis Faktor-Faktor Yang Mempengaruhi Kinerja Keuangan Perusahaan Transportasi Yang Terdaftar Di Bursa Efek Indonesia. Action Research Literate, 7(9), 21–34. https://doi.org/10.46799/arl.v7i9.157

Reksa, J., Keuangan, R., Audit, S., Hidayata, R., Jazilinni, N., Rusgiantob, S., Ratnasarib, R. T., Nafik, M., Ryandonob, H., & Jakarta, I. I. (2025). Pembiayaan Bank Islam, Sukuk Hijau, dan Bank Islam Jakarta Indeks : Analisis ARDL Sektor Riil Indonesia. 12(2), 158–172. https://doi.org/10.12928/jreksa.v12i2.13994

Riaz, Izah, & Ahmad. (2024). Apakah Investor Mendapatkan Manfaat Dari Hijau Perusahaan? Sukuk Issuance. 10(3), 445–470. https://doi.org/https://doi.org/10.21098/jimf.v10i3.1944

Saad, N. M., Mohamed, Z., & Yusri, D. S. (2025). Green Sukuk Investment and Renewable Energy Consumption for Sustainable Development Growth. 23, 6178–6196. https://doi.org/10.57239/PJLSS-2025-23.1.00481

Sarea, A., Raditya, A., & Prayogo, S. M. S. (2024). A Bibliometric analysis of green sukuk literature. 3(2), 184–198. https://doi.org/http://creativecommons.org/licences/by-sa/4.0/

Seto, A. A., Yulianti, M. L., & Nurchayati. (2023). Analisis Laporan Keuangan. PT. Global Eksekutif Teknologi.

Shalhoob, H. (2025). ESG Disclosure and Financial Performance: Survey Evidence from Accounting and Islamic Finance. https://doi.org/10.3390/su17041582

Sisdianto, E., Zuliansyah, & Leni. (2025). Pengaruh Penerbitan Green Sukuk, Capital Adequacy Ratio, Non-Performing Financing, BOPO dan Makroekonomi Terhadap Profitabilitas Bank Umum di Indonesia Periode 2020-2024. 5942, 1754–1780. https://doi.org/10.24905/mlt.v6i2.292

Sita, P. A., Saputra, Kurniawan, K. A., & Laksmi. (2024). The Influence of Green Governance, Implementation of Energy Accounting, and Green Human Resource Management on Sustainability Performance: An Empirical Study in the Hospitality Industry in Bali. Jurnal Ilmiah Akuntansi, 9(1), 113–136. https://doi.org/10.23887/jia.v9i1.66630

Sofa, F. N., & Respati, N. W. (2020). Ukuran Perusahaan Terhadap Pengungkapan Sustainability Report (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2017). 13(1), 32–49. https://journal.stienas-ypb.ac.id/index.php/jdeb/article/download/239/268/

Sri, K., Wati, K., & Nyoman, D. (2025). Pengaruh Environmental, Social, And Governance (Esg) Score, Ukuran Perusahaan, Dan Struktur Modal Terhadap Kinerja Keuangan. 1, 211–223. https://doi.org/https://doi.org/10.23887/jimat.v16i01.93038

Sriningsih, S., & Wahyuningrum, I. F. S. (2022). Pengaruh Comprehensive Stakeholder Pressure dan Good Corporate Governance terhadap Kualitas Sustainability Report. Owner, 6(1), 813–827. https://doi.org/10.33395/owner.v6i1.680

Utami, E. S., Paramu, H., & Nugraha, I. A. (2025). The Relationship Between Green Disclosure And The Profitability Of Companies Listed On The IDX. 22, 58–64. https://doi.org/https://openjurnal.unmuhpnk.ac.id/jm_motivasi/article/view/8391/4115

Willy Sri, & Rezma Aulia. (2024). Pengaruh Carbon Emission Disclosure, Carbon Performance, dan Green Intellectual Capital Terhadap Kinerja Keuangan Perusahaan. Akuntansi 45, 5(2), 499–517. https://doi.org/10.30640/akuntansi45.v5i2.3372

Wirdyaningsih, muhammad fauzan falevi dan. (2024). Green Sukuk. Islamic Green Finance, 9(10), 182–192. https://doi.org/10.4324/9781032672946-23

Yusmaniarti, Marini, Setiorini, H., & Faradilla, I. (2024). Measuring The Financial Performance of MSMEs from the Perspective Of Financial Literacy, Financial Inclusion And Financial Technology 2). 12(1), 285–296. https://doi.org/https://doi.org/10.37676/ekombis.v12i1 Measuring


Article Metrics

Abstract view : 43 times
PDF - 0 times

DOI: https://doi.org/10.26714/mki.16.2.2026.215-225

Refbacks

  • There are currently no refbacks.


 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang 
ISSN 2087-2836 (print) | ISSN 2580-9482 (online)
Organized by Department of Accounting, Faculty of Economic and Business, Universitas Muhammadiyah Semarang, Semarang, Indonesia
Published by Program Studi S1 Akuntansi Universitas Muhammadiyah Semarang
W : https://jurnal.unimus.ac.id/index.php/MAX
E : [email protected], [email protected]

Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang is licensed under a Creative Commons Attribution Attribution-NonCommercial-NoDerivatives 4.0 International License.