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Pengaruh Environmental Social Governance (ESG) dan Competitive Advantage Terhadap Firm Performance Dengan Moderasi Enterprise Risk Management (ERM) (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023)

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RINGKASAN

Aisyah Ummul Mukminin, 2025. Program Studi Magister Administrasi Bisnis.
Universitas Brawijaya, Malang. “Pengaruh Environmental Social Governance
(ESG) dan Competitive Advantage Terhadap Firm Performance Dengan Moderasi
Enterprise Risk Management (ERM) (Studi Pada Perusahaan Manufaktur yang
Terdaftar di Bursa Efek Indonesia Periode 2019-2023)”. Dosen Pembimbing 1:
Cacik Rut Damayanti, S.Sos., M.Prof.Acc, DBA. Pembimbing 2: Dr. Saparila
Worokinasih, S.Sos., M.Si.

Penelitian ini dilatarbelakangi oleh meningkatnya tuntutan penerapan
Environmental, Social, and Governance (ESG) sebagai fondasi keberlanjutan
perusahaan, sekaligus kebutuhan untuk mempertahankan keunggulan kompetitif
dan kinerja perusahaan di tengah intensitas persaingan industri manufaktur. Tujuan
penelitian ini adalah menguji pengaruh ESG dan competitive advantage terhadap
firm performance, serta menguji peran Enterprise Risk Management (ERM)
sebagai variabel moderasi dalam hubungan tidak langsung ESG terhadap firm
performance melalui competitive advantage pada perusahaan manufaktur yang
terdaftar di Bursa Efek Indonesia periode 2019–2023 dengan menggunakan
Stakeholder Theory, Resource Based Theory (RBV), dan Dynamic Capability
Theory. Penelitian ini diharapkan memberikan wawasan empiris bagi manajemen
dan pemangku kepentingan dalam merancang strategi yang efektif, berdaya saing,
dan berkelanjutan.

Pendekatan yang digunakan adalah kuantitatif dengan jenis penelitian
eksplanatif. Sampel penelitian terdiri dari 22 perusahaan manufaktur yang dipilih
melalui teknik purposive sampling. Analisis data dilakukan dengan menggunakan
Partial Least Squares Structural Equation Modeling (PLS-SEM) dengan model
pengukuran bersifat formatif untuk menguji hubungan antar konstruk laten serta
mengidentifikasi pengaruh langsung, tidak langsung, dan moderasi. Selain itu,
penelitian ini juga memberikan sudut pandang keterbaruan dari model Analysis
Moderate Mediation dalam pengujian ERM sebagai moderasi. Adapun indikator
pada variabel penelitian diantaranya ESG (environmental, social, governance),
Competitive Advantage (economy of scale, capital requirements, power over
suppliers, power over customers), firm performance (return on assets, return on
equity, tobin’s q), dan ERM (governance and culture, strategy and objective
setting, performance, review and revision, information communication reporting).
Hasil pengujian hipotesis menunjukkan bahwa ESG berpengaruh signifikan
terhadap competitive advantage, dan competitive advantage berpengaruh
signnifikan terhadap firm performance. Sementara itu, ESG tidak berpengaruh
signifikan terhadap firm performance, dan ERM tidak terbukti memoderasi
hubungan ESG terhadap firm performance melalui competitive advantage.
Hasil penelitian mengindikasikan bahwa penerapan ESG mampu
memperkuat kapabilitas daya saing perusahaan, namun belum sepenuhnya
terkonversi menjadi peningkatan kinerja perusahaan, khususnya kinerja akuntansi.
Koefisien negatif competitive advantage terhadap firm performance
mengisyaratkan bahwa strategi penciptaan keunggulan kompetitif berpotensi
menggerus margin keuntungan apabila tidak diikuti efisiensi pengelolaan sumber
daya dan biaya. Selain itu, kontribusi ERM masih relatif lemah sehingga belum
menunjukkan peran moderasi yang signifikan. Implikasi praktis dari penelitian ini
adalah perlunya optimalisasi penerapan ketiga pilar ESG secara seimbang,
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pengelolaan strategi keunggulan kompetitif yang memperhatikan efisiensi biaya,
serta evaluasi implementasi ERM agar terintegrasi dengan strategi keberlanjutan
dan pencapaian kinerja perusahaan. Penelitian selanjutnya disarankan untuk
memperkuat pilar sosial, memperluas periode pengamatan, melibatkan sektor
industri lain, menambahkan indikator lain yang mendukung peningkatan firm
performance agar pengaruh ESG dan competitive advantage menjadi lebih
komprehensif, dan mengevaluasi ulang strategi daya saing yang lebih memenuhi
kriteria VRIN (inovasi proses dan produk, kualitas sumber daya manusia,
digitalisasi proses bisnis, dan pengelolaan rantai pasok yang lebih adaptif dan
kolaboratif), serta meningkatkan kesadaran perusahaan dalam penerapan ERM
bukan hanya formalitas dalam memenuhi kepatuhan ke regulator.

SUMMARY

Aisyah Ummul Mukminin, 2025. Magister of Business Administration Program,
Brawijaya University, Malang. “The Effect of Environmental Social Governance
(ESG) and Competitive Advantage on Firm Performance With The Moderation of
Enterprise Risk Management (ERM) (A Study of Manufacturing Companies Listed
on the Indonesia Stock Exchange 2019-2023). Supervisors 1: Cacik Rut Damayanti,
S.Sos., M.Prof.Acc., DBA. Supervisors 2: Dr. Saparila Worokinasih, S.Sos., M.Si.

This study is motivated by the growing demand for the implementation of
Environmental, Social, and Governance (ESG) as a foundation of corporate
sustainability, along with the need to maintain competitive advantage and firm
performance amid intensifying competition in the manufacturing industry. The
purpose of this research is to examine the effect of ESG and competitive advantage
on firm performance, and to test the role of Enterprise Risk Management (ERM) as
a moderating variable in the indirect relationship between ESG and firm
performance through competitive advantage in manufacturing firms listed on the
Indonesia Stock Exchange for the period 2019–2023 using Stakeholder Theory,
Resource Based Theory (RBV), and Dynamic Capability Theory. This study is
expected to provide empirical insights for management and stakeholders in
designing strategies that are effective, competitive, and sustainable.
A quantitative approach with an explanatory research design is employed.
The research sample consists of 22 manufacturing firms selected using purposive
sampling. Data analysis is conducted using Partial Least Squares Structural
Equation Modeling (PLS-SEM) with a formative measurement model to test the
relationships among latent constructs and to identify direct, indirect, and
moderating effects. Furthermore, this study also provides a novel perspective on the
Analysis Moderate Mediation model in testing ERM as a moderator. The indicators
in the research variables include ESG (environmental, social, governance),
Competitive Advantage (economy of scale, capital requirements, power over
suppliers, power over customers), firm performance (return on assets, return on
equity, Tobin's q), and ERM (governance and culture, strategy and objective
setting, performance, review and revision, information communication reporting).
The hypothesis testing results show that ESG has a significant effect on competitive
advantage, and competitive advantage has a significant effect on firm performance.
On the other hand, ESG does not have a significant effect on firm performance, and
ERM is not proven to moderate the relationship between ESG and firm performance
through competitive advantage.

The findings indicate that ESG implementation can strengthen firms’
competitive capabilities, but has not yet been fully converted into improved firm
performance, particularly accounting-based performance. The negative coefficient
of competitive advantage on firm performance suggests that strategies for building
competitive advantage may erode profit margins if they are not accompanied by
efficient management of resources and costs. In addition, the contribution of ERM
remains relatively weak and does not exhibit a significant moderating role. The
practical implications of this study underline the need to optimize the balanced
implementation of the three ESG pillars, to manage competitive advantage
strategies with careful attention to cost efficiency, and to evaluate ERM
implementation so that it is integrated with sustainability strategies and firm
performance objectives. Future research is recommended to strengthen the social
pillar, expand the observation period, involve other industrial sectors, add other
indicators that support the improvement of firm performance so that the influence
of ESG and competitive advantage becomes more comprehensive, and re-evaluate
competitive strategies that better meet the VRIN criteria (process and product
innovation, human resource quality, business process digitalization, and more
adaptive and collaborative supply chain management), as well as increase company
awareness in implementing ERM not just a formality in fulfilling regulatory
compliance.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

TES 658,15 MUK p 2025 K1

Penerbit

Malang : Program Magister Ilmu Administrasi Bisnis Fakultas Ilmu Administrasi Universitas Brawijaya Malang., 2025

Deskripsi Fisik

xxii, 294 Halaman ; Ilus : 29,5 cm

Bahasa

Indonesia

ISBN/ISSN

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Klasifikasi

658,15

Tipe Isi

text

Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

Tesis / Thesis

Info Detail Spesifik

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Pernyataan Tanggungjawab

Aisyah Ummul Mukminin

Versi lain/terkait

Lampiran Berkas

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