Pengaruh Pengungkapan Aspek-aspek Laporan Keberlanjutan terhadap Profitabilitas Perusahaan, Dimoderasi oleh Ukuran Perusahaan

Abstract

Bank profitability, reflected by Return on Assets (ROA), is a key indicator of a bank's ability to generate earnings from its assets. Although some Indonesian banks maintain strong ROA performance, many continue to record profitability below the industry average. This condition highlights the importance of sustainable business practices through the disclosure of economic, environmental, and social information in sustainability reports. This study examines the effects of sustainability disclosure on bank profitability and investigates the moderating role of firm size. A quantitative approach was employed using secondary data obtained from annual reports and sustainability reports of banking companies listed on the Indonesia Stock Exchange during 2021 to 2025. Using purposive sampling, 23 banks were selected, resulting in 115 firm-year observations. Panel data regression with the Random Effects Model was used to test the direct effects (H1 to H3), while Moderated Regression Analysis (MRA) examined the moderating effects of firm size (H4 to H6). The findings reveal that economic and social disclosure do not significantly affect ROA, whereas environmental disclosure has a positive and significant effect. Furthermore, firm size positively moderates the relationship between economic disclosure and profitability but negatively moderates the relationship between environmental disclosure and profitability. In contrast, firm size does not moderate the relationship between social disclosure and profitability. These findings support Signaling Theory and Stakeholder Theory in explaining the positive effect of environmental disclosure on profitability and Resource-Based Theory in explaining the strengthening role of firm size in the relationship between economic disclosure and profitability. The results also support Legitimacy Theory, suggesting that sustainability disclosure does not always improve profitability, particularly for large banks facing higher environmental implementation costs. The study implies that banks should prioritize high-quality environmental disclosure and evaluate the costs and benefits of sustainability initiatives, while regulators should develop more proportional sustainability reporting policies and incentive schemes..