Pengaruh Pengungkapan Kinerja Keberlanjutan dan Kebijakan Dividen Terhadap Stabilitas Keuangan Perusahaan IDX ESG Leaders Periode 2020-2024

Abstract

This research explores how sustainability disclosure and profit distribution practices affect corporate financial soundness among constituents within the IDX ESG Leaders framework across the 2020–2024 timeframe. Adopting a quantitative design, the study analyzed panel data extracted from corporate financial statements and ESG ratings. A sample of 19 firms selected via purposive sampling yielded 95 firm-year observations. Data processing encompassed summary statistics and panel data modeling, where optimal specification was determined through Chow and Hausman diagnostics. Prior to hypothesis evaluation, data integrity was verified against classical assumption violationsspecifically heteroscedasticity and multicollinearity. Parameter significance was assessed via t-statistics, overall model fit using F-tests, and explanatory power through the adjusted R² metric. Empirical findings indicate that sustainability performance disclosure contributes positively and significantly to corporate financial stability. Conversely, dividend policy did not demonstrate a statistically significant individual effect however, the two variables jointly exerted a significant influence on financial stability. All statistical analyses were conducted using EViews 13 software.