Pengaruh Pengungkapan Environment, Social, dan Governance (ESG) terhadap Bank Performance dengan Transformasi Digital sebagai Variabel Moderasi

This study examines the effect of Environmental, Social, and Governance (ESG) disclosure on bank performance, proxied by the natural logarithm of Z-Score, and tests digital transformation as a moderating variable. The study uses a quantitative approach with a sample of 17 banks listed on the Indonesia Stock Exchange during 2022–2024, resulting in 51 firm-year observations. ESG disclosure is measured through content analysis based on the GRI Standards 2021, while digital transformation is measured using keyword-based text mining of annual reports. The data are analyzed using panel data regression and moderated regression analysis with a Common Effect Model and White Diagonal robust standard errors to address heteroskedasticity. The results show that Environmental, Social, and Governance disclosure do not have statistically significant direct effects on bank performance. Digital transformation does not significantly moderate the relationships between Environmental disclosure or Social disclosure and bank performance. However, the interaction between Governance disclosure and digital transformation is statistically significant and negative, indicating that digital transformation weakens the relationship between Governance disclosure and bank stability in the observed sample. Non-Performing Loans also have a significant negative association with bank stability. These findings suggest that ESG disclosure and digitalization do not automatically translate into improved short-term bank stability; implementation quality and digital governance warrant attention.