THE INFLUENCE OF LEVERAGE, PROFITABILITY, AND LIQUIDITY ON THE DISCLOSURE OF SUSTAINABILITY REPORTS WITH COMPANY SIZE AS A MODERATING VARIABLE IN MANUFACTURING COMPANIES IN THE CONSUMER GOODS SECTOR LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) FOR THE
Main Article Content
Septin Yarnanda
Iskandar Muda Damanik
Fahmi Natigor Nasution
This study aims to analyze the effect of financial variables such as leverage, profitability, and liquidity on sustainability report disclosure in consumer goods sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period. In addition, it examines the moderating role of firm size in strengthening or weakening these relationships. A quantitative approach was used, employing panel data regression to analyze the influence of financial variables and the moderating effect of firm size on sustainability reporting. The population in this study consists of all consumer goods sector companies listed on the IDX from 2021 to 2023, totaling 93 companies. A sample of 58 companies was selected using purposive sampling based on specific criteria that met the requirements for analysis. Secondary data were obtained from financial reports and sustainability reports published during the observation period. The results indicate that leverage, profitability, and liquidity have a positive and significant effect on sustainability report disclosure. Firm size does not moderate the effects of leverage and profitability but does strengthen the influence of liquidity on sustainability disclosure, aligning with the theory that larger firms possess more resources to support sustainability reporting. Companies are advised to improve the transparency of their sustainability disclosures by leveraging available resources, particularly when profitability and liquidity levels are high. Firm size also plays an important role. More comprehensive disclosures can enhance corporate reputation and stakeholder trust, supporting long-term sustainability.
Adhipradana & Daljono, D. (2014). Pengaruh kinerja keuangan, ukuran perusahaan, dan coporate governance terhadap pengungkapan sustainability report. Diponegoro Journal of Accounting. Retrieved from https://ejournal3.undip.ac.id/index.php/accounting/article/view/6021
Afifah, N., Mandagie, Y., & Fujianti, L. (2022). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Pengungkapan Sustainable Reporting (Studi Empiris Pada Perusahaan Peraih Indonesia Sustainability Reporting Award Yang Terdaftar di BEI Pada Tahun 2015- 2019). Jurnal Ilmiah Akuntansi Pancasila. doi:https://doi.org/10.35814/jiap.v2i1.3032
Afrina, Sari, L. L., Oktavia, M., & Wendari, N. (2024). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Sustainability Report Pada Perusahaan-Perusahaan. Journal of Management and Innovation Entrepreunership (JMIE), Volume 1, No 3 – April 2024. doi:https://doi.org/10.59407/jmie.v1i3.708
Aiken, L. S., & West, S. G. (1991). Multiple Regression: Testing and Interpreting Interactions. Sage Publications.
Ardana, Y. (2023). Effect of Leverage, Firm Size, Institutional Ownership, and Profitability on CSR Disclosure in Consumer Goods Companies in Indonesia. JFBA Journal of Financial and Behavioural Accounting. doi:https://doi.org/10.33830/jfba.v3i1.3707.2023
Betari, Muslimah, N., & Siregar, B. (2022). The Effect of Profitability, Liquidity, and Solvency on Sustainable Reporting with Corporate Governance as Moderating Variable. Journal of International Conference Proceedings (JICP), Vol.5 No.3, pp. 79-87. doi:https://doi.org/10.32535/jicp.v5i3.1761
Bisma, M., Lia Uzliawati, & Mulyasari, W. (2023). The Effect of Profitability and Leverage on Sustainability Reporting. Journal of Applied Business, Taxation and Economics Research (JABTER), Vol. 3, No. 2, December 2023, Page: 218-231. doi:DOI: https://doi.org/10.54408/jabter.v3i2.260
Bitektine, A., & Haack, P. (2015). Legitimacy as a Systemic Phenomenon: Problems and Solutions. Academy of Management Review, 40(1), 49-75. doi:https://doi.org/10.5465/annals.2015.0101
Brigham & Ehrhardt, M. C. (2016). Financial Management: Theory & Practice. Boston: Cengage Learning.
Damayanty, P., Wahab, D., & Safitri, N. (2022). Pengaruh Profitabilitas, Firm Size dan Aktivitas Perusahaan Terhadap Pengungkapan Sustainability Report. JURNAL ILMIAH EDUNOMIKA. doi:https://doi.org/10.29040/jie.v6i2.4998
Darmawan. (2020). Dasar-dasar Memahami Rasio dan Laporan Keuangan. Yogyakarta: UNY Press.
Deegan, C. (2021). Financial Accounting Theory (4th ed.). Sydney: McGraw-Hill Education.
Dewi, I., & Pitriasari, P. (2019). Pengaruh good corporate governance dan ukuran perusahaan terhadap pengungkapan sustainability report. JSMA (Jurnal Sains Manajemen Dan Akuntansi), 11(1), 33–53. doi:https://doi.org/10.37151/jsma.v11i1.13
Dewi, L. G., Ariyanto, D., & Amara, A. V. (2024). Karakteristik Keuangan dan Non Keuangan pada Kualitas Sustainability Disclosure Perusahaan Manufaktur di Indonesia. E-Jurnal Akuntansi. doi:https://doi.org/10.24843/eja.2024.v34.i01.p01
Erlina. (2011). Metodologi Penelitian. Medan: USU Press.
European, C. (2020). A European Green Deal. Retrieved from The European Green Deal: https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal_en
Fitriana, A. (2024). Buku Ajar Analisis Laporan Keuangan. . Banyumas: CV. Malik Rizki Amanah.
Forum, W. E. (2022). The Circular Economy in Consumer Goods Sector. Retrieved from World Economic Forum: https://www.weforum.org/publications/the-circular-economy-in-consumer-goods-sector/
Freeman, R. E., & McVea, J. (2020). A Stakeholder Approach to Strategic Management." In The Oxford Handbook of Corporate Social Responsibility. . Inggris: Oxford University Press.
Ghozali, I., & Latan, H. (2021). Structural equation modeling: Metode alternatif dengan partial least squares. Semarang: Badan Penerbit Universitas Diponegoro.
Ghozali., I. (2021). Aplikasi Analisis Multivariate dengan Program EViews. Semarang: Badan Penerbit Universitas Diponegoro.
Gio, P. U. (2015). Belajar Olah Data Dengan Eviews. Medan: USU Press.
GRI, G. R. (2020). Sustainability Reporting: The Future of Reporting. Retrieved from Global Reporting Initiative (GRI): https://www.globalreporting.org/
Gujarati, D. N., & Porter., D. C. (2012). Dasar-dasar Ekonometrika. Jakarta: Salemba Empat.
Harrison, J. S., Bosse, D. A., & & Phillips, R. A. (2019). Stakeholder theory at a crossroads: The role of stakeholder engagement in the development of stakeholder theory. Business & Society, 58(1), 3-20. doi:https://doi.org/10.1177/0007650317711980
Hayes, A. F. (2013). Introduction to Mediation, Moderation, and Conditional Process Analysis: A Regression-Based Approach. Guilford Press.
IIRC. (2021). International Integrated Reporting Council (IIRC). Retrieved from International Integrated Reporting Framework.: https://integratedreporting.ifrs.org/
Indana, D., & Pangestuti, I. R. (2024). Analysis of Financial Characteristics of Sustainability Report: Company Size as Moderating Variable. Research Horizon,. Retrieved from https://journal.lifescifi.com/index.php/RH/article/view/324
IPBES, I. S.-P. (2019). Global Assessment Report on Biodiversity and Ecosystem Services. Retrieved from https://www.ipbes.net/global-assessment
Jamaluddin, Adriana, N., Faisal, Nahar, A., & Siregar, N. (2025). The Impact of Environmental Social and Governance (ESG) Reporting on Corporate Financial Performance. The Journal of Academic Science. doi:https://thejoas.com/index.php/thejoas/article/view/204
Kalbuana, Nawang, Kusiyah, Supriatiningsih, Roy Budiharjo, Budyastuti, T., & Rusdiyanto, a. R. (2022). Effect of profitability, audit committee, companysize, activity, and board of directors onsustainability. Cogent Business & Management. doi:https://doi.org/10.1080/23311975.2022.2129354
Karlina, W., Mulyati, S., & Putri, T. (2019). The Effect of Company's Size Industrial Type Profitability and Leverage to Sustainability Report Disclosure Case Study On Companies Registered In Sustainability Reporting Award SRA. Jurnal of Accounting for Sustainable Society (JASS). doi:https://doi.org/10.35310/jass.v1i01.68
Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: PT RajaGrafindo Persada.
KPMG. (2022). The Time Has Come: The KPMG Survey of Sustainability Reporting 2022. Retrieved from https://assets.kpmg.com/content/dam/kpmg/se/pdf/komm/2022/Global-Survey-of-Sustainability-Reporting-2022.pdf
Laskar, N. (2024). Assessing the Drivers of Corporate Sustainability Performance Disclosures Using the Global Reporting Initiative GRI G4 Framework. J. Risk Financial Management. doi:https://doi.org/10.3390/jrfm17110513
Microsoft. (2020). Microsoft Will Be Carbon Negative by 2030. Retrieved from Official Microsoft Blog: https://blogs.microsoft.com/blog/2020/01/16/microsoft-will-be-carbon-negative-by-2030/
Nioko, R., & Hendrani, A. (2024). Pengaruh Profitabilitas, Aktivitas, Leverage, Ukuran Perusahaan, Dewan Direksi dan Komite Audit Terhadap Pengungkapan Sustainability Report. Journal of Economic, Business and Accounting. doi:ttps://doi.org/10.31539/costing.v7i3.9262
Nuraeni, N., Sujaya, F. A., & & Nasihin, I. (2024). The Influence of Eco-Control, Company Size, Environmental Performance on Sustainability Reporting Disclosure. West Science Accounting and Finance. doi:https://doi.org/10.58812/wsaf.v2i02.960
Nurohmah, W. (2024). Pengaruh likuiditas, profitabilitas, leverage terhadap sustainability report dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan consumer goods industry yang terdaftar pada bursa efek indonesia tahun 2021-2023. Liquidity (Economics);Financial statement. Retrieved from http://repository.trisakti.ac.id/usaktiana/index.php/home/detail/detail_koleksi/1/THE/th_terbit/00000000000000054090/2013
Pulungan, M. A., Safelia, N., & Ridwan, M. (2025). Factors Affecting Sustainability Report Disclosure in Indonesia (Survey of Companies Participating in ASRRAT 2022-2023). Asian Journal of Management Analytics (AJMA). doi:https://doi.org/10.55927/ajma.v4i1.12410
Purnama, D. P., & Handayani, B. D. (2021). The Effect of Financial Performance and Corporate Governance on Sustainability Report Disclosure with Company Size as a Moderation. Accounting and Finance Studies. doi:https://doi.org/10.47153/afs12.1362021
Purnama, D. P., & Handayani, B. D. (2021). The Effect of Financial Performance and Corporate Governance on Sustainability Report Disclosure with Company Size as a Moderation. Accounting and Finance Studies. doi:DOI: 10.47153/afs12.1362021
Putri, I. G., & Ulupui, I. G. (2017). Pengantar Corporate Governance. Bali: CV.Sastra Utama.
PWC, A. C. (2023, September 5). Tren dan Arah Sustainability Report Indonesia di Masa Mendatang. Retrieved from PwC Indonesia: https://www.pwc.com/id/en/media-centre/press-release/2023/indonesian/tren-dan-arah-sustainability-report-indonesia-di-masa-mendatang.html#:~:text=Di%20Indonesia%2C%20sustainability%20report%20telah,perusahaan%20tercatat%20sejak%20tahun%202020.
Rahaditama, A., & Sari, D. (2023). Pengaruh Leverage terhadap Pengungkapan Laporan Keberlanjutan: Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi dan Manajemen,, 15(2), 45-60. Retrieved from https://journal.steipress.org/index.php/jam/search/index
Rahardjo, S. S. (2018). Etika dalam Bisnis & Profesi Akuntan dan Tata Kelola Perusahaan. Jakarta: Salemba Empat.
Ramadhan, M., Nasir, A., & Indrawati, N. (2023). Pengaruh Profitabilitas, Likuiditas danaCorporate Governance Terhadap Pengungkapan Sustainability Report dengan Ukuran Perusahaan Sebagai Variabel Moderating. Jurnal Bahtera Inovasi. Retrieved from https://ojs.umrah.ac.id/index.php/bahterainovasi/article/view/5177/2313
Santoso, S. (2017). Menguasai statistik dengan SPSS 24. Jakarta: PT. Elexmedia Komputindo.
SASB. (2020). Sustainability Accounting Standards Board. Retrieved from SASB Standards.: https://sasb.ifrs.org/standards/
Sekaran & Bougie, R. (. (2016). Research Methods for Business: A Skill-Building Approach. Inggris: Wiley.
Siregar, S. (2013). Metode Penelitian Kuantitatif. Jakarta: PT Fajar Interpratama Mandiri.
Sitorus, C. I., Bukit, R. B., & Bulan, N. (2024). The Influence of Company Size, Board of Directors and Leverage on Sustainability Report Disclosure with Profitability as a Moderation Variable in LQ45 Companies Listed on the Indonesia Stock Exchange. International Journal of Current Science Research and Review, Volume 07 Issue 05 May 2024. doi:DOI: 10.47191/ijcsrr/V7-i5-29
Sonia & Khafid, M. (2020). The Effect of Liquidity, Leverage, and Audit Committee on Sustainability Report Disclosure with Profitability as a Mediating Variable. Accounting Analysis Journal, 9(2), 95-102. doi:https://doi.org/10.15294/aaj.v9i2.31060
Subagyo, A., Masruroh, & Bastian, I. (2018). Akuntansi Manajemen Berbasis Desain. Yogyakarta: UGM Press.
Sugiyono. (2021). Metode Penelitian Kuantitatif Kualitatif dan Penelitian dan Pengembangan (R&D). Bandung: Alfabeta.
Suharti, S., Wandi, W., Halimahtussakdiah, H., & Purnama, I. (2024). Pengaruh good corporate governance, profitabilitas, leverage, dan ukuran perusahaan terhadap pengungkapan sustainability report. Kurs : Jurnal Akuntansi, Kewirausahaan Dan Bisnis. doi:https://doi.org/10.35145/kurs.v9i1.4273
Sunani, A., Puspa, U., Widodo, W., Muhammad, R., Arief, S., Wijaya, A., . . . Kirana, I. (2024). Environmental disclosure analysis of manufacturing companies to realize sustainable green economy. Intangible Capital. doi:https://doi.org/10.3926/ic.2505
Sunyoto, B. A., Antara, , M. R., & Rachman, T. A. (2025). Pengaruh Pengungkapan Sustainability Reporting Berdasarkan GRI Standards terhadap Kinerja Perusahaan pada App Group. Jurnal Penelitian Manajemen dan Inovasi Riset. doi:https://doi.org/10.61132/lokawati.v3i1.1418
Suryani, Ira, Y., & Rachpriliani, A. (2024). Pengaruh Corporate Governance, Kinerja Keuangan, dan Ukuran Perusahaan Terhadap Pengungkapan Sustanbility Reporting: Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2021. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 6 Nomor 10. doi:https://doi.org/10.47467/alkharaj.v6i10.2866
Tanara, A., Machmuddah, Z., & Utomo, S. D. (2023). Peran moderasi ukuran perusahaan pada hubungan profitabilitas, likuiditas, leverage dan pengungkapan csr. JAKA (Jurnal Akuntansi, Keuangan, Dan Auditing). doi:https://doi.org/10.56696/jaka.v4i1.8290
Tangke, P. (2025). The Effect of Risk Management and Leverage Towards Corporate Sustainability with Corporate Governance Mechanisms as a Moderation Variable. Social Science and Humanities Journal. doi:https://doi.org/10.18535/sshj.v9i01.1470
Tricker, B. (2021). Corporate Governance: Principles, Policies, and Practices. Inggris: Oxford University Press.
Unilever. (2021). Unilever’s Sustainable Living Plan: Progress Report 2021. Retrieved from Unilever's official website: https://www.unilever.com/sustainability/responsible-business/
Wardani, S., & Supriadi, Y. (2020). Analisis Regresi Data Panel pada Pemodelan. Media Sains Indonesia.
Widarjono, A. (2018). Ekonometrika Pengantar Dan Aplikasinya Disertai Panduan Eviews (edisi kelima ed.). Yogyakarta: UPP STIM YKPN Yogyakarta.
Widarti, Widyastuti, S. M., Agustini, T., & Jordhy, D. (2024). The Effect Of Company Characteristics On The Disclosure Of Sustainable Reports In LQ45 Companies. Ekombis Review : Jurnal Ilmiah Ekonomi dan Bisnis. doi:https://doi.org/10.37676/ekombis.v12i3.5968
Widyawati, C., Diana, N., & Mawardi, M. C. (2022). Pengaruh Profitabilitas dan Leverage Terhadap Sustainability Report Perusahaan Sebelum dan Sesudah Penerapan E-Commerce. Fakultas Ekonomi dan Bisnis Universitas Islam Malang. Retrieved from https://jim.unisma.ac.id/index.php/jra/article/view/16203
Yadav, P., & Jain, A. (2023). Sustainability disclosures and corporate boards: a stakeholder approach to decision-making. Journal of Applied Accounting Research, Vol. 24 No. 5,, pp. 1027-1047. doi:https://doi.org/10.1108/JAAR-10-2022-0279.
Yanti, N. P., Khafid, M., & Mussanadah, A. U. (2024). Pengaruh Likuiditas, Leverage, Profitabilitas dan Aktivitas Perusahaan Terhadap Pengungkapan Sustainability Report dengan Ukuran Perusahaan sebagai Variabel Moderasi. Bookchapter Ekonomi Universitas Negeri Semarang. Retrieved from https://bookchapter.unnes.ac.id/index.php/ak/article/view/248/220
