PENGARUH ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP BIAYA MODAL PADA PERUSAHAAN SEKTOR ENERGI DI BURSA EFEK INDONESIA

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on the cost of capital in energy sector companies listed on the Indonesia Stock Exchange. The research uses a quantitative approach with secondary data sourced from the company's annual reports and sustainability reports for the period 2022–2024. The research sample consisted of 24 energy sector companies selected using purposive sampling techniques, resulting in 72 firm-year observations. The dependent variable in this study is the cost of capital proxied by the Weighted Average Cost of Capital (WACC), while the independent variable includes environmental, social, and governance disclosures measured based on the Global Reporting Initiative (GRI) 2021 standards. Data analysis was carried out using panel data regression with a Random Effect Model (REM) determined through the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results showed that environmental and governance disclosure had a negative and significant effect on capital costs, while social disclosures had a positive and significant effect on capital costs, as indicated by the t-test results at a 5% significance level. The Adjusted R² value of 0.438 indicates that ESG disclosures together are able to explain 43.77% of the variation in the capital cost of companies in the energy sector. These findings make a theoretical contribution to enriching the literature on sustainable finance, particularly related to the role of ESG disclosure in influencing capital costs in high-risk sectors. Practically, the results of this study provide implications for energy sector companies to improve the quality of ESG disclosure as part of risk management strategies and funding efficiency, as well as for investors and regulators in using ESG information as one of the bases for decision-making considerations. Overall, this study confirms that ESG disclosure has important relevance in the context of determining the capital cost of energy sector companies in Indonesia.