Financial Leverage, Dividend Policy, Earnings Management, dan ESG terhadap Idiosyncratic Risk di ASEAN

Authors

  • Rosita Wulandari Universitas Pamulang, Indonesia
  • Ali Mubarok Universitas Pamulang, Indonesia
  • Syafrizal Universitas Pamulang, Indonesia

DOI:

https://doi.org/10.57235/mantap.v4i2.9220

Keywords:

Financial Leverage, Dividend Policy, Earnings Management, ESG, Idiosyncratic Risk, ASEAN

Abstract

Risiko idiosinkratik mencerminkan risiko spesifik perusahaan yang tidak dijelaskan oleh pergerakan pasar dan tetap relevan bagi investor di pasar negara berkembang. Penelitian ini menguji pengaruh financial leverage, dividend policy, dan earnings management terhadap idiosyncratic risk serta menguji peran moderasi Environmental, Social, and Governance (ESG) pada perusahaan non-keuangan di Indonesia, Malaysia, Thailand, dan Filipina selama 2016–2023. Penelitian menggunakan 174 perusahaan dengan 1.392 observasi perusahaan-tahun yang dipilih melalui purposive sampling. Data berasal dari Bloomberg Terminal dan laporan keuangan perusahaan. Analisis menggunakan regresi data panel Fixed Effect Model dan Panel EGLS dengan Cross-Section Weights untuk mengoreksi heteroskedastisitas. Hasil menunjukkan bahwa financial leverage berpengaruh positif dan signifikan terhadap idiosyncratic risk, sedangkan dividend policy dan earnings management tidak berpengaruh signifikan. Firm size berpengaruh positif dan ROE berpengaruh negatif terhadap idiosyncratic risk, sedangkan ROA dan ESG tidak berpengaruh langsung. ESG memoderasi secara lemah hubungan financial leverage dan idiosyncratic risk dengan memperlemah pengaruh positif leverage. ESG tidak memoderasi hubungan dividend policy maupun earnings management dengan idiosyncratic risk. Temuan ini menunjukkan bahwa struktur modal tetap menjadi determinan utama risiko spesifik perusahaan, sementara ESG lebih relevan sebagai mekanisme mitigasi terbatas pada risiko yang berasal dari leverage. Penelitian lanjutan perlu menguji dimensi ESG secara terpisah, memperluas negara dan periode observasi, serta menggunakan pendekatan dinamis untuk mengatasi potensi endogeneity.

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Published

2026-09-28

How to Cite

Rosita Wulandari, Ali Mubarok, & Syafrizal. (2026). Financial Leverage, Dividend Policy, Earnings Management, dan ESG terhadap Idiosyncratic Risk di ASEAN. Journal of Management Accounting, Tax and Production, 4(2), 443–451. https://doi.org/10.57235/mantap.v4i2.9220

Issue

Vol. 4 No. 2 (2024): September 2026

Section

Articles

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