Integration of Sharia Compliance, Environmental, Social, and Governance (Esg) on Financial Performance: an Empirical Study Across Sharia and Conventional Banks

Authors

  • Fitra Izzadieny Politeknik Negeri Tanah Laut, Indonesia
  • Deafatunnizwa Ulfida Politeknik Negeri Tanah Laut, Indonesia
  • Nor Rahma Rizka Politeknik Negeri Tanah Laut, Indonesia
  • M Bastian Politeknik Negeri Tanah Laut, Indonesia
  • Rahmatullah Alfikri

DOI:

https://doi.org/10.30983/es.v9i2.10262

Keywords:

ESG, Sharia Compliance, Financial Performance

Abstract

This study aims to analyze the effect of ESG and Sharia compliance on the financial performance of banks in Indonesia, measured by ROA, and to examine the role of Sharia compliance as a moderating variable. This quantitative study uses secondary data from 34 banks listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024. Purposive sampling was used for sample selection, while the analysis was conducted using multiple linear regression with SPSS version 25. The results show that ESG has a positive and significant effect on ROA, meaning that the application of sustainability principles increases bank profitability. Sharia compliance also has a positive and significant effect on ROA, indicating that sharia practices support financial performance. However, the interaction between ESG and sharia compliance does not have a significant effect on ROA, while the Size variable has a positive but insignificant effect. These findings support legitimacy theory and stakeholder theory, and provide recommendations for banks to strengthen the integration of ESG and sharia principles in order to improve financial sustainability. This study is an initial empirical study that examines the moderation of sharia compliance in the relationship between ESG and the financial performance of Indonesian banks.

 Penelitian ini menganalisis bagaimana praktik Lingkungan, Sosial, dan Tata Kelola (ESG) serta kepatuhan Syariah memengaruhi kinerja keuangan bank-bank di Indonesia, yang diukur melalui Return on Assets (ROA), dengan kepatuhan Syariah juga dipertimbangkan sebagai faktor moderasi. Menggunakan pendekatan kuantitatif, penelitian ini menganalisis data sekunder dari 34 bank yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2024 dan dianalisis menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa praktik ESG dan kepatuhan Syariah memiliki dampak positif dan signifikan terhadap ROA, menunjukkan bahwa inisiatif keberlanjutan dan kepatuhan terhadap prinsip-prinsip Islam berkontribusi pada peningkatan profitabilitas. Namun, interaksi antara ESG dan kepatuhan Syariah tidak memiliki dampak signifikan terhadap ROA, mengindikasikan bahwa integrasi praktik keberlanjutan dengan prinsip-prinsip etika Islam belum sepenuhnya terwujud. Temuan ini konsisten dengan teori legitimasi dan teori pemangku kepentingan, yang menekankan pentingnya kepatuhan etika dan akuntabilitas sosial dalam perbankan. Studi ini merekomendasikan agar bank memperkuat sinergi antara prinsip ESG dan Syariah untuk mendorong stabilitas dan keberlanjutan keuangan. Sinergi yang kuat antara struktur tata kelola, Dewan Pengawas Syariah (DPS), dan komite ESG mendukung implementasi ESG yang akuntabel dan membantu mencegah ketidakberesan. Pendekatan terintegrasi ini tidak hanya memperkuat mekanisme pengawasan internal tetapi juga meningkatkan kredibilitas institusional dan kepercayaan publik, yang pada akhirnya berkontribusi pada peningkatan kinerja keuangan.  

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2025-12-31

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Fitra Izzadieny, Deafatunnizwa Ulfida, Nor Rahma Rizka, M Bastian, & Rahmatullah Alfikri. (2025). Integration of Sharia Compliance, Environmental, Social, and Governance (Esg) on Financial Performance: an Empirical Study Across Sharia and Conventional Banks. EKONOMIKA SYARIAH : Journal of Economic Studies, 9(2), 246–267. https://doi.org/10.30983/es.v9i2.10262

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Vol. 9 No. 2 (2025): December 2025

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