Pengaruh Struktur kepemilikan terhadap Sustainability Reporting dengan Usia Perusahaan sebagai Moderasi

Mayang Apriliani; Maylia Pramono Sari

doi:10.33395/owner.v10i2.3385

Authors

Mayang Apriliani Universitas Negeri Semarang
Maylia Pramono Sari
✉ Corresponding author: mayliapramonosari@mail.unnes.ac.id Universitas Negeri Semarang

DOI:

https://doi.org/10.33395/owner.v10i2.3385

Keywords:

Firm Age, Foreign Ownership, Institutional Ownership, Managerial Ownership, Sustainability Report

Abstract

Sustainability reporting in accordance with the Global Reporting Initiative (GRI) standards has been widely recognized as a common framework for transparently communicating corporate economic, environmental, and social performance. However, concerns remain that such reporting may focus more on disclosure than on the actual implementation of sustainability practices. This study aims to investigate the association between ownership structure, managerial, institutional, and foreign ownership, and the extent of sustainability reporting, with firm age serving as a moderating variable. The scope of this paper is limited to data collected from manufacturing entities registered on the Indonesia Stock Exchange (IDX) over the period of 2022–2024. Employing purposive sampling, 53 firms were selected, resulting in 152 observations. The data were analyzed using moderated regression analysis (MRA) with the assistance of EViews 12 software. The findings reveal that managerial, institutional, and foreign ownership have a statistically significant negative effect on sustainability reporting. While firm age significantly weakens the association between managerial ownership and sustainability reporting, it does not moderate the effects of institutional or foreign ownership. Legitimacy theory helps this study explain sustainability reporting. It shows how ownership structure affects direct and moderating relationships. Theoretically, this research contributes to the existing literature by using Legitimacy Theory to explain the direct and moderating effects on sustainability reporting. In this regard, symbolic legitimacy theory and substantive legitimacy theory explain the factors influencing sustainability reporting. Practically, this research delivers practical implications for corporate managers, investors, and regulators by emphasizing the role of aligning ownership structures and considering firm characteristics, particularly firm age.

Downloads

Download data is not yet available.

References

Adejumo, I. A., Ololade, B. M., Sanni, M. R., & Adeyanju, D. L. (2025). Ownership Structure and Sustainability Reporting Disclosures of Listed Multinational Companies in Nigeria. International Journal of Economics and Financial Issues , 15(2), 301–308. https://doi.org/10.32479/ijefi.17824

Adhania, L., & Nurdiana, D. (2024). Influence of Financial Performance, Company Size and Company Age on Disclosure of Sustainability Reports in Non-Financial Companies on IDX 2019-2021. International Journal of Multidisciplinary Approach Research and Science, 2(02), 575–585. https://doi.org/10.59653/ijmars.v2i02.628

Ashforth, B. E., & Gibbs, B. W. (1990). The Double-Edge of Organizational Legitimation. In Source: Organization Science (Vol. 1, Number 2).

Aulia Indy, L., Uzliawati, L., & Mulyasari, W. (2022). The Effect of Managerial Ownership and Institutional Ownership on Sustainability Reporting and Their Impact on Earning Management. Journal of Applied Business, Taxation and Economics Research, 1(3), 243–256. https://doi.org/10.54408/jabter.v1i3.48

Ayu Anggarsari, & Prasojo. (2023). Relationship between Financial Performance and Ownership Structure on Sustainability Disclosure in SRI-KEHATI Index Firms. Journal of Accounting Inquiry, 3(1), 001–009. https://doi.org/10.14421/jai.2024.3.1.001-009

Benlemlih, M., Arif, M., & Nadeem, M. (2023). Institutional Ownership and Greenhouse Gas Emissions: A Comparative Study of the UK and the USA. British Journal of Management, 34(2), 623–647. https://doi.org/10.1111/1467-8551.12613

Damayanti, A., & Hardiningsih, P. (2021). Determinan Pengungkapan Laporan Berkelanjutan. Jurnal Akuntansi Dan Pajak, 22(1), 175. https://doi.org/10.29040/jap.v22i1.2756

Dowling, J., & Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and Organizational Behavior. In Source: The Pacific Sociological Review (Vol. 18, Number 1).

Du, J., Mickiewicz, T., & Douch, M. (2021). Individual and institutional ownership, firm age and productivity. Journal of Competitiveness, 13(1), 23–41. https://doi.org/10.7441/joc.2021.01.02

Ellimäki, P., Gómez-Bolaños, E., Hurtado-Torres, N., & Aragón-Correa, J. A. (2021). Do global firms increase their environmental disclosure and performance? Symbolic versus effective operations and the moderating role of liability of origin. Legitimation implications. Industrial Marketing Management, 92, 354–363. https://doi.org/10.1016/j.indmarman.2019.10.015

Fadilah, F., Uzilawati, L., & Mulyasari, W. (2022). The Effect of Firm Size and Firm Age on Sustainability Reporting and The Impact on Earnings Management (Vol. 15, Number 1). https://idxchannel.okezone/2016

Fatihah, I. U., Purwohedi, U., & Gurendrawati, E. (2023). PENGARUH KEPEMILIKAN Manajerial, Kepemilikan Asing, dan Likuiditas Terhadap Pengungkapan Laporan Keberlanjutan. JURNAL AKUNTANSI, PERPAJAKAN DAN AUDITING, 4(2), 576–594. http://journal.unj.ac.id/journal/index.php/japa

Hasan, A., Hussainey, K., & Aly, D. (2022). Determinants of sustainability reporting decision: evidence from Pakistan. Journal of Sustainable Finance and Investment, 12(1), 214–237. https://doi.org/10.1080/20430795.2021.1964813

Herbert, S., & Graham, M. (2022). Applying legitimacy theory to understand sustainability reporting behaviour within South African integrated reports. South African Journal of Accounting Research, 36(2), 147–169. https://doi.org/10.1080/10291954.2021.1918481

Jensen, M. C., Meckling, W. H., Benston, G., Canes, M., Henderson, D., Leffler, K., Long, J., Smith, C., Thompson, R., Watts, R., & Zimmerman, J. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. In Journal of Financial Economics (Number 4). Harvard University Press. http://hupress.harvard.edu/catalog/JENTHF.html

Liao, L., Lin, T. P., & Zhang, Y. (2018). Corporate Board and Corporate Social Responsibility Assurance: Evidence from China. Journal of Business Ethics, 150(1), 211–225. https://doi.org/10.1007/s10551-016-3176-9

Liou, R. S., Ting, P. H., & Chen, Y. Y. (2023). The cost of foreign ownership: Voluntary sustainability reporting and financial performance in an emerging economy. Cross Cultural and Strategic Management, 30(3), 581–612. https://doi.org/10.1108/CCSM-09-2021-0165

Maryana, M., & Carolina, Y. (2021). The Impact of Firm Size, Leverage, Firm Age, Media Visibility and Profitability on Sustainability Report Disclosure. Jurnal Keuangan Dan Perbankan, 25(1). https://doi.org/10.26905/jkdp.v25i1.4941

Masud, Md. A. K., Nurunnabi, M., & Bae, S. M. (2018). The effects of corporate governance on environmental sustainability reporting: empirical evidence from South Asian countries. Asian Journal of Sustainability and Social Responsibility, 3(1). https://doi.org/10.1186/s41180-018-0019-x

Matuszak, ?., Ró?a?ska, E., & Macuda, M. (2019). The impact of corporate governance characteristics on banks’ corporate social responsibility disclosure: Evidence from Poland. Journal of Accounting in Emerging Economies, 9(1), 75–102. https://doi.org/10.1108/JAEE-04-2017-0040

Muhajalun, C. G., & Ritonga, F. (2025). Pengaruh Ukuran Perusahaan dan Umur Perusahaan terhadap Pengungkapan Laporan Keberlanjutan pada Perusahaan Sektor Basic Materials. Jurnal Akuntansi Dan Perbankan, 6(2), 121–130.

Nguyen, A. H., & Nguyen, L. H. (2020). Determinants of sustainability disclosure: Empirical evidence from vietnam. Journal of Asian Finance, Economics and Business, 7(6), 73–84. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.073

Nuhu, Y., & Alam, A. (2024). Ownership structure and sustainability reporting: emerging economies evidence. International Journal of Accounting and Information Management, 32(5), 883–908. https://doi.org/10.1108/IJAIM-09-2023-0228

Oh, W. Y., Cha, J., & Chang, Y. K. (2017). Does Ownership Structure Matter? The Effects of Insider and Institutional Ownership on Corporate Social Responsibility. Journal of Business Ethics, 146(1), 111–124. https://doi.org/10.1007/s10551-015-2914-8

Pramono Sari, M., Permana, G., Prabowo, W. P., Martaning, A., Ardina, Y., & Raharja, S. (2025). Determinants of Sustainability Report With Company Size as Moderation. In Journal of Applied Accounting and Taxation Article History (Vol. 10, Number 1).

Pratama Institute. (2025). Tren Implementasi Laporan Keberlanjutan. Pratamainstitute.Com.

Pratiwi, D. H., & Merina, C. I. (2024). Pengaruh Good Corporate Governance dan Karakteristik Perusahaan Terhadap Pengungkapan Sustainability Report pada Perusahaan Sektor Energi. Jurnal Neraca: Jurnal Pendidikan Dan Ilmu Ekonomi Akuntansi, 8(2), 149–162. https://doi.org/10.31851/neraca.v8i2.16591

Ramahdani, S. P., & Tarmidi, D. (2025). The Effect of Ownership Structure on Sustainability Reporting: The Moderating Role of Board Diversity Citation. Research Horizon, 5(5).

Safira, A., & Hardiningsih, P. (2025). Determinan Pengungkapan Laporan Keberlanjutan. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 9(3), 2025.

Sandri, A. B., Prihatni, R., & Armeliza, D. (2021). Pengaruh Kepemilikan Asing, Kepemilikan Keluarga dan Tekanan Karyawan terhadap Pengungkapan Laporan Keberlanjutan. JURNAL AKUNTANSI, PERPAJAKAN DAN AUDITING, 2(3), 661–678.

Saputra, R. W., & Dewi, L. G. K. (2025). Determinants of Sustainability Report Quality: The Impact of Financial Performance, Corporate Governance, Firm Size, and Age. E-Jurnal Akuntansi, 35(8), 2193–2210. https://doi.org/10.24843/EJA.2025.v35.i08.p02

Sugiyono. (2023). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (Sutopo, Ed.). Penerbit ALFABETA.

Tyasa, E. F., & Taqwa, S. (2024). Pengaruh Kepemilikan Manajerial, Media Visibility dan Umur Perusahaan terhadap Pengungkapan Sustainability Report pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2018 – 2022. Jurnal Nuansa Karya Akuntansi, 1(3), 287–299. https://doi.org/10.24036/jnka.v1i3.41