ASSESSING SDGS DISCLOSURE AMIDST ALTMAN Z''-SCORE FINANCIAL HEALTH: A COMPARATIVE STUDY OF INDONESIAN SERVICE AND MANUFACTURING SECTORS
DOI:
https://doi.org/10.32332/finansia.v9i2.14324Keywords:
Financial Health, Governance Committee, SDG Disclosures, Manufacturing, ServicesAbstract
This study examines the impact of financial health and board committees on SDG disclosure and compares the intensity of such disclosure between the manufacturing and service sectors. Utilizing 120 observations from the IDX ESG Leaders index (2021–2024) and employing multiple linear regression and independent-samples t-tests via SPSS, the study finds that financial health has a significant positive effect on SDG disclosure. This finding supports Slack Resources Theory, wherein financial stability serves as a prerequisite for voluntary social and environmental activities. Conversely, board committees show no significant effect, suggesting phenomena such as tokenism and a rigid, shareholder-oriented approach to compliance. Furthermore, comparative analysis confirms a significant sectoral difference, with the service sector recording a higher average index (0.6693) than the manufacturing sector (0.6144). Grounded in Signaling Theory, the service sector's reliance on reputation drives management to signal moral accountability to attract ESG investors.
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