Intellectual Capital, Digital Banking, dan Kinerja Perusahaan Perbankan Indonesia: Apakah Environmental, Social, and Governance (ESG) Memoderasi Hubungan Tersebut?
DOI:
https://doi.org/10.59837/jpnmb.v3i2.950Keywords:
Intellectual Capital, Digital Banking, Kinerja Perusahaan, Environmental, Social and Governance (ESG), Perbankan IndonesiaAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh Intellectual Capital dan Digital Banking terhadap kinerja perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2020–2024 dengan Environmental, Social, and Governance (ESG) sebagai variabel moderasi. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan dan laporan keuangan 39 perusahaan perbankan. Analisis data dilakukan menggunakan regresi linier berganda dan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa Intellectual Capital dan Digital Banking berpengaruh positif dan signifikan terhadap kinerja perusahaan. Hal ini menunjukkan bahwa pengelolaan aset intelektual dan transformasi layanan digital mampu meningkatkan efektivitas serta daya saing perusahaan perbankan. Namun, Environmental, Social, and Governance (ESG) tidak terbukti mampu memoderasi hubungan antara Intellectual Capital maupun Digital Banking terhadap kinerja perusahaan. Temuan ini mengindikasikan bahwa implementasi ESG pada sektor perbankan Indonesia belum mampu memperkuat pengaruh kedua variabel tersebut terhadap kinerja perusahaan selama periode penelitian.
References
Albertazzi, U., Barbiero, F., Marques-Ibanez, D., Popov, A., D’Acri, C. R., & Vlassopoulos, T. (2021). Monetary policy and bank stability: The analytical toolbox reviewed (Working Paper Series No. 2377). European Central Bank.
Annisa, M. L. (2019). Pengaruh intellectual capital terhadap kinerja keuangan perusahaan. Jurnal Profita, 12(3), 433–445. https://doi.org/10.22441/profita.2019.v12.03.006
Arifianto, & Chabachib. (2016). Analisis faktor-faktor yang mempengaruhi nilai perusahaan (Studi kasus pada perusahaan yang terdaftar pada indeks LQ-45 periode 2011–2014). Diponegoro Journal of Management, 5(1), 1–12.
Aulia Fadilah, & Rosdiana, Y. (2020). Pengaruh environmental, social, governance (ESG) disclosure terhadap kinerja perusahaan. Diponegoro Journal of Accounting, 9(3), 1–11.
Bachagha, N., Luo, L., Wang, X., Masini, N., Moussa, T., Khatteli, H., & Lasaponara, R. (2020). Mapping the Roman water supply system of the Wadi el Melah Valley in Gafsa, Tunisia, using remote sensing. Sustainability, 12(2). https://doi.org/10.3390/su12020567
Bacon, E., Williams, M. D., & Davies, G. H. (2019). Recipes for success: Conditions for knowledge transfer across open innovation ecosystems. International Journal of Information Management, 49, 377–387. https://doi.org/10.1016/j.ijinfomgt.2019.07.012
Barney, J. B. (2001). Resource-based theories of competitive advantage: A ten-year retrospective on the resource-based view. Journal of Management, 27(6), 643–650. https://doi.org/10.1016/S0149-2063(01)00115-5
Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Belanche, D., Casaló, L. V., & Flavián, C. (2019). Artificial intelligence in FinTech: Understanding robo-advisors adoption among customers. Industrial Management and Data Systems, 119(7), 1411–1430. https://doi.org/10.1108/IMDS-08-2018-0368
Berger, A. N., Humphrey, D. B., Berg, S., Cooper, B., Ferrier, G., & Maudos, J. (1997). Evaluating the performance of financial institutions: International survey and directions for future research. European Journal of Operational Research.
Bocken, N. M. P., de Pauw, I., Bakker, C., & van der Grinten, B. (2016). Product design and business model strategies for a circular economy. Journal of Industrial and Production Engineering, 33(5), 308–320. https://doi.org/10.1080/21681015.2016.1172124
Bontis, N. (2001). Assessing knowledge assets: A review of the models used to measure intellectual capital. International Journal of Management Reviews, 3(1), 41–60. https://doi.org/10.1111/1468-2370.00053
Bontis, N. (2023). Intellectual capital: An exploratory study that develops measures and models. In The Strategic Management of Intellectual Capital and Organizational Knowledge (pp. 643–655). https://doi.org/10.1093/oso/9780195138665.003.0036
Borgogno, O., & Colangelo, G. (2020). Data, innovation and competition in finance: The case of the access to account rule. European Business Law Review, 31(4), 573–609. https://doi.org/10.54648/eulr2020023
Buallay, A., Cummings, R., & Hamdan, A. (2019). Intellectual capital efficiency and bank’s performance: A comparative study after the global financial crisis. Pacific Accounting Review, 31(4), 672–694. https://doi.org/10.1108/PAR-04-2019-0039
Bueno, N., & Kaufmann, C. (2022). Guiding principles on business and human rights. In Elgar Encyclopedia of Human Rights (pp. 375–383). https://doi.org/10.4337/9781789903621.guiding.principles.business
Cardella, G. M., Hernández-Sánchez, B. R., Monteiro, A. A., & Sánchez-García, J. C. (2021). Social entrepreneurship research: Intellectual structures and future perspectives. Sustainability, 13(14). https://doi.org/10.3390/su13147532
Cheng, M. Y., Lin, J. Y., Hsiao, T. Y., & Lin, T. W. (2010). Invested resource, competitive intellectual capital, and corporate performance. Journal of Intellectual Capital, 11(4), 433–450. https://doi.org/10.1108/14691931011085623
Cherrier, H., & Gurrieri, L. (2013). Anti-consumption choices performed in a drinking culture: Normative struggles and repairs. Journal of Macromarketing, 33(3), 232–244. https://doi.org/10.1177/0276146712467805
Chynthiawati, L., & Jonnardi, J. (2022). Pengaruh profitabilitas, leverage, pertumbuhan perusahaan, dan likuiditas terhadap nilai perusahaan. Jurnal Paradigma Akuntansi, 4(4), 1589–1599. https://doi.org/10.24912/jpa.v4i4.2139
Crane, A. (2000). Corporate greening as amoralization. Organization Studies, 21(4), 673–696. https://doi.org/10.1177/0170840600214001
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–339. https://doi.org/10.2307/249008
Do, T. K. (2021). Financial statement comparability and corporate debt maturity. Finance Research Letters, 40, 101693. https://doi.org/10.1016/j.frl.2020.101693
Dwivedi, Y. K., Hughes, L., Ismagilova, E., Aarts, G., Coombs, C., Crick, T., Duan, Y., Dwivedi, R., Edwards, J., Eirug, A., Galanos, V., Ilavarasan, P. V., Janssen, M., Jones, P., Kar, A. K., Kizgin, H., Kronemann, B., Lal, B., Lucini, B., & Williams, M. D. (2021). Artificial intelligence (AI): Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. International Journal of Information Management, 57. https://doi.org/10.1016/j.ijinfomgt.2019.08.002
Eccles, R. G., Ioannou, I., & Serafeim, G. (2012). The impact of corporate sustainability on organizational processes and performance. SSRN.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Gomber, P., Koch, J. A., & Siering, M. (2017). Digital finance and FinTech: Current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x
Guo, Y., & Liang, C. (2016). Blockchain application and outlook in the banking industry. Financial Innovation, 2(1). https://doi.org/10.1186/s40854-016-0034-9
Hormiga, E., Batista-Canino, R. M., & Sánchez-Medina, A. (2011). The role of intellectual capital in the success of new ventures. International Entrepreneurship and Management Journal, 7(1), 71–92. https://doi.org/10.1007/s11365-010-0139-y
Hormiga, E., Batista-Canino, R. M., & Sánchez-Medina, A. (2011). The role of intellectual capital in the success of new ventures. International Entrepreneurship and Management Journal, 7(1), 71–92. https://doi.org/10.1007/s11365-010-0139-y
Ibba, S., Pinna, A., Lunesu, M. I., Marchesi, M., & Tonelli, R. (2018). Initial coin offerings and agile practices. Future Internet, 10(11), 1–21. https://doi.org/10.3390/fi10110103
Irawati, N., Maksum, A., Sadalia, I., & Muda, I. (2019). Financial performance of Indonesian’s banking industry: The role of good corporate governance, capital adequacy ratio, non-performing loan and size. International Journal of Scientific and Technology Research, 8(4), 22–26.
Jannah, I. F., Djakfar, I., & Dianah, A. (2020). Pengaruh kualitas digital banking terhadap kepuasan nasabah pada BNI Syariah Cabang Banda Aceh. JIHBIZ: Global Journal of Islamic Banking and Finance, 2(1), 1–10. https://doi.org/10.22373/jihbiz.v2i1.8576
Jeneo, A. (2019). Pengaruh human capital, structure capital, dan physical capital terhadap kinerja perusahaan perbankan di Indonesia. TEKUN: Jurnal Telaah Akuntansi dan Bisnis, 8(1), 23–43. https://doi.org/10.22441/tekun.v8i1.5521
Kengatharan, N. (2019). A knowledge-based theory of the firm: Nexus of intellectual capital, productivity and firms’ performance. International Journal of Manpower, 40(6), 1056–1074. https://doi.org/10.1108/IJM-03-2018-0096
Kim, D. G., & Lee, C. W. (2021). Exploring the roles of self-efficacy and technical support in the relationship between techno-stress and counter-productivity. Sustainability, 13(8), 4349. https://doi.org/10.3390/su13084349
King, A., & Lenox, M. (2002). Exploring the locus of profitable pollution reduction. Management Science, 48(2), 289–299. https://doi.org/10.1287/mnsc.48.2.289.258
Kolk, A., & Pinkse, J. (2005). Business responses to climate change: Identifying emergent strategies. California Management Review, 47(3), 6–20. https://doi.org/10.2307/41166304
Krishnamoorthy, R. (2021). Environmental, social, and governance (ESG) investing: Doing good to do well. Open Journal of Social Sciences, 9(7), 189–197. https://doi.org/10.4236/jss.2021.97013
Kweh, Q. L., Ting, I. W. K., Hanh, L. T. M., & Zhang, C. (2019). Intellectual capital, governmental presence, and firm performance of publicly listed companies in Malaysia. International Journal of Learning and Intellectual Capital, 16(2), 193–211. https://doi.org/10.1504/IJLIC.2019.098944
Lambooy, T. (2011). Corporate social responsibility: Sustainable water use. Journal of Cleaner Production, 19(8), 852–866. https://doi.org/10.1016/j.jclepro.2010.09.009
Marquis, C., Glynn, M. A., & Davis, G. F. (2007). Community isomorphism and corporate social action. Academy of Management Review, 32(3), 925–945. https://doi.org/10.5465/AMR.2007.25275683
Martins, C., Oliveira, T., & Popovič, A. (2014). Understanding the internet banking adoption: A unified theory of acceptance and use of technology and perceived risk application. International Journal of Information Management, 34(1), 1–13. https://doi.org/10.1016/j.ijinfomgt.2013.06.002
Mbama, C. I., Ezepue, P., Alboul, L., & Beer, M. (2018). Digital banking, customer experience and financial performance: UK bank managers’ perceptions. Journal of Research in Interactive Marketing, 12(4), 432–451. https://doi.org/10.1108/JRIM-01-2018-0026
Mention, A. L., & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286–309. https://doi.org/10.1108/14691931311323896
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Hernández, J. R. (2019). ESG performance and shareholder value creation in the banking industry: International differences. Sustainability, 11(5), 1404. https://doi.org/10.3390/su11051404
Moridu, I. (2020). Pengaruh digital banking terhadap nilai perusahaan perbankan (Studi pada PT Bank Negara Indonesia (Persero) Tbk). Jurnal Ekonomi dan Bisnis, 3(2), 67–73.
Nasih, M., Harymawan, I., Paramitasari, Y. I., & Handayani, A. (2019). Carbon emissions, firm size, and corporate governance structure: Evidence from the mining and agricultural industries in Indonesia. Sustainability, 11(9), 2483. https://doi.org/10.3390/su11092483
Nawaz, T., & Haniffa, R. (2017). Determinants of financial performance of Islamic banks: An intellectual capital perspective. Journal of Islamic Accounting and Business Research, 8(2), 130–142. https://doi.org/10.1108/JIABR-06-2016-0071
Nayak, K. (2025). Principles of Agricultural Sciences - Text Pages (Pod).
O’Reilly, C. A., Chatman, J., & Caldwell, D. F. (1991). People and organizational culture: A profile comparison approach to assessing person-organization fit. Academy of Management Journal, 34(3), 487–516. https://doi.org/10.5465/25640
Obeidat, B. Y., Tarhini, A., Masadeh, R., & Aqqad, N. O. (2017). The impact of intellectual capital on innovation via the mediating role of knowledge management: A structural equation modelling approach. International Journal of Knowledge Management Studies, 8(3–4), 273–298. https://doi.org/10.1504/IJKMS.2017.087071
Oktavillia, A., & Afriyenti, M. (2023). Pengaruh struktur kepemilikan, penerapan digital banking, dan investasi teknologi informasi terhadap kinerja intellectual capital: Studi empiris pada perusahaan perbankan yang terdaftar di BEI tahun 2017–2021. Jurnal Nuansa Karya Akuntansi, 2(3), 293–306.
Omarini, A. E. (2018). Banks and Fintechs: How to develop a digital open banking approach for the bank’s future. International Business Research, 11(9), 23–36. https://doi.org/10.5539/ibr.v11n9p23
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441. https://doi.org/10.1177/0170840603024003910
Ousama, A. A., Hammami, H., & Abdulkarim, M. (2020). The association between intellectual capital and financial performance in the Islamic banking industry: An analysis of the GCC banks. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 75–93. https://doi.org/10.1108/IMEFM-05-2016-0073
Ozkan, N., Cakan, S., & Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish banking sector. Borsa Istanbul Review, 17(3), 190–198. https://doi.org/10.1016/j.bir.2016.03.001
Peattie, K., & Crane, A. (2005). Green marketing: Legend, myth, farce or prophesy? Qualitative Market Research: An International Journal, 8(4), 357–370. https://doi.org/10.1108/13522750510619733
Porter, M. E., & Van der Linde, C. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspectives, 9(4), 97–118.
Richard, P. J., Devinney, T. M., Yip, G. S., & Johnson, G. (2009). Measuring organizational performance: Towards methodological best practice. Journal of Management, 35(3), 718–804. https://doi.org/10.1177/0149206308330560
Sawarjuwono, T., & Kadir, A. P. (2003). Intellectual capital: Perlakuan, pengukuran dan pelaporan (Sebuah library research). Jurnal Akuntansi dan Keuangan, 5(1), 35–57. https://doi.org/10.1024/0301-1526.32.1.54
Scott, S. V., Van Reenen, J., & Zachariadis, M. (2017). The long-term effect of digital innovation on bank performance: An empirical study of SWIFT adoption in financial services. Research Policy, 46(5), 984–1004. https://doi.org/10.1016/j.respol.2017.03.010
Shaikh, A. A., & Karjaluoto, H. (2015). Mobile banking adoption: A literature review. Telematics and Informatics, 32(1), 129–142. https://doi.org/10.1016/j.tele.2014.05.003
Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30(6), 1331–1344. https://doi.org/10.1108/MEQ-08-2018-0155
Singh, S., & Srivastava, R. K. (2018). Predicting the intention to use mobile banking in India. International Journal of Bank Marketing, 36(2), 357–378. https://doi.org/10.1108/IJBM-12-2016-0186
Sirinuch Nimtrakoon. (2015). Intellectual capital, firms’ market value and financial performance: Empirical evidence from the ASEAN. Journal of Intellectual Capital, 16(3), 587–618.
Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: An empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. https://doi.org/10.1108/JIC-09-2019-0225
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788
Susanto, A., Chang, Y., & Ha, Y. (2016). Determinants of continuance intention to use the smartphone banking services: An extension to the expectation-confirmation model. Industrial Management and Data Systems, 116(3), 508–525. https://doi.org/10.1108/IMDS-05-2015-0195
Tam, C., & Oliveira, T. (2017). Understanding mobile banking individual performance: The DeLone & McLean model and the moderating effects of individual culture. Internet Research, 27(3), 538–562. https://doi.org/10.1108/IntR-05-2016-0117
van Duuren, E., Plantinga, A., & Scholtens, B. (2016). ESG integration and the investment management process: Fundamental investing reinvented. Journal of Business Ethics, 138(3), 525–533. https://doi.org/10.1007/s10551-015-2610-8
Vance, C. M. (2012). The resource-based view of the firm. Journal of Management Inquiry, 21(1), 124–126. https://doi.org/10.1177/1056492611436225
Wang, Z., Wang, N., & Liang, H. (2014). Knowledge sharing, intellectual capital and firm performance. Management Decision, 52(2), 230–258. https://doi.org/10.1108/MD-02-2013-0064
Wardhana, A. (2015). Pengaruh kualitas layanan mobile banking (M-Banking) terhadap kepuasan nasabah di Indonesia. Jurnal Manajemen, 10(2), 273–284.
Wijayani, D. R. (2017). Pengaruh intellectual capital terhadap kinerja keuangan perusahaan publik di Indonesia (Studi empiris pada perusahaan manufaktur di BEI 2012–2014). Jurnal Riset Akuntansi dan Bisnis Airlangga, 2(1), 97–116.
Weber, O., Diaz, M., & Schwegler, R. (2014). Corporate social responsibility of the financial sector: Strengths, weaknesses and the impact on sustainable development. Sustainable Development, 22(5), 321–335. https://doi.org/10.1002/sd.1543
Xu, J., & Wang, B. (2018). Intellectual capital, financial performance and companies’ sustainable growth: Evidence from the Korean manufacturing industry. Sustainability, 10(12), 4651. https://doi.org/10.3390/su10124651
Yaprak, Ü., Kılıç, F., & Okumuş, A. (2021). Is the Covid-19 pandemic strong enough to change the online order delivery methods? Changes in the relationship between attitude and behavior towards order delivery by drone. Technological Forecasting and Social Change, 169. https://doi.org/10.1016/j.techfore.2021.120829
Zachariadis, M., & Ozcan, P. (2017). The API economy and digital transformation in financial services: The case of open banking. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2975199
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Wiwin Juliyanti
This work is licensed under a Creative Commons Attribution 4.0 International License.
