Keuangan Hijau, Praktik Perbankan Hijau dan peran Struktur Kepemilikan sebagai Moderasi terhadap Profitabilitas Bank di Indonesia
Keywords:
keuangan hijau; praktik perbankan hijau; perbankan; profitabilitas; return on equity (ROE)
Abstract
Perbankan di Indonesia berperan penting dalam mendorong keberlanjutan melalui intermediasi keuangan, terutama dalam mendukung usaha yang berorientasi lingkungan. Penelitian ini mengkaji pengaruh keuangan hijau dan praktik perbankan hijau terhadap profitabilitas bank, diukur dengan return on equity (ROE), serta peran struktur kepemilikan sebagai variabel moderator. Pendekatan kuantitatif digunakan dengan data panel dari 14 bank di Indonesia yang konsisten melaporkan Laporan Keberlanjutan selama 2019–2024. Hasil temuan menunjukkan bahwa keuangan hijau dan praktik perbankan hijau tidak secara signifikan meningkatkan ROE. Namun, struktur kepemilikan memodifikasi pengaruh tersebut, di mana kepemilikan asing memperkuat hubungan keuangan hijau dan profitabilitas, tetapi melemahkan dampak praktik perbankan hijau. Temuan ini menekankan pentingnya struktur kepemilikan dalam mengoptimalkan hubungan antara keuangan hijau, praktik perbankan hijau, dan profitabilitas di Indonesia.
Kata Kunci: keuangan hijau; praktik perbankan hijau; perbankan; profitabilitas; return on equity (ROE).
Indonesian banking plays a crucial role in promoting sustainability through financial intermediation, particularly by supporting environmentally oriented businesses. This study examines the impact of green finance and green banking practices on bank profitability, measured by return on equity (ROE), along with the moderating role of ownership structure. A quantitative approach was employed using panel data from 14 Indonesian banks that consistently reported Sustainability Reports from 2019–2024. The results indicate that green finance and green banking practices do not significantly enhance ROE. However, ownership structure moderates these effects: foreign ownership strengthens the relationship between green finance and profitability, while weakening the impact of green banking practices. These findings underscore the importance of ownership structure in optimizing the link between green finance, green banking practices, and profitability in Indonesia.
Keywords: banking; green banking practices; green finance; profitability; return on equity (ROE).
References
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Karyani, E., & Obrien, V. V. (2020). Green Banking and Performance : The Role of Foreign and Public Ownership. 7(2), 221–234.
Khairunnessa, F., Vazquez-brust, D. A., & Yakovleva, N. (2021). A Review of the Recent Developments of Green Banking in Bangladesh. 1–21. https://doi.org/https://doi.org/10.3390/su13041904
Khan, F. U., Zhang, J., Usman, M., Badulescu, A., & & Sial, M. S. (2019). Ownership Reduction in State-Owned Enterprises and Corporate Social Responsibility: Perspective from Secondary Privatization in China. Sustainability, 11(4), 1008. https://doi.org/https://doi.org/10.3390/su11041008
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Kumar, J., Rani, G., Rani, M., & Rani, V. (2024). Do green banking practices improve the sustainability performance of banking institutions? The mediating role of green finance. Social Responsibility Journal. https://doi.org/10.1108/SRJ-02-2024-0096
LAMPIRAN II POJK Nomor 51 /POJK.03/2017, 11 92 (2017).
Lindemanis, M., Loze, A. and Pajuste, A. (2019). The effect of domestic to foreign ownership change on firm performance in Europe. International Review of Financial Analysis, Elsevier, 1–15.
Marshella, C., & Pangaribuan, P. (2024). Analisis Praktik Esg Bank First Mover on Sustainable Finance. 4(3), 1392–1406.
Moore, G., & Simpson, M. W. (2023). Which sustainable growth rate is best at forecasting actual growth? American Journal of Business, 38(4), 173–192. https://doi.org/10.1108/ajb-12-2022-0196
Mousa, G. A., & Hassan, N. T. (2016). Legitimacy Theory and Environmental Practices : Short Notes Legitimacy Theory and Environmental Practices : Short Notes. January 2015. https://doi.org/10.12785/ijbsa/020104
OJK. (2014a). INDONESIA FIRST MOVERS ON SUSTAINABLE BANKING EIGHT BANKS WITH THE LARGEST ASSETS IN INDONESIA COMMIT TO STANDING AS. INDONESIA SUSTAINABLE BANKING PILOT PROJECT. http://awsassets.wwf.or.id/downloads/sustainable_banking_pilot_project_ojk_wwf_id_english_231115_1.pdf
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PBI. (2011). Peraturan Bank Indonesia No.13/1/PBI/2011 Tentang Penilaian Tingkat Kesehatan Bank Umum. Peraturan Bank Indonesia, 1–31. https://peraturan.bpk.go.id/Details/137463/peraturan-bi-no-131pbi2011
Peraturan Bank Indonesia Nomor 14/24/PBI/2012 Tentang Kepemilikan Tunggal Pada Perbankan Indonesia, Pub. L. No. PBI-14/24/PBI/2012, 25 (2012).
POJK No. 51 /POJK.03/2017 Tentang Penerapan Keuangan Berkelanjutan Bagi Lembaga Jasa Keuangan, Emiten, Dan Perusahaan Publik, 1 (2017).
Sharma, R., Vasishta, P., & Singla, A. (2024). Impact of green banking awareness on green FinTech adoption : a way towards profitable and sustainable practices. Managerial Finance. https://doi.org/10.1108/MF-04-2024-0272
Siddik, A. B., Yong, L., & Sharif, A. (2024). Do sustainable banking practices enhance the sustainability performance of banking institutions? Direct and indirect effects. International Journal of Bank Marketing, 42(4), 765–784. https://doi.org/10.1108/IJBM-02-2023-0109
Sorour, M. K., Shrives, P. J., & El-sakhawy, A. A. (2021). Exploring the evolving motives underlying corporate social responsibility ( CSR ) disclosures in developing countries : the case of “ political CSR ” reporting. 34(5), 1051–1079. https://doi.org/10.1108/AAAJ-07-2019-4080
Stauropoulou, A. and Sardianou, E. (2019). Understanding and measuring sustainability performance in the banking sector. IOP Conference Series: Earth and Environmental Science, 362.
Sumarta, N. H., Rahardjo, M., Satriya, K. K. T., Supriyono, E., & Amidjaya, P. G. (2023). Bank ownership structure and reputation through sustainability reporting in Indonesia. Social Responsibility Journal, 19(6), 989–1002. https://doi.org/10.1108/SRJ-01-2021-0024
Surat Edaran Otoritas Jasa Keuangan Nomor 9/SEOJK.03/2020 Tentang Transparansi Dan Publikasi Laporan Bank Umum Konvensional (2020). https://doi.org/ojk.go.id : 2 hlm.
Tarigan, J., & Semuel, H. (2015). Pengungkapan Sustainability Report dan Kinerja Keuangan. Jurnal Akuntansi Dan Keuangan, 16(2), 88–101. https://doi.org/10.9744/jak.16.2.88-101
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Yin, W., Zhu, Z., Kirkulak-Uludag, B., & Zhu, Y. (2021). The determinants of green credit and its impact on the performance of Chinese banks. Journal of Cleaner Production, 286, 124991. https://doi.org/10.1016/J.JCLEPRO.2020.124991
Yip, A. W. H., & Bocken, N. M. P. (2018). Sustainable business model archetypes for the banking industry. Journal of Cleaner Production, 174, 150–169. https://doi.org/10.1016/j.jclepro.2017.10.190
Zhao, T., Sutton, M., & Meacock, R. (2023). Use of compositional covariates in linear regression : problems and solutions Use of compositional covariates in linear regression : problems and solutions. November.
Amidjaya, P. G., & Widagdo, A. K. (2020). Sustainability reporting in Indonesian listed banks: Do corporate governance, ownership structure and digital banking matter? Journal of Applied Accounting Research, 21(2), 231–247. https://doi.org/10.1108/JAAR-09-2018-0149
Anis, I., Gani, L., Fauzi, H., Hermawan, A. A., & Adhariani, D. (2023). The sustainability awareness of banking institutions in Indonesia, its implication on profitability by the mediating role of operational efficiency. Asian Journal of Accounting Research, 8(4), 356–372. https://doi.org/10.1108/AJAR-06-2022-0179
Aslam, W., & Jawaid, S. T. (2023). Green banking adoption practices: improving environmental, financial, and operational performance. International Journal of Ethics and Systems, 39(4), 820–840. https://doi.org/10.1108/IJOES-06-2022-0125
Bank Indonesia. (2020). Peran BI dalam Keuangan Hijau. Bank Indonesia. https://www.bi.go.id/id/fungsi-utama/stabilitas-sistem-keuangan/Keuangan-Hijau/default.aspx
Bevan, D., & Werhane, P. (2012). Stakeholder theory. 37–60. https://doi.org/10.1017/CBO9781139013338.004
Chatzitheodorou, K., Skouloudis, A., Evangelinos, K., & Nikolaou, I. (2019). Exploring socially responsible investment perspectives: A literature mapping and an investor classification. Sustainable Production and Consumption, 19, 117–129. https://doi.org/10.1016/j.spc.2019.03.006
Chowdhury, T. U., Datta, R., & Mohajan, H. K. (2013). Munich Personal RePEc Archive Green finance is essential for economic development and sustainability. International Journal Of Research In Commerce, Economics Management, 3(10). https://mpra.ub.uni-muenchen.de/51169/%0D
Deegan, C., Rankin, M., & Voght, P. (2000). Firms’ Disclosure Reactions to Major Social Incidents: Australian Evidence. Accounting Forum. 101–130. https://doi.org/https://doi.org/10.1111/1467-6303.00031
Dorry, S., & Schulz, C. (2018). Green financing, interrupted. Potential directions for sustainable finance in Luxembourg. The International Journal of Justice and Sustainability, 23(7), 717–733. https://doi.org/https://doi.org/10.1080/13549839.2018.1428792
Fang, Y., Hasan, I., Leung, W. S., & Wang, Q. (2019). Foreign ownership, bank information environments, and the international mobility of corporate governance. Journal of International Business Studies, 50(9), 1566–1593.
Fanggidae, V., & Ranti, S. (2023). Laporan Pemeringkatan Bank 2022. Laporan. https://www.responsibank.id/media/cwoluaqv/laporan-pemeringkatan-bank.pdf
Gulzar, M. A. ., Cherian, J., Hwang, J., Jiang, Y., & Sial, M. S. (2019). The impact of board gender diversity and foreign institutional investors on the corporate social responsibility (CSR) engagement of Chinese listed companies. Sustainability ( Sustainability), 11(2), 1–19.
Hinkle, D. E. ., Wiersma, W., & Jurs, S. G. (2003). Applied Statistics for the Behavioral Sciences (Fifth). Houghton Mifflin.
Hossain, A. (2020). The Effects of Green Banking Practices on Financial Performance of Listed The Effects of Green Banking Practices on Financial Performance of Listed Banking Companies in Bangladesh. November. https://doi.org/10.34104/cjbis.020.01200128
Huang, C.H. and Chang, H. . (2019). Ownership and environmental pollution: firm-level evidence in China. Asia Pacific Management Review, 24(1), 37–43.
Indriastuti, M., & Chariri, A. (2021). The role of green investment and corporate social responsibility investment on sustainable performance. Cogent Business & Management, 8. https://doi.org/https://doi.org/10.1080/23311975.2021.1960120
Inegbedion, H. (2024). Green banking and profitability of banks in Nigeria: Opinions and attitudes. Heliyon, 10(14), e34303. https://doi.org/10.1016/j.heliyon.2024.e34303
Iqbal, Z., Akram, M., & Rao, Z. U. R. (2024). Unlocking green potential : a mediation-moderation analysis of bank policies-related practices and green financing sustainability in Pakistan. International Journal of Ethics and System. https://doi.org/10.1108/IJOES-02-2024-0057
Javed, M., Rashid, M. A., Hussain, G., & Ali, H. Y. (2020). The effects of corporate social responsibility on corporate reputation and firm financial performance: moderating role of responsible leadership. Corporate Social Responsibility and Environmental Management, 27(3), 1395–1409.
Javier, F., & Aracil, E. (2021). Sustainable banking : A literature review and integrative framework. 42(January).
Jones, T. M., & Harrison, J. S. (2019). The Cambridge Handbook of Stakeholder Theory. In J. S. Harrison, J. B. Barney, R. E. Freeman, & R. A. Phillips (Eds.), The Cambridge Handbook of Stakeholder Theory (First). Cambridge University Press. https://doi.org/10.1017/9781108123495
Joudi, S., Mansourfar, G., Homayoun, S., & Rezaee, Z. (2024). The power of purpose: how material sustainability and stakeholder orientation drive financial success. Corporate Governance (Bingley), 24(6), 1384–1413. https://doi.org/10.1108/CG-05-2023-0189
Karyani, E., & Obrien, V. V. (2020). Green Banking and Performance : The Role of Foreign and Public Ownership. 7(2), 221–234.
Khairunnessa, F., Vazquez-brust, D. A., & Yakovleva, N. (2021). A Review of the Recent Developments of Green Banking in Bangladesh. 1–21. https://doi.org/https://doi.org/10.3390/su13041904
Khan, F. U., Zhang, J., Usman, M., Badulescu, A., & & Sial, M. S. (2019). Ownership Reduction in State-Owned Enterprises and Corporate Social Responsibility: Perspective from Secondary Privatization in China. Sustainability, 11(4), 1008. https://doi.org/https://doi.org/10.3390/su11041008
Khemani, P. and Khumar, D. (2023). Is financial development crucial to achieving the “2030 agenda of sustainable development”? Evidence from Asian countries. International Journal of Emerging Markets, 18(No.11), 5009–5027. https://doi.org/https://doi.org/10.1108/IJOEM-06-2021-0853
Krushelnytska, O. (2017). Introduction to Green Finance. Global Environment Facility, 6. https://documents1.worldbank.org/curated/fr/405891487108066678/pdf/112831-WP-PUBLIC-Introduction-to-Green-Finance.pdf
Kumar, J., Rani, G., Rani, M., & Rani, V. (2024). Do green banking practices improve the sustainability performance of banking institutions? The mediating role of green finance. Social Responsibility Journal. https://doi.org/10.1108/SRJ-02-2024-0096
LAMPIRAN II POJK Nomor 51 /POJK.03/2017, 11 92 (2017).
Lindemanis, M., Loze, A. and Pajuste, A. (2019). The effect of domestic to foreign ownership change on firm performance in Europe. International Review of Financial Analysis, Elsevier, 1–15.
Marshella, C., & Pangaribuan, P. (2024). Analisis Praktik Esg Bank First Mover on Sustainable Finance. 4(3), 1392–1406.
Moore, G., & Simpson, M. W. (2023). Which sustainable growth rate is best at forecasting actual growth? American Journal of Business, 38(4), 173–192. https://doi.org/10.1108/ajb-12-2022-0196
Mousa, G. A., & Hassan, N. T. (2016). Legitimacy Theory and Environmental Practices : Short Notes Legitimacy Theory and Environmental Practices : Short Notes. January 2015. https://doi.org/10.12785/ijbsa/020104
OJK. (2014a). INDONESIA FIRST MOVERS ON SUSTAINABLE BANKING EIGHT BANKS WITH THE LARGEST ASSETS IN INDONESIA COMMIT TO STANDING AS. INDONESIA SUSTAINABLE BANKING PILOT PROJECT. http://awsassets.wwf.or.id/downloads/sustainable_banking_pilot_project_ojk_wwf_id_english_231115_1.pdf
OJK, O. J. K. (2014b). Indonesia Roadmap Keuangan Berkelanjutan di Indonesia Roadmap Keuangan Berkelanjutan Roadmap for Sustainable Finance in Indonesia di Indonesia.
Pamungkas, S., Hidayat, M., Syarif, M., Leon, F. M., & Lestari, H. S. (2021). The Influence of Ownership Structure on the Financial Performance of Banks. Indonesian Interdisciplinary Journal of Sharia Economics, 7(3), 167–186.
PASPI. (2025). Konsep dan Definisi Sustainable [Keberlanjutan] (2025). Februari 20, 2025 12:30 Pm. https://palmoilina.asia/sawit-hub/konsep-dan-definisi-sustainable/#2-definisi-sustainable-menurut-komisi-bruntland-1987
Pawlowsky-Glahn, V., Egozcue, J. J., & Tolosana-Delgado, R. (2011). Lecture notes on data analysis (Issue March, pp. 5–12). http://dugi-doc.udg.edu/handle/10256/297
PBI. (2011). Peraturan Bank Indonesia No.13/1/PBI/2011 Tentang Penilaian Tingkat Kesehatan Bank Umum. Peraturan Bank Indonesia, 1–31. https://peraturan.bpk.go.id/Details/137463/peraturan-bi-no-131pbi2011
Peraturan Bank Indonesia Nomor 14/24/PBI/2012 Tentang Kepemilikan Tunggal Pada Perbankan Indonesia, Pub. L. No. PBI-14/24/PBI/2012, 25 (2012).
POJK No. 51 /POJK.03/2017 Tentang Penerapan Keuangan Berkelanjutan Bagi Lembaga Jasa Keuangan, Emiten, Dan Perusahaan Publik, 1 (2017).
Sharma, R., Vasishta, P., & Singla, A. (2024). Impact of green banking awareness on green FinTech adoption : a way towards profitable and sustainable practices. Managerial Finance. https://doi.org/10.1108/MF-04-2024-0272
Siddik, A. B., Yong, L., & Sharif, A. (2024). Do sustainable banking practices enhance the sustainability performance of banking institutions? Direct and indirect effects. International Journal of Bank Marketing, 42(4), 765–784. https://doi.org/10.1108/IJBM-02-2023-0109
Sorour, M. K., Shrives, P. J., & El-sakhawy, A. A. (2021). Exploring the evolving motives underlying corporate social responsibility ( CSR ) disclosures in developing countries : the case of “ political CSR ” reporting. 34(5), 1051–1079. https://doi.org/10.1108/AAAJ-07-2019-4080
Stauropoulou, A. and Sardianou, E. (2019). Understanding and measuring sustainability performance in the banking sector. IOP Conference Series: Earth and Environmental Science, 362.
Sumarta, N. H., Rahardjo, M., Satriya, K. K. T., Supriyono, E., & Amidjaya, P. G. (2023). Bank ownership structure and reputation through sustainability reporting in Indonesia. Social Responsibility Journal, 19(6), 989–1002. https://doi.org/10.1108/SRJ-01-2021-0024
Surat Edaran Otoritas Jasa Keuangan Nomor 9/SEOJK.03/2020 Tentang Transparansi Dan Publikasi Laporan Bank Umum Konvensional (2020). https://doi.org/ojk.go.id : 2 hlm.
Tarigan, J., & Semuel, H. (2015). Pengungkapan Sustainability Report dan Kinerja Keuangan. Jurnal Akuntansi Dan Keuangan, 16(2), 88–101. https://doi.org/10.9744/jak.16.2.88-101
Undang-Undang. (2016). Pengesahan Paris Agreement to The United nation Framework Convention on Climate Change (Persetujuan Paris atas Konvensi Kerangka Kerja Perserikatan Bangsa-Bangsa Mengenai Perubahan Iklim).
Vishnu, K. P., Anil, V. P., & Yshak, K. P. (2022). Adaptation towards Green banking; exploring acceptance and awareness among stakeholders of Banking Industry; A Post COVID-19 outbreak analysis. Asian Journal of Management, 13(3). https://doi.org/Climate change, COVID 19, Environmentally friendly, Green banking, Paperless banking,
Yin, W., Zhu, Z., Kirkulak-Uludag, B., & Zhu, Y. (2021). The determinants of green credit and its impact on the performance of Chinese banks. Journal of Cleaner Production, 286, 124991. https://doi.org/10.1016/J.JCLEPRO.2020.124991
Yip, A. W. H., & Bocken, N. M. P. (2018). Sustainable business model archetypes for the banking industry. Journal of Cleaner Production, 174, 150–169. https://doi.org/10.1016/j.jclepro.2017.10.190
Zhao, T., Sutton, M., & Meacock, R. (2023). Use of compositional covariates in linear regression : problems and solutions Use of compositional covariates in linear regression : problems and solutions. November.
Published
2026-09-12
How to Cite
Situmorang, H. I., & Christiana Fara Dharmastuti. (2026). Keuangan Hijau, Praktik Perbankan Hijau dan peran Struktur Kepemilikan sebagai Moderasi terhadap Profitabilitas Bank di Indonesia. Jurnal Manajemen Dan Keuangan, 15(1), 408-426. https://doi.org/10.33059/jmk.v15i1.14146
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