Mekanisme Tata Kelola Dan Pengungkapan Keberlanjutan Perusahaan Pada Sektor Pariwisata Dan Transportasi DI Asean

Abstract

This study aims to examine the effect of corporate governance mechanisms on sustainability disclosure based on Environmental, Social, and Governance (ESG) information among tourism and transportation companies listed on the Indonesia Stock Exchange (IDX), Bursa Malaysia (MYX), Singapore Exchange (SGX), and the Stock Exchange of Thailand (SET) during the 2021–2025 period. The study employs a sample of 65 companies, resulting in a total of 325 firm-year observations. The research applies a panel data regression method using the Fixed Effect Model (FEM) with Robust White Period (cross-section cluster) standard errors. The findings indicate that Sustainability Committee, External Assurance, Institutional Ownership, Board Size, Board Independence, and Board Gender Diversity do not have a statistically significant partial effect on the level of ESG disclosure. Among the control variables, firm age and firm size have a statistically significant effect on ESG disclosure, whereas profitability and leverage do not have a statistically significant partial effect. These findings suggest that firm characteristics play a more prominent role in promoting the level of ESG disclosure than the corporate governance mechanisms examined in the tourism and transportation sectors across ASEAN countries.