Esg Disclosure, Media Exposure, and Sales Growth in Indonesian Mining and Engergy

About Us

Ipmi Repository is an online archive service which is managed by IPMI Library - Learning Resource Center. Established for collecting, managing, saving, preserving and disseminating digital copies of intellectual output of IPMI International Business School such as academic journal, books, theses, Group Field Project, Community Involvement Project, Case Study, conference paper, and other types of research publication. The main objective of this repository is to provide long-term, public, open access and easily retrieve to the digital collection to support teaching-learning process.

"Knowledge without observation is nil"

Prias, Surya Auladiansyah (2026) Esg Disclosure, Media Exposure, and Sales Growth in Indonesian Mining and Engergy. Diploma thesis, IPMI Institute.

[thumbnail of Surya Auladiansyah Prias.pdf] Text
Surya Auladiansyah Prias.pdf
Download (1MB)

Abstract

Indonesia's energy and mining sector plays a central role in national economic growth as one of the world's largest coal and nickel exporters, yet it faces mounting pressure to operate more responsibly. Policies such as POJK No. 51/POJK.03/2017 have pushed ESG disclosure toward becoming standard practice, but whether this disclosure translates into commercial results remains largely untested, as prior research has focused mainly on firm value or profitability.
This study tests how Environmental (E), Social (S), and Governance (G) disclosure relate to sales growth among Indonesian energy and mining companieslisted on the IDX, examining media exposure as a possible mediator. This study is anchored in Signaling Theory, with Stakeholder Theory and Legitimacy Theory providing supporting explanations for why firms disclose. The empirical work draws on panel data from 25 listed companies covering the 2021–2025 window, amounting to 125 firm-year observations. ESG scores were built through GRI-based content analysis of annual and sustainability reports, media exposure was captured as the log of ESG-related news coverage, and sales growth was defined as year-on-year revenue change after winsorizing extreme values. To estimate the model, panel regression with clustered standard errors was combined with both Sobel and bootstrap procedures for testing mediation.
ESG disclosure in this sector only boosted media coverageespecially for Social and Governance issues, not Environmental. But that coverage didn't lift sales. And sales weren't directly affected by any disclosure type either. So despite drawing attention, ESG messaging seemed to fall flat in this B2B, price-sensitive marketunlike what previous consumer-goods studies found. That gap matters for how companies frame ESG, handle media, and shape policy.

Keywords: ESG disclosure, media exposure, sales growth, mediation, energy and mining, Indonesia

Item Type: Thesis (Diploma)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Bachelor of Business Administration
Depositing User: sandra margaretha
Date Deposited: 01 Oct 2026 02:40
Last Modified: 01 Oct 2026 02:40
URI: http://repository.ipmi.ac.id/id/eprint/3070

Actions (login required)

View Item View Item