Abstrak

Background: Growing environmental, social, and governance concerns in Indonesia have increased pressure on publicly listed companies to enhance ESG transparency, yet research on how CEO level characteristics influence ESG disclosure remains limited, with prior studies predominantly focusing on firm level factors. Grounded in Upper Echelons Theory, which posits that strategic decisions reflect the personal attributes of top executives.

Objective: to examine the effect of CEO characteristics include age, gender, international background, and narcissism on ESG disclosure in publicly listed companies in Indonesia during the 2021–2023 period.

Research Methods: This study uses a quantitative approach with secondary data from annual reports, Refinitiv Eikon, and the Indonesia Stock Exchange, analyzed using multiple linear regression with SPSS to examine the effect of CEO characteristics on ESG disclosure

Research Results: The research results show that CEO gender, international background, and narcissism have a positive and significant effect on ESG disclosure, while CEO age has no significant effect, implying that CEO personal characteristics play an important role in shaping corporate sustainability disclosure and can be used by investors, regulators, and stakeholders to evaluate ESG transparency

Originality/Novelty of Research: This research examining four CEO characteristics include age, gender, international background, and narcissism as determinants of ESG disclosure in the Indonesian context, extending Upper Echelons Theory to an emerging market setting where such individual level executive factors remain underexplored

Adisya, E. (2020). Ada Apa Dengan Aice. Magdalene Prime. https://old.magdalene.co/story/magdalene-primer-ada-apa-dengan-aice

Aguirre-Pérez, G. Á., & García-Sánchez, I. M. (2025). Influence of CEO Attributes on Sustainability: From a Bibliometric Overview to a Systematic Review of the Socio-Psychological Aspects. Corporate Social Responsibility and Environmental Management, 32(5), 6732–6765. https://doi.org/10.1002/csr.70021

Akbar, C. (2020). Bantah Manajemen Aice, Serikat Buruh: Mogok Kerja Karyawan Sah. Tempo. https://www.tempo.co/ekonomi/bantah-manajemen-aice-serikat-buruh-mogok-kerja-karyawan-sah-607817

Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97, 207–221. https://doi.org/10.1007/s10551-010-0505-2

Benefont, A. (2023). Study: Foreign-Born CEOs More Likely to be Dismissed from Firms. https://www.fau.edu/newsdesk/articles/study-ceo-firm-bias.php?

Boţa-avram, C., & Tiron-tudor, A. (2025). Women on Corporate Boards and Sustainability Reporting : A Proposed Integrated Framework of Determinants and Impacts. 7180–7212. https://doi.org/10.1002/csr.70084

Cid-Aranda, C., & López-Iturriaga, F. (2023). C.E.O. characteristics and corporate risk-taking: evidence from emerging markets. Economic Research-Ekonomska Istrazivanja , 36(2). https://doi.org/10.1080/1331677X.2023.2175008

Cragun, O. R., Olsen, K. J., & Wright, P. M. (2019). Making CEO Narcissism Research Great : A Review and Meta-Analysis of CEO Narcissism. XX(X), 1–29. https://doi.org/10.1177/0149206319892678

Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311. https://doi.org/10.1108/09513570210435852

Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226

Salimi, A. Y., & Danesh, E. (2024). Exploring Financial Performance Disparities : An In-Depth Analysis of Companies Led by Foreign-Born CEOs Versus Non-Foreign-Born CEOs Within the S&P 500. Journal of Accounting and Finance, 24(2). https://doi.org/10.33423/jaf.v24i2.6983

Fadhlihi, A., & Fatriansyah, A. I. A. (2023). Gender Diversity Dan Pengungkapan Emisi Gas Rumah Kaca. Jurnal Ilmiah Metansi (Manajemen Dan Akuntansi), 6(2), 294–304. https://doi.org/10.57093/metansi.v6i2.283

Fajri Yudha, A. R., & Rahman, A (2024). PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) TERHADAP EFISIENSI INVESTASI. KRISNA: Kumpulan Riset Akuntansi, 15(2), 251–262. https://doi.org/10.22225/kr.15.2.2024.251-262

Falah, L. J., & Mita, F. (2020). Peran Narsisme CEO Terhadap Pengungkapan ESG di Negara ASEAN-5. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 393-404. https://doi.org/10.17509/jrak.v8i2.26367

Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge university press.

Glass, C., Cook, A., & Ingersoll, A. R. (2016). Do women leaders promote sustainability? Analyzing the effect of corporate governance composition on environmental performance. Business Strategy and the Environment, 25(7), 495–511. https://doi.org/10/1002/bse.1879

Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a reflection of its topmanagers. The Academy of Management Review, 9(2), 193-206. https://doi.org/10.2307/258434

Hinton, T. (2021). Understanding ESG data and scores from Refinitiv. https://lsegissuerservices.com/spark-insights/understanding-refinitiv-esg-data-scores/understanding-esg-data-and-scores-from-refinitiv

Huang, H. W., Rose-Green, E., & Lee, C. C. (2012). CEO age and financial reporting quality. Accounting Horizons, 26(4), 725–740. https://doi.org/10.2308/acch-50268

Jain, T., & Jamali, D. (2016). Looking inside the black box: The effect of corporate governance on corporate social responsibility. Corporate Governance: An International Review, 24(3), 253–273. https://doi.org/10.1111/corg.12154

Jati, K. W., Agustina, L., Ulupui, I. G. K. A., & Respati, D. K. (2023). The effect of environmental performance on sustainability reporting: A case of Indonesia. Environmental Economics, 14(1), 36-46. https://doi.org/10.21511/ee.14(1).2023.04

Krismantari, I., Amelia, A., & Tamara, N. (2020). Kasus Aice: dilema buruh perempuan di Indonesia dan pentingnya kesetaraan gender di lingkungan kerja. The Conversation. https://theconversation.com/kasus-aice-dilema-buruh-perempuan-di-indonesia-dan-pentingnya-kesetaraan-gender-di-lingkungan-kerja-133010?utm_source=chatgpt.com

Liu, Y., Zhang, F., & Zhang, H. (2024). CEO foreign experience and corporate environmental, social, and governance (ESG) performance. Business Strategy and the Environment, 33(4), 3331–3355. https://doi.org/10.1002/bse.3647

Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166(June), 114104. https://doi.org/10.1016/j.jbusres.2023.114104

Nurhadi, M. (2022). Alasan Buruh Demo dan Boikot Aice: Karyawan Keguguran hingga Upah Tidak Layak. Suara.Com. https://www.suara.com/bisnis/2022/06/28/144936/alasan-buruh-demo-dan-boikot-aice-karyawan-keguguran-hingga-upah-tidak-layak?

Oktaviana, S., Sembel, R., & Manurung, A. H. (2025). Pengaruh Environment , Social , General Disclosure , dan Indikator Keuangan terhadap Nilai Perusahaan Perkebunan di Indonesia. Jurnal Keuangan dan Bisnis, 9, 464–478.

Peni, E. (2014). CEO and Chairperson characteristics and firm performance. Journal of Management & Governance, 18, 185–205. https://doi.org/10/1007/s100997-012-9224-7

Petrenko, O. V, Aime, F., Ridge, J., & Hill, A. (2015). CORPORATE SOCIAL RESPONSIBILITY OR CEO NARCISSISM ? CSR MOTIVATIONS AND ORGANIZATIONAL PERFORMANCE. Strategic Management Journal, 37(2), 262-279. https://doi.org/10.1002/smj.2348

Pratomo, D., Nazar, M. R., & Pratama, R. A. (2022). Pengaruh inventory intensity, karakter eksekutif, karakteristik ceo terhadap tax avoidance pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2016-2020. Jurnal Ilmiah Universitas Batanghari Jambi, 22(3), 1999–2003.

Rosadi. (2024). 7 Isu Lingkungan Hidup Paling Banyak Mendapat Sorotan Saat Ini. https://prcfindonesia.org/7-isu-lingkungan-hidup-paling-banyak-mendapat-sorotan-saat-ini/

Santoso, A., & Setiawan, D. (2024). CEO characteristics and water disclosure: Multi-country evidence. Sustainable Futures, 8(May), 100322. https://doi.org/10.1016/j.sftr.2024.100322

Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251–273. https://doi.org/10.1016/j.jcorpfin.2013.12.013

Suhardjanto, D., & Miranti, L. (2009). Indonesian environmental reporting index dan karakteristik perusahaan. Jurnal Akuntansi Dan Auditing Indonesia, 13(1). 63-77.

Triyani, A., & Setyahuni, S.W. (2020). Pengaruh Karakteristik CEO Terhadap Pengungkapan Informasi Environmental , Social , And Governance (ESG). Jurnal Ekonomi Dan Bisnis, 21(2), 72–83. https://doi.org/10.30659/ekobis.21.2.72-83

Triyani, A., & Setyahuni, S. W. (2020). Pengaruh Karakteristik Ceo Terhadap Pengungkapan Informasi Environmental, Social, and Governance (Esg). Jurnal Ekonomi Dan Bisnis, 21(2), 72. https://doi.org/10.30659/ekobis.21.2.72-83

Triyani, A., Setyahuni, S. W., & Makwuna, F. D. (2021). Pengaruh Kinerja Non Keuangan (Environmental, Social, Governance) terhadap Resiko Investasi Perusahaan. JURNAL AKUNTANSI DAN BISNIS : Jurnal Program Studi Akuntansi, 7(2), 155–165. https://doi.org/10.31289/jab.v7i2.5602

Yapianto, W., & Dewi, L. G. K. (2023). Karakteristik CEO dan Pengungkapan Informasi ESG Perusahaan Publik Indonesia. E-Jurnal Akuntansi, 33(12), 3133–3144. https://doi.org/10.24843/eja.2023.v33.i12.p02

Zahroh, B. M., & Hersugondo. (2021). PENGARUH KINERJA ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE TERHADAP KINERJA KEUANGAN DENGAN KEKUATAN CEO SEBAGAI VARIABEL MODERASI (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015 - 2019). Diponegoro Journal of Management, 10(4).