The Impact of Sustainability Reporting Disclosure and Intellectual Capital on Financial Performance with Efficiency as a Moderating Variable: An Empirical Study of Indonesian Banks (2019-2021) after COVID – 19

The Impact of Sustainability Reporting Disclosure and Intellectual Capital on Financial Performance with Efficiency as a Moderating Variable: An Empirical Study of Indonesian Banks (2019-2021) after COVID – 19

Yulianingtias, Wiwik Utami

Department of Accounting, Mercu Buana University, Indonesia

DOI: https://dx.doi.org/10.47772/IJRISS.2024.81100015

Received: 14 October 2024; Accepted: 22 October 2024; Published: 27 November 2024

ABSTRACT

This study investigates the impact of sustainability reporting disclosures and intellectual capital on the financial performance of banking companies, with efficiency (BOPO) as a moderating variable. The research focuses on 41 banking firms listed on the Indonesia Stock Exchange between 2019 and 2021. Using purposive sampling, 16 companies were selected based on specific criteria. Data were analyzed through descriptive statistics, multiple linear regression, and moderating regression analysis (MRA) using IBM SPSS Statistics 25. The findings reveal that: (1) sustainability reporting disclosure does not significantly affect financial performance; (2) intellectual capital has a positive and significant effect on financial performance; (3) BOPO weakens the influence of sustainability reporting disclosures on financial performance; and (4) BOPO also weakens the relationship between intellectual capital and financial performance.

Keywords:  Sustainability report; Intellectual capital; BOPO; Financial Performance

INTRODUCTION

At the end of 2019, the world was shaken by the news of a newly discovered disease caused by the novel coronavirus SARS-CoV-2  (Gorbalenya et al., 2020). This disease was officially named COVID-19 (Coronavirus Disease-2019) by the World Health Organization (WHO). COVID-19 was first identified in Wuhan City, Hubei Province, China, on December 31, 2019, and was declared a pandemic by the WHO on March 11, 2020.

The banking sector is one of the strategic sub-sectors within the financial industry that plays a crucial role in economic activities. This is due to the bank’s function as a financial intermediary institution, which collects and distributes public funds. The activities carried out by banks also aim to promote balanced economic growth and maintain national stability towards the improvement of the welfare of the general population. Thus, the existence of banking institutions during the COVID-19 pandemic as financial intermediary institutions became even more important. However, in reality, the pandemic also impacted the banking sector, particularly in terms of net profit/loss (Nuri Maulidia, 2021). This statement is supported by data from Indonesia’s Banking Statistics, which show that the average growth of net profit/loss of banking companies declined from IDR 123,940 billion in the third and fourth quarters of 2019 to IDR 42,048 billion in the first and second quarters of 2020, with a total decrease of net profit/loss for banks in Indonesia amounting to -66.07% (Otoritas Jasa Keuangan, 2020).

Net profit is a key measure for banks in assessing their performance in managing and providing funds to and from the public. Financial performance reflects the efforts undertaken to evaluate the efficiency and effectiveness of a company over a certain period. The financial performance of banks can be assessed through various financial ratios. These ratios provide the government, investors, and bank customers with information on the financial condition of a bank during a specific period (Diana et al., 2021). One of the ratios used to evaluate financial performance is the Return on Assets (ROA) ratio. ROA is a ratio that shows net profit after tax in relation to the total assets used by a company.

The higher the ROA, the better the productivity of assets in generating net profit (Olivia et al., 2021).

Fig. 1. Average ROA of Banking Companies Listed on the IDX from 2018 to 2021

Source: www.idx.co.id, Processed Data (2022).

Based on the observations conducted, the average ROA of banking companies listed on the Indonesia Stock Exchange (IDX) during 2018, 2019, 2020, and 2021 was 0.0058, 0.0043, -0.0007, and -0.0043, respectively. There was a significant decline in 2020 and 2021, indicating that the average ability of banking assets to generate net profits was very low during these years, even reaching negative values. This suggests a decline in the financial performance of banking companies during the pandemic period, as these companies struggled to manage their assets effectively in generating net profits.

Based on the explanation and observation of the data, it becomes crucial to further investigate the factors that may influence the financial performance of banking companies. Identifying these factors is essential to understanding the underlying reasons behind the significant decline in financial performance, especially during challenging periods such as the COVID-19 pandemic. This research will help determine which variables are most impactful in shaping the profitability and overall financial health of banking institutions, providing insights for stakeholders to make informed decisions in improving bank management and resilience.

Based on research conducted by Bukhori & Sopian (2017) and Dewi et al. (2019), it is stated that the disclosure of sustainability reporting has an impact on financial performance. This is because sustainability report disclosures provide positive information related to a company’s economic, social, and environmental performance, serving as a promotional medium for the public. As a result, the support and trust in the company increase. The information disclosed in the sustainability report can also enhance customer confidence in the bank, which indirectly leads to increased revenue and, consequently, improved financial performance of the company.

Intellectual capital plays a crucial role in creating added value for companies, which in turn enhances their overall performance. Effective management of intellectual capital leads to positive assessments of a company’s performance. On the contrary, if intellectual capital is not managed properly, the company’s performance will be perceived as poor, resulting in a decline in its financial performance (Mustika et al., 2018).

In this study, the efficiency ratio (BOPO) is used as a moderating variable. The Operating Expenses to Operating Income (BOPO) ratio reflects the efficiency level of banking activities. BOPO compares operational expenses with operational income. Operational expenses are the costs incurred by the bank in conducting its core business activities, such as interest expenses, marketing costs, labor costs, and other operational expenses. Operational efficiency also affects bank performance, as it indicates whether the bank has utilized all its production factors appropriately and effectively (Diana et al., 2021).

The difference between this study and previous research lies in the addition of a moderating variable, namely the efficiency level (BOPO), to test whether the efficiency level (BOPO) is able to moderate the influence of the independent variables—sustainability reporting disclosure and intellectual capital—on the dependent variable, which is financial performance. In addition, this study aims to contribute specifically to banking companies in analyzing the phenomena that occurred during the COVID-19 pandemic. Users of financial statements can use this research as a consideration for decision-making.

LITERATURE REVIEW

• Stakeholder Theory

Freeman (2010) in Alfaiz & Aryati (2019) stated that Stakeholder theory emphasizes the importance of companies in meeting the expectations of their stakeholders, making sustainability reporting disclosures crucial. Through transparency in sustainability practices, companies can build trust and stakeholder loyalty, manage social and environmental risks, and attract investors concerned about these issues. This, in turn, can enhance competitiveness, innovation, and operational efficiency, contributing to overall financial performance improvement Utami (2015) in Aifuwa (2020).

• Resource-Based Theory

Resource-Based Theory, as explained by Wernerfelt (1984) in Soewarno & Tjahjadi (2020), posits that companies managing and utilizing strategic assets, including intellectual capital, will outperform their competitors and achieve good financial performance. Intellectual capital, which encompasses knowledge, skills, and innovation, is an essential intangible asset as it can create added value and enhance operational efficiency. Therefore, effective management of intellectual capital significantly contributes to a company’s financial performance.

• Financial Performance

According to Gitman & Zutter (2015) in Jati & Jannah (2022), financial performance is a company’s condition analyzed through financial analysis, both regarding the company’s financial condition and performance at a specific time. Return On Assets (ROA) is a ratio used to measure a company’s profitability or financial performance. Profitability reflects how efficiently the company generates net profit from its assets.

• Sustainability Reporting Disclosure

A sustainability report is a publication that reflects an organization’s performance in the economic, environmental, and social domains. It can serve as a medium for companies to inform their stakeholders about the organization’s performance. These stakeholders include investors, employees, governments, creditors, the general public, etc. (Qiu et al., 2016). Disclosures provided through sustainability reports allow stakeholders to form opinions and make decisions based on information about the organization’s contributions to sustainable development goals (GRI, 2016).

• Intellectual Capital

Intellectual capital refers to the resources a company possesses to create added value, which will subsequently improve the company’s performance. Proper management of intellectual capital leads to a better evaluation of the company’s performance, while poor management results in a decline in performance, negatively impacting the company’s overall financial performance (Mustika et al., 2018).

• Operating Expenses to Operating Income Ratio(BOPO)

The BOPO ratio aims to measure a bank’s management efficiency in controlling operating expenses in relation to its operating income. The smaller the BOPO value, the more efficient the bank is in conducting its business activities, as its operating expenses are lower than its operating income. This indicates that the bank’s management is highly efficient in its operations (Amalia & Diana, 2022).

The Effect of Sustainability Reporting Disclosure on Financial Performance

Based on stakeholder theory, sustainability reporting disclosures are expected to foster good relationships between companies and their stakeholders. Extensive sustainability reporting creates transparency for stakeholders, reflecting a positive perception of the company’s relationship with its environment. As a result, the company’s reputation improves in the eyes of stakeholders, positively affecting its financial performance (Yuliana & Utami, 2022). Studies by Clarissa & Rasmini (2018), Dewi et al., (2019), and Hardiningsih et al. (2020) found that sustainability reporting disclosures significantly impact a company’s financial performance (ROA). Sustainability reports provide positive information regarding the company’s economic, social, and environmental performance, serving as promotional media to the public, thereby increasing support and trust in the company. The information disclosed in sustainability reports can also boost customer confidence in banks, indirectly increasing income and ultimately enhancing return on assets (ROA) or financial performance. The proposed hypothesis is:

H1: Sustainability Reporting Disclosure positively affects Financial Performance.

The Effect of Intellectual Capital on Financial Performance

Intellectual capital is an intangible asset that plays a crucial role in improving a company’s competitiveness, and if managed effectively, it can create competitive advantages and enhance the company’s financial performance (Landion & Lastanti, 2019). Studies by Sadalia et al. (2019), Nurhayati et al. (2019), and Soewarno & Tjahjadi (2020) showed that intellectual capital influences a company’s financial performance. This means that better management of a company’s intellectual capital leads to improved financial performance, whereas poor intellectual capital management results in lower financial performance. The proposed hypothesis is:

H2: Intellectual Capital positively affects Financial Performance.

The Role of BOPO in Moderating the Effect of Sustainability Reporting Disclosure on Financial Performance

Through sustainability reporting disclosures, companies can provide sufficient and comprehensive information about their operational activities and their impact on the economy, society, and the environment, thereby creating value. By generating such value, the company can better meet the interests of all stakeholders, improving its reputation with customers and enhancing financial performance (Alfaiz & Aryati, 2019). Studies by Yaputri & Serly (2022) and (Nurkhalifa et al., 2021) found that operational efficiency (BOPO) significantly affects banks’ financial performance (ROA), suggesting that BOPO can moderate the effect of sustainability reporting disclosures on financial performance in banking companies. The proposed hypothesis is:

H3: BOPO moderates the Effect of Sustainability Reporting Disclosure on Financial Performance.

The Role of BOPO in Moderating the Effect of Intellectual Capital on Financial Performance

According to Yaputri & Serly (2022), intellectual capital plays a crucial role in a company’s performance, providing confidence to focus on integrated thinking that influences bank performance. The success achieved by banking companies is based on the quantitative assessment of a bank’s profitability, which can be measured by its ability to control operating expenses, leading to improved bank performance. Studies by Yaputri & Serly (2022) and Nurkhalifa et al. (2021) found that operational efficiency (BOPO) significantly affects banks’ financial performance (ROA). BOPO has a significant positive impact on bank performance due to the reduction in pre-tax profits and good management’s ability to finance operations optimally, as evidenced by a lower BOPO value. Therefore, BOPO is believed to moderate the effect of intellectual capital on financial performance in banking companies. The proposed hypothesis is:

H4: BOPO moderates the Effect of Intellectual Capital on Financial Performance.

Based on the explanation above, the conceptual framework of this research can be illustrated as follows:

Fig. 2. Conceptual Framework

Source: Processed by the author (2024).

METHODOLOGY

The type of research used in this study is causal research, which aims to determine the cause-and-effect relationship between two or more variables (Sugiyono, 2018). The purpose of this research is to test the hypothesis regarding the influence of independent variables on the dependent variable. The independent variables in this study are the disclosure of sustainability reporting and intellectual capital, with BOPO (efficiency) as a moderating variable. Meanwhile, the dependent variable used in this study is ROA (Financial Performance). The summary of the operationalization of each variable studied is presented in the table below:

• Population and Sample

The population of this research consists of 41 banking companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2021 period. Using purposive sampling techniques, 16 sample companies were selected based on specific criteria, with a 3-year observation period, resulting in a total of 48 research data points analyzed.

• Data Analysis Method

The data analysis methods used in this study include several types of analysis: descriptive statistical analysis, multiple linear regression analysis, and moderation regression analysis (MRA). The hypothesis testing methods used include the coefficient of determination test, simultaneous test (F-statistic test), and partial test (t-statistic test) using IBM SPSS Statistics 25 software.

RESULTS AND DISSCUSSION

• Descriptive Statistical Analysis

The results of the descriptive statistical analysis of sustainability reporting disclosure, assessed using the Sustainability Report Disclosure Index (SRDI), show that from the 48 samples, the minimum value of 0.2941 was found for Bank Mega Tbk in 2020, which disclosed only 29.41% of the total 136 indicators assessed in the SRDI. The maximum value of 0.7647 was recorded by Bank BTPN Tbk in 2020, which disclosed 76.47% of the total 136 indicators. The average value was 0.4820, meaning that, on average, the sampled banking companies disclosed 48.2% of the total SRDI indicators. This indicates that the sampled banking companies, on average, provided information on nearly half of all the indicators considered important in evaluating sustainability performance.

The results of the descriptive statistical analysis of intellectual capital, proxied by the Value-Added Intellectual Capital (VAIC), show that out of 48 samples, the minimum value of -14.6242 was recorded by Bank Mayapada Internasional Tbk in 2021, while the maximum value of 3.9095 was held by PT Bank Mega Tbk in 2021. The

average value was 0.1986, with a standard deviation of 3.2122. The average value being smaller than the standard deviation indicates that the intellectual capital data for the banking companies sampled in this study has a widespread between different data points. This suggests that the data is not well distributed.

The results of the descriptive statistical analysis of efficiency, measured using the BOPO ratio, show that from 48 samples, the minimum value of 0.6425 or 64.25% was recorded by Bank Central Asia Tbk in 2021. A BOPO value of ≤ 83% places Bank Central Asia Tbk in 2021 at rank 1 with a very low BOPO rating, while a value of 0.994 or 99.4% was recorded by Bank Mayapada Internasional Tbk in 2021. A BOPO value > 90% places Bank Mayapada Internasional Tbk at rank 5 with a high BOPO rating. The standard deviation was 0.087, which is less than the average value of 0.8427. The average value being greater than the standard deviation indicates that the BOPO data for the sampled companies has a narrow spread between data points. Therefore, it can be concluded that the data used is of good quality.

The results of the descriptive statistical analysis for the financial performance variable, proxied by the Return on Assets (ROA) ratio, show that from 48 samples, the minimum value of 0.0003 or 0.03% was recorded by Bank Mayapada Internasional Tbk in 2021, while the maximum value of 0.0310 or 3.10% was recorded by Bank Central Asia Tbk in 2019. The average value was 0.0132, indicating that the average asset profitability for the banking companies sampled in this study is 1.32%. This average is below the industry average for financial performance, measured by ROA, which stands at 5.98% (Noordiatmoko et al., 2020). The standard deviation was 0.0075, indicating a narrow spread between data points for the financial performance variable. Thus, it can be concluded that the data used is of good quality.

• Multiple Linear Regression Analysis

The table above shows an R² value of 0.895, indicating that 89.5% of the variation in financial performance can be explained by variations in sustainability report disclosure and intellectual capital, while the remaining 10.5% (1 – 0.895) is explained by other variables outside the regression model.

The table shows that the calculated F-value of 124.963 is

greater than the F-table value of 3.20 (124.963 > 3.20), with a significance value of 0.000, which is smaller than 0.05 (0.000 < 0.05). This indicates that, simultaneously, the variables of sustainability reporting disclosure and intellectual capital have a significant effect on financial performance. Therefore, the regression model can be used to predict financial performance.

The first hypothesis suggests that sustainability reporting disclosure has a positive effect on financial performance. Based on the t-test, the absolute t-value for sustainability reporting disclosure was 0.947, which is smaller than the t-table value of 1.67943 (0.947 < 1.67943), with a significance value of 0.349, larger than 0.05 (0.349 > 0.05). These results indicate that sustainability reporting disclosure does not have a significant effect on financial performance. Therefore, H1 is rejected.

The second hypothesis suggests that intellectual capital has a positive effect on financial performance. The t-test results show an absolute t-value for intellectual capital of 3.004, which is greater than the t-table value of 1.67943 (3.004 > 1.67943), with a significance value of 0.004, smaller than 0.05 (0.004 < 0.05). This shows that intellectual capital has a significant positive effect on financial performance. Therefore, H2 is accepted.

From the results of the multiple linear regression analysis, it can be concluded that sustainability reporting disclosure does not significantly affect financial performance, while intellectual capital has a significant positive effect on financial performance, with the following regression equation:

ROA = 0.081 – 0.002 SRDI + 0.133 IC + ε

A constant value of 0.081 indicates that if sustainability reporting disclosure and intellectual capital are considered constant or zero, the average financial performance is 0.081. The regression coefficient for intellectual capital is 0.133, meaning that intellectual capital has a positive effect on financial performance. This implies that every 1% increase in intellectual capital will raise financial performance by 0.133.

• Moderating Regression Analysis (MRA)

The third hypothesis suggests that BOPO moderates the effect of sustainability reporting disclosure on financial performance. The t-test results show that the moderation variable SRDIBOPO (SRDI*BOPO) has a negative coefficient of -0.097, with a significance value of 0.000, smaller than α (0.05), indicating that BOPO moderates by weakening the effect of sustainability reporting disclosure on financial performance. Therefore, H3 is accepted.

The fourth hypothesis suggests that BOPO moderates the effect of intellectual capital on financial performance. The t-test results show that the moderation variable VAICBOPO (VAIC*BOPO) has a negative coefficient of -0.008, with a significance value of 0.008, smaller than α (0.05), indicating that BOPO moderates by weakening the effect of intellectual capital on financial performance. Therefore, H4 is accepted.

DISCUSSION

The Effect of Sustainability Report Disclosure on Financial Performance

Based on the testing of the first hypothesis, the results show that, individually, the disclosure of sustainability reporting does not have a significant effect on financial performance. This finding is in line with Idowati et al. (2020), who stated that sustainability reporting disclosure does not have a significant impact on financial performance because the effects of such disclosures on company value occur gradually. This study’s results are consistent with the research conducted by Lukman & Sabrina (2019) and Pradipta et al. (2022), which found that sustainability reporting disclosure does not affect financial performance. However, the findings contradict the research by Dewi et al. (2019), Hardiningsih et al. (2020), and Yuliana & Utami, (2022), who found that sustainability reporting disclosure does influence financial performance.

The Effect of Intellectual Capital on Financial Performance

The results of the second hypothesis testing show that intellectual capital has a positive and significant effect on financial performance. The higher the value of intellectual capital, the greater the improvement in financial performance. This finding aligns with the resource-based theory, which posits that a company’s sustainability and competitive growth strategy rely on the effective use of its resources, including intellectual capital, which consists of Human Capital Efficiency (HCE), Capital Employed Efficiency (CEE), and Structural Capital Efficiency (SCE). The efficient and effective utilization of intellectual capital will enhance the financial performance of the company, contributing to a competitive advantage.

The results of this study are consistent with the findings of Nurdin & Suyudi (2019), Nurhayati et al. (2019), and Destania & Puspitasari (2021), which also demonstrated that intellectual capital positively influences financial performance. However, these findings differ from the studies conducted by Pidola & Rahmah (2019) and Yaputri & Serly (2022), which concluded that intellectual capital does not affect financial performance.

The Role of BOPO in Moderating the Effect of Sustainability Report Disclosure on Financial Performance

Based on the third hypothesis testing, it was found that BOPO moderates by weakening the relationship between sustainability reporting disclosure and financial performance. In this context, BOPO acts as a variable that influences the extent to which sustainability reporting disclosure impacts the financial performance of banking companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2021. A higher BOPO value can weaken the effect of sustainability reporting disclosure on financial performance. High levels of BOPO associated with sustainability reporting disclosures tend to result in decreased financial performance.

This finding aligns with the research by Yaputri & Serly (2022), which indicates that the lower the BOPO value, the more efficient a company is in controlling its operational costs. This implies that companies that are more efficient in

managing operational costs can better leverage sustainability reporting disclosures to enhance operational income and overall financial performance. Therefore, the significant negative impact of high BOPO on the relationship between sustainability reporting and financial performance supports good banking practices in maintaining stable performance.

The Role of BOPO in Moderating the Effect of Intellectual Capital on Financial Performance

Based on the fourth hypothesis testing, the results indicate that BOPO moderates by weakening the effect of intellectual capital on financial performance. In this context, BOPO functions as a moderating variable that influences the extent to which intellectual capital can impact the financial performance of banking companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2021.

This finding aligns with the statement of Patarowo et al. (2018), which asserts that if BOPO increases, indicating a decrease in efficiency, the financial performance obtained by the bank will decline. This is due to the fact that the level of efficiency in bank operations significantly affects the earnings generated by the bank. When operational activities are conducted efficiently (in this case, characterized by a low BOPO ratio), the revenue generated by the bank will increase. Therefore, it can be concluded that high BOPO values can diminish the positive impact of intellectual capital on financial performance, emphasizing the importance of operational efficiency in enhancing financial outcomes in the banking sector.

CONCLUSION

Based on the research findings, the following conclusions can be drawn:

1. Sustainability reporting disclosure does not have a significant effect on financial performance.
2. Intellectual capital exerts a positive and significant influence on financial performance.
3. BOPO (operational efficiency) moderates the relationship between sustainability reporting disclosure and financial performance by weakening its effect.
4. BOPO also moderates the impact of intellectual capital on financial performance, similarly weakening its influence.

Based on the conclusions above, the following recommendations are proposed:

1. For future researchers: Expanding the sample size and extending the research period are advised to improve the generalizability of findings. Additionally, future studies should explore other variables and adopt diverse measurement methods to provide deeper insights.
2. For banking management: Focus on reducing operational costs to boost efficiency (BOPO) and financial performance. Investments in intellectual capital and technological innovation should be prioritized to enhance long-term competitiveness. Moreover, improving the quality of sustainability reporting disclosures and integrating them with broader corporate strategies is essential to create more meaningful impact.

REFERENCES

1. Aifuwa, H. O. (2020). Sustainability Reporting and Firm Performance in Developing Climes: a Review of Literature. Copernican Journal of Finance & Accounting,9(1), 9. https://doi.org/10.12775/cjfa.2020.001
2. Alfaiz, D. R., & Aryati, T. (2019). Pengaruh Tekanan Stakeholder Dan Kinerja Keuangan Terhadap Kualitas Sustainability Report Dengan Komite Audit Sebagai Variabel Moderasi. Jurnal Akuntansi Dan Keuangan Methodist, 2(2), 112–130.
3. Amalia, D., & Diana, N. (2022). Pengaruh Biaya Operasional Terhadap Pendapatan Operasional (BOPO), Capital Adequacy Ratio (CAR), dan Financing to Deposit Ratio (FDR) Terhadap Profitabilitas (ROA) Pada Bank Bukopin Syariah Periode 2013-2020. Jurnal Ilmiah Ekonomi Islam, 8(01), 1095–1102. http://dx.doi.org/10.29040/jiei.v8i1.4166
4. Bukhori, M. R. T., & Sopian, D. (2017). Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Keuangan. SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan), 2(1), 20–34.
5. Clarissa, S. V., & Rasmini, N. K. (2018). The Effect of Sustainability Report on Financial Performance with Good Corporate Governance Quality as a Moderating Variable. International Journal of Sciences: Basic and Applied Research (IJSBAR), 40(2), 139–149. http://gssrr.org/index.php?journal=JournalOfBasicAndApplied
6. Destania, C. O., & Puspitasari, E. (2021). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Sektor Keuangan di Indonesia. 9(3), 513–524. https://doi.org/10.17509/jrak.v9i3.32123
7. Dewi, I. A. P. P. P., Putra, I. P. M. J. S., & Endiana, I. D. M. (2019). Pengaruh Sustainability Report terhadap Kinerja Keuangan Perusahaan Dan Kinerja Pasar pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 1(1), 263–275.
8. Diana, S., Sulastiningsih, S., & Purwati, P. (2021). Analisis Kinerja Keuangan Perbankan Syariah Indonesia Pada Masa Pandemi Covid-19. Jurnal Riset Akuntansi Dan Bisnis Indonesia, 1(1), 111–125. https://doi.org/10.32477/jrabi.v1i1.327
9. Freeman, R E. (2010). Strategic Management: A Stakeholder Approach. Cambridge University Press.
10. Gorbalenya, A. E., Baker, S. C., Baric, R. S., Groot, R. J. De, Gulyaeva, A. A., Haagmans, B. L., Lauber, C., & Leontovich, A. M. (2020). Severe acute respiratory syndrome-related coronavirus: The species and its viruses – a statement of the Coronavirus Study Group. February 11, 1–15. https://doi.org/10.1101/2020.02.07.937862
11. (2016). GRI Standards. Amsterdam: Global Sustainability Standards Board (GSSB). https://www.globalreporting.org/
12. Hardiningsih, P., Januarti, I., Nur, E., Yuyetta, A., Srimindarti, C., & Udin, U. (2020). The Effect of Sustainability Information Disclosure on Financial and Market Performance : Empirical Evidence from Indonesia and Malaysia. International Journal of Energy Economics and Policy, 10(2), 18–25.
13. Idowati, R., Wijaya, A. L., & Devi, H. P. (2020). Pengaruh Sustainability Reporting terhadap Kinerja Keuangan Dengan Nilai Perusahaan sebagai Variabel Moderating. Seminar Inovasi Manajemen Bisnis Dan Akuntansi (SIMBA) II, II(Oktober 2020).
14. Jati, A. W., & Jannah, W. (2022). Analisis Kinerja Keuangan Perusahaan Sebelum Pandemi dan Saat Pandemi Covid-19. Jurnal Akademi Akuntansi, 5(1), 34–46. https://doi.org/10.22219/jaa.v5i1.18480
15. Landion, V., & Lastanti, H. S. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Reputasi Perusahaan. Jurnal Akuntansi Trisakti, 6(September), 215–232.
16. Lukman, H., & Sabrina. (2019). Pengaruh Sustainability Report Terhadap Kinerja Keuangan Perusahaan Perbankan. Jurnal Paradigma Akuntansi, 1(2), 477. https://doi.org/10.24912/jpa.v1i2.5018
17. Mustika, R., Rangga Putra Ananto, Surya, F., Felino, F. Y., & Sari1, T. I. (2018). Pengaruh Modal Intelektual Terhadap Financial Distress (Studi Pada Perusahaan Pertambangan Dan Manufaktur). Jurnal Ekonomi & Bisnis Dharma Andalas, 20(1), 120–130.
18. Noordiatmoko, D., Tinggi, S., & Tribuana, I. E. (2020). Analisis Rasio Profitabilitas Sebagai Alat Ukur Untuk Menilai Kinerja Keuangan Pada Pt Mayora Indah Tbk, Periode 2014-2018. Jurnal Parameter, 5(4), 38–51.
19. Nurdin, S., & Suyudi, M. (2019). Pengaruh Intellectual Capital dan Islamicity Performance Index Terhadap Kinerja Keuangan Perbankan Syariah Di Indonesia. Jurnal Akuntansi Multi Dimensi (JAMDI), 2(2), 119–127. https://doi.org/10.21831/nominal.v5i1.11473
20. Nurhayati, Arifin, B., & Mulyasari, W. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Di Industri Perbankan Dengan Compotitive Advantage Sebagai Variabel Intervening. Tirtayasa EKONOMIKA, 14(1), 1–24.
21. Nuri Maulidia, W. P. P. (2021). Analisis Kinerja Keuangan Bank di Masa Pandemi Covid-19 pada Bank BUMN Yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah, 9(2), 1–16.
22. Nurkhalifa, U., Machpudin, A., & Setiawati, R. (2021). Pengaruh kecukupan modal dan efisiensi operasional terhadap kinerja keuangan perbankan umum konvensional di Bursa Efek Indonesia Periode 2016-2020. Jurnal Dinamika Manajemen, 9(2), 85–98.
23. Olivia, H., Athar, G. A., Nasution, T. A., & Hidayat, S. (2021). Kinerja Keuangan Perbankan Syariah: Tinjauan Dari Intellectual Capital Pada BNI Syariah. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(2), 97–103. https://doi.org/10.47065/ekuitas.v3i2.1068
24. Otoritas Jasa Keuangan. (2020). Statistik Perbankan Indonesia Juni. Otoritas Jasa Keuangan, 18(7), 1–190. https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Pages/Statistik-Perbankan-Indonesia—Juni-2020.aspx
25. Patarowo, D. H., Risal, R., & Sari, P. P. (2018). Analisis Faktor – Faktor Yang Mempengaruhi Kinerja Keuangan BPD Kalimantan Terhadap Perbankan Periode 2011 – 2020. Jurnal Ilmiah Keuangan Dan Perbankan, 3(2), 86–99.
26. Pidola, V. A., & Rahmah, S. (2019). PENGARUH VALUE ADDED INTELLECTUAL CAPITAL ( VAIC ) TERHADAP KINERJA KEUANGAN BANK UMUM SYARIAH YANG TERDAFTAR DI BANK INDONESIA. 48–64.
27. Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and social disclosures: Link with corporate financial performance. British Accounting Review, 48(1), 102–116. https://doi.org/10.1016/j.bar.2014.10.007
28. Sadalia, I., Daulay, I. E., Marlina, L., & Muda, I. (2019). The influence of intellectual capital towards financial performance with brand value as an intervening variable. Journal Quality Access to Success, 20(168), 79–85.
29. 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 © Emerald Publishing Limited. https://doi.org/10.1108/JIC-09-2019-0225
30. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Penerbit Alfabeta.
31. Utami, W. (2015). Financial Performance and the Quality of Sustainability Disclosure Based on Global Reporting Initiative: Value Relevances Study in Indonesia Stock Exchange. Mediterranean Journal of Social Sciences, 6(5), 243–248. https://doi.org/10.5901/mjss.2015.v6n5s5p243
32. Yaputri, J. A., & Serly. (2022). Analisis peran modal intelektual dan BOPO sebagai determinan kinerja perbankan Pendahuluan Sektor perbankan memerankan peran penting dalam pengembangan dan keuangan ( Buallay , 2019 ). Dalam berkegiatan , bank tentu harus memiliki kinerja pengkuran kualit. MBR (Management and Business Review), 6(2), 178–194.
33. Yuliana, N., & Utami, W. (2022). The Effect of Sustainability Disclosure, Corporate Governance Mechanism and Intellectual Capital on Financial Performance. Accounting Research Journal of Sutaatmadja, 6(1), 41–52. https://doi.org/10.35310/accruals. 929% 0Ahttps:/  /ojs.  stiesa.  ac.  id/index.php/accruals/index