A NEW METRIC FOR ASSESSING THE “S” DIMENSION IN ENVIRONMENT, SOCIAL, GOVERNANCE (ESG) FOR REAL ESTATE
Abstract
The Environmental, Social, and Governance (ESG) framework has become a central benchmark for assessing corporate sustainability, particularly in the real estate sector. However, the Environmental (E) dimension continues to dominate both measurement and reporting practices, while the Social (S) dimension remains underdeveloped due to the lack of standardized and impact-oriented metrics. This study aims to examine the role of the social dimension in ESG and its implications for sustainability accounting practices in the Indonesian real estate finance sector. Using a quantitative descriptive-explanatory approach, the study analyzes corporate sustainability reports and applies content analysis to evaluate the extent to which social aspects are disclosed and measured. The findings reveal that although companies have increasingly adopted social initiatives such as diversity, employee well-being, and community engagement these efforts are largely activity-based and disclosure-oriented, rather than focused on measurable social impact. Furthermore, ESG assessments are still predominantly based on aggregate scores, which obscure the specific contribution of the social dimension. This study identifies a critical gap in existing ESG measurement frameworks and proposes the need for developing new, impact-based, and context-specific social metrics. Such metrics are essential to enhance the accuracy, transparency, and practical relevance of ESG evaluations, particularly in the real estate sector where social interactions and community impacts are highly significant.
Downloads
References
Amlayasa, A. A. B., & Pramuki, N. M. W. A. (2025). Pengaruh Skor Lingkungan, Sosial, dan Tata Kelola terhadap Kinerja Keuangan di Bursa Efek Indonesia Periode 2021-2024. Journal of Culture Accounting and Auditing, 4(2), 98–106.
Anisa, F. (2025). Pengaruh Esg Disclosure, Struktur Modal, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan: Studi Empiris Pada Perusahaan Idxesgl Di Bei Periode 2021-2023.
Benuzzi, M., Klaser, K., & Bax, K. (2024). Dimensi ESG+F manakah yang paling penting bagi investor ritel? Sebuah studi eksperimental tentang keputusan keuangan dan generasi mendatang. Journal of Behavioral and Experimental Finance, 41. https://doi.org/10.1016/j.jbef.2023.100882
Deloitte. (2021). Kesejahteraan: Landasan baru untuk strategi dan pelaporan ESG Bagian satu.
Gunawan, I., & Gunawan, J. (2023). Analisis Peringkat Indeks Lingkungan, Sosial, Dan Tata Kelola Menggunakan Carbon Disclosure Project (Cdp). Jurnal Aplikasi Akuntansi, 7(2), 462–482.
Hafiz Wahyu, S. (2026). Pengaruh Pelaporan Environmental, Social, And Governance (Esg) Terhadap Tingkat Underpricing Pada Perusahaan Ipo Di Bursa Efek Indonesia Periode 2021-2024.
Hossain, S. M., Van De Wetering, J., S, D., & Sayce, S. (2023). Praktik penilaian real estat komersial Inggris: apakah sekarang memasukkan pertimbangan keberlanjutan? Jurnal Investasi Dan Keuangan Properti, 41(4), 335–361.
Nagu, N. (2021). Kinerja Sosial Dan Lingkungan Perusahaan Bumn: Pendekatan Disclosure Dengan Menggunakan Global Reporting Initiative (GRI) Standard.
Newell, G. (2023). Wawasan Real Estat: Meningkatnya Pentingnya Dimensi “S” dalam ESG. Jurnal Investasi Dan Keuangan Properti, 41(4), 453–459. https://doi.org/10.1108/JPIF-01-2023-0003
Newell, G., & Marzuki, M. J. (2024). Metrik baru untuk menilai dimensi “S” dalam lingkungan, sosial, tata kelola (ESG) untuk real estat. Jurnal Investasi Dan Keuangan Properti, 42(5), 475–493. https://doi.org/10.1108/JPIF-02-2023-0011
Nurmalasari, N., & Kirana, R. Z. (2024). The Influence Of Environmental, Social, And Governance (Esg) Performance On Firm Value With The Firm Life Cycle As A Moderating Variable. DIMENSIA (Diskursus Ilmu Manajemen STIESA), 20(02).
Nurmasari, N. D., Mychelia Champaca, S. E., MM, A., & A Muhamad Jazuli, M. M. (2025). Environmental, Social, Governance (ESG) dan Keuangan Hijau Mengintegrasikan Keberlanjutan Dalam Strategi Perusahaan. PT. RajaGrafindo Persada-Rajawali Pers.
Palm, P. (2025). Pengarahan praktik: lingkungan, sosial dan tata kelola (ESG) dan penilaian real estat - studi kasus Swedia. Jurnal Investasi Dan Keuangan Properti. https://doi.org/10.1108/JPIF-12-2024-0163
Sanulika, A., & Oktiani, F. (2024). Implementasi Strategi Bisnis Dan Pengungkapan Esg Terhadap Tax avoidance. Jurnal Cendekia Akuntansi Multiparadigma, 1(1), 1–18.
Wibowo, A., & Kom, M. (2025). Ai Dan Ml Di Bidang Keuangan: Mengatasi Masalah Kompleks dan Aplikasi Lingkungan, Sosial dan Tatakelola (ESG). yayasan penerbit.
Copyright (c) 2026 Ni Putu Jessica Anggi Wijaya Putri, Ni Kadek Sinarwati, Made Aristia Prayudi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
