JAKARTA — The transportation and logistics sector serves as the economic backbone that connects human mobility and goods distribution across Indonesia. However, beyond its strategic role, its operations generate substantial environmental impacts directly through fossil fuel consumption, vehicle emissions, and operational waste management. Addressing these ecological challenges, a new study published in 2026 by a research team from Universitas Jambi consisting of Suci Ramadhani, Mukhzarudfa, Wiwik Tiswiyanti, and Ratih Kusumastuti examines the quality of Environmental, Social, and Governance (ESG) sustainability reporting among transportation and logistics issuers listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024.
Transparency in ESG-based reporting has become a focal point for the global investment community as it reflects a corporation's commitment to integrating sustainability principles into its long-term business strategy. The Global Reporting Initiative (GRI) framework is widely adopted worldwide, while the IDX has developed an ESG value categorization system to assist investors in evaluating the sustainability performance of listed issuers. Using a descriptive quantitative approach with a purposive sampling technique, the researchers assessed sustainability reporting compliance against 114 GRI indicators covering environmental, social, and governance dimensions across four key companies: PT Garuda Indonesia (Persero) Tbk, PT Mitra Investindo Tbk, PT Mineral Sumberdaya Mandiri Tbk, and PT Adi Sarana Armada Tbk.
The evaluation results reveal that the level of compliance and quality of ESG disclosures vary extensively among firms and are heavily determined by internal management commitments as well as corporate operational scales. PT Adi Sarana Armada Tbk secured the top position for overall ESG reporting quality. The company's sustainability disclosure score increased consistently from a Good category of 55.1 percent in 2021 to an Excellent category reaching 76.2 percent in 2024. This achievement marks it as the only issuer within the sample to surpass minimal regulatory compliance through concrete, structured operational decarbonization initiatives.
Progressive growth was also demonstrated by national airline PT Garuda Indonesia (Persero) Tbk, which recorded the most dramatic surge in reporting quality over the observation period. In 2021, the issuer's reporting quality stood at a Sufficient category with a score of 32.7 percent, but it advanced sharply to a Good category at 68.1 percent by 2024. This significant increase was driven by post-restructuring international regulatory pressures and a strong commitment to carbon-neutral flight initiatives. Meanwhile, PT Mitra Investindo Tbk maintained a stable performance in the Good category since 2022, hovering between 53.7 percent and 56.7 percent. In stark contrast to these achievements, PT Mineral Sumberdaya Mandiri Tbk lagged behind, stagnating in the Poor to Sufficient category with a final score of just 27.3 percent in 2024.
When analyzed by dimension, governance emerged as the area with the highest systemic information disclosure. PT Mitra Investindo Tbk maintained a perfect governance score of 100 percent since 2022, followed by PT Garuda Indonesia (Persero) Tbk, which hit a 100 percent governance score starting in 2023. This high level of transparency confirms that coercive pressure from IDX listing requirements and Financial Services Authority regulations operates highly effectively in the capital market. Conversely, the environmental dimension proved to be a systemic weakness for the majority of transport issuers, with disclosure scores tracking well below other dimensions. A notable exception was PT Adi Sarana Armada Tbk, which successfully raised its environmental score from 35.5 percent to 54.8 percent through initiatives like solar panel installations in major warehouses, energy intensity audits, and big data-driven delivery route optimization.
The divergence in reporting quality carries profound strategic implications for capital market policies and business structures in Indonesia. The sharp contrast in performance between two issuers operating within the exact same logistics sub-sector proves that industry type alone does not determine ESG disclosure quality. Internal capacity readiness, ownership structure, institutional investor oversight, and top management commitment play far more crucial roles in deciding whether green principles are fully internalized or treated as mere paperwork. Consequently, the IDX and OJK need to devise more specific policy instruments and offer operational support for smaller issuers to close this reporting gap and bolster national green investment competitiveness.
Author Profiles
Suci Ramadhani, Mukhzarudfa, Wiwik Tiswiyanti, Ratih Kusumastuti are a research team from Universitas Jambi
Research Sources
Journal Article Title: Quality of Sustainability Reporting in the Transport and Logistics Sector in companies listed on the IDX 2021-2024
Journal Name: East Asian Journal of Multidisciplinary Research (EAJMR)
Publication Year: 2026
Official DOI Link: https://doi.org/10.55927/eajmr.v5i5.144
Journal URL Link: https://journaleajmr.my.id/index.php/eajmr
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