Corporate Financialization merupakan fenomena di mana peran industri keuangan dalam perekonomian semakin meningkat, menggeser peran perdagangan dan produksi komoditas. Penelitian ini bertujuan untuk menganalisis pengaruh penerapan Environment , Social, and Governance (ESG) terhadap corporate financialization pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2015-2019. Corporate financialization diukur dengan rasio aset keuangan per total aset. Penelitian ini melibatkan 33 perusahaan sektor non-keuangan yang telah terdaftar di BEI. Hasil temuan penelitian ini menunjukkan bahwa penerapan ESG secara keseluruhan, maupun pada dimensi environment, social, dan governance, memiliki pengaruh negatif namun tidak signifikan terhadap corporate financialization pada perusahaan non-keuangan di BEI selama periode 2015-2019. Hal ini menunjukkan bahwa aspek-aspek ESG yang dinilai dalam penelitian ini tidak secara signifikan mempengaruhi tingkat corporate financialization perusahaan non-keuangan di Indonesia.

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Corporate Financialization is a phenomenon in which the role of the financial industry in the economy is increasing, shifting the role of trading and commodity production. This study aims to analyze the effect of implementing Environment, Social, and Governance (ESG) on corporate financialization in non-financial companies listed on the Indonesia Stock Exchange (IDX) during the 2015-2019 period. Corporate financialization is measured by the ratio of financial assets to total assets. This research involved 33 non-financial sector companies that have been listed on the IDX. The findings of this study indicate that the application of ESG as a whole, as well as on the environmental, social, and governance dimensions, has a negative but not significant effect on corporate financialization in non-financial companies on the IDX during the 2015-2019 period. This shows that the ESG aspects assessed in this study do not significantly affect the level of corporate financialization of non-financial companies in Indonesia.