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All Journal Balance Vocation Accounting Journal
Mariska Ramadana
Universitas Internasional Batam (UIB)
Economics, Econometrics & Finance

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The Effect of Corporate Sustainability Performance on Financial Performance: Business Risk as Moderating Variable Dea Tiara Monalisa Butar-Butar; Vivian; Mariska Ramadana
Balance Vocation Accounting Journal Vol. 10 No. 1 (2026): June
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/7e70sz04

Abstract

This study investigates how Corporate Sustainability Performance (CSP) influences Financial Performance (FP) and examines the moderating role of Business Risk in this relationship. Using a quantitative research design, the analysis is conducted on 88 firms listed in the IDX ESG Leaders Index of the Indonesia Stock Exchange over the 2019–2023 period. Multiple regression techniques are employed to assess the impact of sustainability initiatives on corporate financial outcomes. The findings reveal that CSP exerts a positive and statistically significant effect on financial performance. In addition, Business Risk is found to strengthen financial outcomes, while its interaction with CSP demonstrates a moderating influence on the sustainability–performance relationship. This research contributes to the sustainability literature by illustrating how varying levels of business risk shape the financial benefits of sustainability practices across industries. The results also emphasize the importance of integrating sustainability strategies with effective risk management to enhance firm value and long-term performance.
Co-Authors Dea Tiara Monalisa Butar-Butar Vivian