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All Journal Account : Jurnal Akuntansi, Keuangan dan Perbankan
Fitriyah Fitriyah
State Islamic University of Maulana Malik Ibrahim Malang
Economics, Econometrics & Finance

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Trade-Off Effect of ESG Disclosure on Financial Performance: Mediating Mechanism of Efficiency and Environmental Performance Amalia Aswari; Fitriyah Fitriyah
ACCOUNT: Jurnal Akuntansi, Keuangan dan Perbankan Vol 13 No 1 (2026): Edisi Juni 2026
Publisher : Politeknik Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32722/account.v13i1.8386

Abstract

This study addresses inconsistent findings concerning the impact of Environmental, Social, and Governance (ESG) factors on corporate value, particularly in high-capital energy sectors. The research investigates the influence of ESG factors on financial performance, with environmental performance and operational efficiency as mediating variables, among energy companies listed on the Indonesia Stock Exchange from 2021 to 2024. A quantitative methodology employing path analysis was used, with a purposive sample of 22 companies (88 observations). Data were analyzed using the Random Effects Model for panel data regression and the Sobel test. The results show that ESG disclosure does not have a significant direct effect on either financial performance or environmental performance. Additionally, environmental performance does not significantly influence financial performance. In contrast, ESG factors have a significant negative effect on operational efficiency, while operational efficiency positively affects financial performance. Mediation analysis reveals that environmental performance does not mediate the relationship, whereas operational efficiency significantly mediates the link in a negative direction. These findings suggest a trade-off in which ESG implementation in the energy sector leads to a short-term decline in asset productivity, ultimately reducing profitability.
Co-Authors Amalia Aswari