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All Journal Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Niswatun Chasanah
Universitas Negeri Semarang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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ENVIRONMENTAL, SOCIAL, GOVERNANCE AND MARKET PERFORMANCE: THE MEDIATING ROLE OF PROFITABILITY AND THE MODERATING ROLE OF BOARD INDEPENDENCE Niswatun Chasanah; Agus Wahyudin
Jurnal Maneksi Vol. 15 No. 3 (2026): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v15i3.4064

Abstract

Introduction: This study examines the effect of Environmental, Social, and Governance (ESG) Performance on Market Performance, with Profitability as a mediating variable and Board Independence as a moderating variable in Indonesian listed companies.Methods: This research employs a quantitative approach using panel data from 370 firm-year observations of companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2025 period. The data were analyzed using the Fixed Effects Model (FEM) with cluster-robust standard errors. The mediating effect was tested using the bootstrap method, while the moderating effect was examined using Moderated Regression Analysis (MRA)..Results: The results reveal that ESG Performance has a positive but insignificant effect on both Market Performance and Profitability. In contrast, Profitability has a positive and significant effect on Market Performance, whereas Leverage does not significantly influence Market Performance. Furthermore, Board Independence neither has a significant direct effect on Profitability nor moderates the relationship between ESG Performance and Profitability. The bootstrap mediation analysis also confirms that Profitability does not mediate the relationship between ESG Performance and Market Performance.Conclusion and Suggestion: These findings suggest that investors in Indonesian listed companies continue to place greater emphasis on firms' financial performance than on ESG performance when assessing firm value. Therefore, companies should strengthen ESG implementation and governance practices while ensuring that sustainability initiatives generate measurable financial benefits to enhance long-term corporate value. Keywords: Board Independence; ESG Performance; Market Performance; Profitability
Co-Authors Agus Wahyudin