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Yuli Soesetio
Department of Management, Universitas Negeri Malang
Economics, Econometrics & Finance

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Do Firms Benefit More from Eco-Innovation than ESG Disclosure? Yuli Soesetio; Linda Shine Sekar Ningrum
ETIKONOMI Vol. 25 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v25i2.51149

Abstract

Research Originality: This study offers novelty by distinguishing the financial effects of substantive environmental actions (eco-innovation) from symbolic sustainability reporting (ESG disclosure) and examining the moderating role of firm size. Research Objectives: This study investigates the direct effects of eco-innovation and ESG disclosure on firm performance and examines whether firm size moderates these relationships. Research Method: The study used data on 236 high environmental-risk firms from 2018 to 2025, yielding 1,158 observations. We employed the High-Dimensional Fixed Effects (HDFE) estimator with industry and year fixed effects and firm-level clustered standard errors. Empirical Results: Eco-innovation significantly enhances firm performance, whereas ESG disclosure exhibits no significant effect. Furthermore, firm size negatively moderates the relationship between eco-innovation and firm performance. Implications: These findings imply that firms should prioritize eco-innovation over ESG disclosure alone, while policymakers should provide stronger financial incentives to support their sustainability transition, especially for smaller firms. JEL Classification: Q55, Q56, M14, L25
Co-Authors Linda Shine Sekar Ningrum