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All Journal Jurnal Akuntansi Bisnis
Sri Daryanti Zen
Universitas Andalas, Padang
Economics, Econometrics & Finance

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Menakar Ulang Manfaat ESG di Pasar Berkembang: Peran Dominan Financial Slack dalam Meningkatkan Profitabilitas Muhammad Fikri Ramadhan; Sri Daryanti Zen
Jurnal Akuntansi Bisnis Vol 24, No 2: September 2026
Publisher : Universitas Katolik Soegijapranata Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jab.v24i2.16117

Abstract

This study examines the relationship between environmental, social, and governance (ESG) pillar scores, financial slack, and return on assets (ROA) in Indonesian non-financial listed firms during 2021–2025. Employing a firm fixed-effects model with a one-year lag, the research analyzes a sample of 44 firms from Refinitiv database, resulting in 220 firm-year observations. The empirical results indicate that the environmental (β = −0.045266; p = 0.3216), social (β = −0.044319; p = 0.3562), and governance (β = 0.060893; p = 0.1284) coefficients are not statistically significant at the 5% level. Conversely, financial slack exhibits a significant and positive association with ROA (β = 13.365410; p = 0.0054), contributing to an adjusted R² of 0.596998. These findings highlight that working-capital flexibility plays a dominant role in driving corporate profitability, while demonstrating that higher sustainability performance across ESG pillars does not necessarily yield immediate financial gains in asset profitability.
Co-Authors Muhammad Fikri Ramadhan