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All Journal Jurnal Akuntansi & Auditing Indonesia The Indonesian Accounting Review Infestasi Integritas: Jurnal Antikorupsi Jurnal Abdi Insani Jurnal Pengabdian dan Peningkatan Mutu Masyarakat (JANAYU) Jurnal Akuntansi dan Keuangan Indonesia Journal of Culture Accounting and Auditing Research In Management and Accounting (RIMA)
Mustafida, Nurul
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Religion Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Social Sciences Other

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ESG, ENVIRONMENTAL COSTS, AND FIRM PERFORMANCE: THE MODERATING ROLE OF INDEPENDENT DIRECTORS Mustafida, Nurul; Yosephina, Grace
Research In Management and Accounting (RIMA) Vol. 8 No. 2 (2025): December
Publisher : Fakultas Bisnis Universitas Katolik Widya Mandala Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/rima.v8i2.7704

Abstract

This study examines the influence of ESG scores and environmental costs on firm performance, as well as the moderating role of independent directors. Using secondary data and hypothesis testing, the findings show that ESG scores have a positive and significant effect on firm performance, supporting the Resource-Based View (RBV) framework that positions ESG as an intangible asset capable of enhancing operational efficiency, reputation, and legitimacy. Conversely, environmental costs exert a negative effect, indicating that in the short term they are perceived as financial burdens rather than strategic investments. The moderating role of independent directors is not supported, suggesting that their presence does not strengthen the relationship between ESG, environmental costs, and performance, although they still have a direct positive influence through accountability and conflict reduction. Theoretically, this study contributes to sustainability and governance literature by clarifying the dual role of ESG and environmental costs, while practically it highlights the need for efficient environmental cost management and institutional support to ensure that such expenditures generate long-term value. Limitations include reliance on secondary data, lack of industry-specific analysis, and the absence of board quality measures, offering directions for future research.
Co-Authors Abiyyu, Achmad Daffa Ambarwati, Yulian Belinda Ari Cahaya Puspitaningrum Dewi Ayu Wulandari, Dewi Ayu Erida Herlina Erindanindya, Fara Navy Febriyani Sarwindah Firmansyah, Muhammad Rafli Gunasti Hudiwinarsih Kholid, Ikhwan Linda Purnama Sari, Linda Purnama Luciana Spica Almilia Miftahul Adi Suminto Mursita, Lufi Yuwana Nisa, Faizatun Nur Rochmah, Nur Permata, Aulia Safnira Surya Rachmadia, Rizki Rachmadia, Rizki Reza Tianto, Reza Rosyida, Amelia Dwi Nur Titis Puspitaningrum Dewi Kartika Widjanarko, Farah Adelia Putri Yosephina, Grace