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All Journal Jurnal Akuntansi dan Manajemen
Sujana, Aaliyah Putri
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Economics, Econometrics & Finance Social Sciences

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Pengaruh ESG score terhadap kinerja keuangan Oktrivina, Amelia; Nelyumna, Nelyumna; Harnovinsah, Harnovinsah; Atikah, Salma; Sujana, Aaliyah Putri
Jurnal Akuntansi dan Manajemen Vol. 22 No. 2 (2025)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36406/jam.v22i2.186

Abstract

This study examines the direct effect of ESG scores on corporate financial performance. It proposes a moderation model to refine this relationship. Analyzing 30 publicly listed companies reporting ESG metrics on the Indonesia Stock Exchange (IDX) from 2021 to 2023, we employ path analysis and Moderated Regression Analysis (MRA) to test moderation effects. The findings reveal a multidimensional ESG-financial performance relationship: (1) a positive impact on the Debt-to-Equity Ratio (DER), indicating enhanced access to sustainable financing; (2) a dynamic relationship with Net Profit Margin (NPM), suggesting evolving ESG-related tradeoffs between costs and benefits; and (3) insignificant effects on Gross Profit Margin (GPM) and Return on Assets (ROA). The moderation analysis reveals that firms with high NPM are more effective at leveraging ESG benefits for debt expansion. At the same time, the interaction between ESG and GPM facilitates sustainable financing, even with high gross margins. These results underscore the importance of strategic ESG integration, particularly in light of time-lag effects and project selectivity. For investors, this provides a valuable framework for evaluating the implications of ESG on capital structure. The study offers novel insights through the development of profitability-based moderation models and uncovers underexplored ESG-leverage mechanisms in emerging markets.
Peran mediasi ESG pada hubungan kepemilikan asing dan struktur modal: Moderasi likuiditas dan ukuran perusahaan Oktrivina, Amelia; Nelyumna; Sailendra; Atikah, Salma; Sujana, Aaliyah Putri
Jurnal Akuntansi dan Manajemen Vol. 23 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36406/jam.v23i1.266

Abstract

This study aims to analyze the role of Environmental, Social, and Governance (ESG) as a mediating variable in the relationship between Foreign Ownership and Capital Structure, while considering Liquidity as a moderating variable and Firm Size as a control variable. A quantitative approach was employed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method through the SmartPLS 4.0 application. The research sample consists of companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period that consistently reported ESG scores. The results indicate that foreign ownership has a positive influence on the implementation of ESG, while ESG strengthens the relationship between foreign ownership and capital structure. Thus, ESG serves as a partial mediating variable that links foreign ownership with corporate financing policy. Furthermore, liquidity is found to act as a moderating variable that enhances the relationship between foreign ownership and ESG. These findings highlight that foreign investors play an important role in encouraging the adoption of sustainability principles (ESG), which ultimately contributes to the efficiency of capital structure management. This research contributes to the development of sustainable finance literature and provides practical implications for corporate management and regulators to integrate ESG principles into financial policies and long-term business strategies.
Co-Authors Atikah, Salma Harnovinsah Harnovinsah Nelyumna Nelyumna, Nelyumna Oktrivina, Amelia Sailendra