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All Journal E-Jurnal Ekonomi dan Bisnis Universitas Udayana
Baiq Elly Martiana
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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THE ROLE OF FIRM SIZE AND INDUSTRY SENSITIVITY AS MODERATION IN THE RELATIONSHIP BETWEEN SUSTAINABILITY AND FIRM PERFORMANCE: EVIDENCE FROM INDONESIA Wahidatul Husnaini; Susi Retna Cahyaningtyas; Rahmi Sri Ramadhani; Baiq Elly Martiana
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.12.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i12.p06

Abstract

The study investigates how firm size and industry sensitivity as moderators influence the relationship between sustainability and firm performance. Using a fixed effects Moderate Regression Analysis (MRA) on 1,406 firm-year observations of non-financial Indonesian public companies listed on the Indonesia Stock Exchange, that disclose sustainability information in their annual reports for the period 2010-2023, the study concludes that sustainability has a significant and positive impact on a firm's performance. However, firm size cannot moderate the relationship between sustainability and firm performance. Industry sensitivity has weaknesses in the relationship between sustainability and firm performance, which means firms are required to disclose more sustainability information due to higher risks. However, such disclosures often have a high cost and a negative impact on performance. The study supports legitimacy theory and advises regulators (like Indonesia's OJK) to implement sustainability disclosure rules gradually to avoid imposing excessive costs on firms in high-risk industries
Co-Authors Cahyaningtyas, Susi Retna Rahmi Sri Ramadhani Wahidatul Husnaini