Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
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All Journal E-Jurnal Akuntansi
Dwiarso Utomo
Faculty of Economics and Business, Universitas Dian Nuswantoro, Indonesia
Economics, Econometrics & Finance

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Green Innovation as a Moderating: The Effects of ESG Disclosure and Financial Slack on Financial Performance Yohana Elliza Sitohang; Dwiarso Utomo
E-Jurnal Akuntansi Vol. 36 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2026.v36.i02.p20

Abstract

The transition toward sustainable energy has encouraged companies in the energy sector to integrate sustainability practices through ESG disclosure, the management of financial slack, and the implementation of green innovation. This study examines the effects of ESG disclosure and financial slack on financial performance, with green innovation serving as a moderating variable. The sample consists of 16 energy sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period, yielding 64 observations selected through purposive sampling. The data were analysed using PLS-SEM with the SmartPLS program. The results indicate that ESG disclosure has a negative and significant impact on financial performance, whereas financial slack has a significant positive effect. Green innovation does not moderate the relationship between ESG disclosure and financial performance, but it does strengthen the effect of financial slack on financial performance. These findings suggest that the availability of financial slack supports green innovation, which in turn contributes to improving the financial performance of energy sector companies.
Regulatory Pressure as a Moderator of the Effects of Environmental Performance, Environmental Costs, and Company Size on Financial Performance Nova Nurhaslinda; Dwiarso Utomo
E-Jurnal Akuntansi Vol. 36 No. 5 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2026.v36.i05.p07

Abstract

This study examines the effects of environmental performance, environmental expenditure, and firm size on the financial performance of mining companies listed on the Indonesia Stock Exchange between 2021 and 2023. It further considers the moderating role of regulatory pressure. Using purposive sampling, 32 companies were selected, yielding 96 firm-year observations. The proposed relationships were tested using moderated regression analysis. The findings indicate that environmental performance, environmental expenditure, and firm size are positively associated with financial performance. In addition, ISO 14001 certification, employed as a proxy for regulatory pressure, strengthens the positive associations between environmental performance and financial performance and between firm size and financial performance. However, regulatory pressure does not significantly moderate the relationship between environmental expenditure and financial performance. Overall, the findings suggest that compliance with recognised environmental standards may generate strategic and financial benefits, whereas environmental expenditure appears to remain primarily compliance-driven
Co-Authors Nova Nurhaslinda Yohana Elliza Sitohang