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All Journal International Journal of Contemporary Accounting
Mariska Ramadana
Accounting Department, Universitas Internasional Batam, Kepulauan Riau, Indonesia
Economics, Econometrics & Finance

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ESG PERFORMANCE AND CEO CHARACTERISTICS AS DETERMINANTS OF CORPORATE BANKRUPTCY RISK Mariska Ramadana; Kelly; Ivone; Tian Yu Tang Christina
International Journal of Contemporary Accounting Vol. 7 No. 2 (2025): December
Publisher : Fakultas Ekonomi dan Bisnis Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/ijca.v7i2.24770

Abstract

This research explores how ESG disclosure, CEO power, and CEO overconfidence relate to corporate bankruptcy risk. Using a quantitative approach, the study analyzes secondary data from annual and sustainability reports of firms listed on the Indonesia Stock Exchange (IDX) through descriptive statistics, Pearson correlation, and multiple linear regression. The results show that ESG disclosure and CEO overconfidence are negatively associated with bankruptcy risk, suggesting that stronger sustainability engagement and proactive managerial behavior enhance corporate resilience. In contrast, CEO power does not exhibit a significant effect on CBR, indicating that its role may be contingent on governance context. Despite growing attention to ESG and executive characteristics, prior research has largely examined these factors separately, particularly in emerging markets. Addressing this gap, the study integrates ESG disclosure and CEO behavioral traits into a unified empirical framework to explain bankruptcy risk in Indonesia. The findings contribute to the ESG and upper echelons literature by highlighting the joint role of sustainability practices and executive behavior, while offering practical implications for investors, regulators, and corporate stakeholders in managing bankruptcy risk and promoting long-term financial stability.
Co-Authors Ivone Kelly Tian Yu Tang Christina