Pengaruh ESG terhadap Kinerja Keuangan dengan Ukuran Perusahaan sebagai Variabel Moderasi (Studi pada Perusahaan Manufaktur Subsektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia)

Marwah Marwah (Universitas Ibn Khaldun Bogor)
Immas Nurhayati (Universitas Ibn Khaldun Bogor)
Denia Maulani (Universitas Ibn Khaldun Bogor)

Journal of Business Economics and Management
Vol. 3 No. 1 (2026): Juli - September

This research aims to analyze the effect of Environmental, Social, and Governance (ESG) implementation on financial performance, examine the effect of company size on financial performance, and evaluate whether company size moderates the relationship between ESG implementation and financial performance in manufacturing companies listed on the Indonesia Stock Exchange (IDX). The research method used is a quantitative associative approach. The population consists of food and beverage sub-sector manufacturing companies listed on the IDX for the 2020–2024 period. Using purposive sampling, 12 companies were selected, resulting in 60 observation data points. Data analysis was conducted using SPSS through descriptive statistics, classical assumption tests, multiple linear regression, Moderated Regression Analysis (MRA), t-test, F-test, and the coefficient of determination. The results show that ESG implementation has a positive and significant effect on financial performance proxied by Return on Assets (ROA). Company size also has a positive and significant effect on financial performance, and significantly moderates and strengthens the positive effect of ESG implementation on financial performance. Simultaneously, ESG and company size significantly affect financial performance, with an explanatory power of 42.1%. Future research is recommended to incorporate other variables such as leverage, liquidity, corporate governance, or operational efficiency.