<![CDATA[Penelitian ini bertujuan menguji pengaruh free cash flow dan growth option terhadap sustainability performance dengan creditor pressure sebagai variabel moderasi pada perusahaan sektor non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2023–2024. Penelitian menggunakan data sekunder dengan teknik purposive sampling dan memperoleh 271 observasi yang dianalisis menggunakan regresi data panel. Kebaruan penelitian terletak pada penggunaan Katadata ESG Index sebagai proksi sustainability performance yang memberikan pengukuran ESG yang lebih relevan dalam konteks Indonesia. Hasil penelitian menunjukkan bahwa free cash flow tidak berpengaruh terhadap sustainability performance, sedangkan growth option berpengaruh positif. Selain itu, creditor pressure tidak memoderasi pengaruh free cash flow, namun memperlemah pengaruh positif growth option terhadap sustainability performance. Temuan ini berkontribusi pada pengembangan literatur mengenai determinan sustainability performance dan memberikan implikasi praktis bagi manajemen, investor, dan kreditur dalam mempertimbangkan faktor ESG dalam pengambilan keputusan strategis dan investasi. This study aims to examine the effect of free cash flow and growth options on sustainability performance, with creditor pressure serving as a moderating variable, in non-financial companies listed on the Indonesia Stock Exchange during the 2023–2024 period. The study employs secondary data and purposive sampling techniques, resulting in 271 observations analyzed using panel data regression. The novelty of this study lies in the use of the Katadata ESG Index as a proxy for sustainability performance, providing a more relevant ESG measurement within the Indonesian context. The results indicate that free cash flow has no significant effect on sustainability performance, whereas growth options have a positive effect. Furthermore, creditor pressure does not moderate the relationship between free cash flow and sustainability performance but weakens the positive effect of growth options on sustainability performance. These findings contribute to the literature on the determinants of sustainability performance and provide practical implications for managers, investors, and creditors in considering ESG factors in strategic decision-making and investment activities.]]>
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