Dharmawan, Reynaldi and Angela, Aurora (2026) Kinerja ESG dan nilai perusahaan: Financial slack sebagai moderasi. Akurasi: Jurnal Riset Akuntansi dan Keuangan, 8 (1). pp. 77-92. ISSN 2685-2888
![[img]](http://repository.maranatha.edu/style/images/fileicons/text.png) |
Text
9. AKURASI 8(1) 2026 Reynaldi & Aurora.pdf Download (1142Kb) |
Abstract
Firm value reflects market perceptions of a company’s strategic decisions, including ESG performance and financial flexibility. This study examines the effect of ESG performance on firm value and investigates the moderating role of financial slack in the ESG–firm value relationship, which constitutes the novelty of this research. The sample comprises 106 firms listed on the Refinitiv Eikon during 2020–2024 with ESG scores. The results indicate that ESG performance does not have a significant effect on firm value, while financial slack has a positive and significant direct effect. However, the interaction between ESG performance and financial slack is not statistically significant, suggesting that financial slack does not strengthen the impact of ESG performance on firm value. These findings imply that financial flexibility plays a more immediate role in enhancing firm value than ESG performance within the observed period, and that excess financial resources do not necessarily increase the market’s valuation of ESG activities.
| Item Type: | Article | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Contributors: |
|
||||||||||||
| Uncontrolled Keywords: | ESG, Firm Value, Financial Slack | ||||||||||||
| Subjects: | H Social Sciences > HG Finance | ||||||||||||
| Depositing User: | Perpustakaan Maranatha | ||||||||||||
| Date Deposited: | 10 Jul 2026 11:13 | ||||||||||||
| Last Modified: | 10 Jul 2026 11:13 | ||||||||||||
| URI: | http://repository.maranatha.edu/id/eprint/34918 |
Actions (login required)
 |
View Item |
