ESG、フリーキャッシュフロー、コーポレートガバナンスが財務危機に与える影響

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:新興国・単一セクターでのESG開示と財務危機の非有意な関係を示す実証データとして参照可能。

🏢実務担当者:ESG開示が短期的な財務安定に直結しない可能性を示唆し、開示戦略の期待値設定に留意を促す。

🏛政策担当者:開示義務化の効果を財務健全性の観点から評価する際、非有意な結果も考慮すべきことを示す。

Objective- This study aims to analyze the influence of Environmental, Social, and Governance (ESG), Free Cash Flow, and Corporate Governance on Financial Distress in non-cyclical consumer sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. Financial distress is a condition in which a company experiences a decline in its financial health and difficulty meeting its financial obligations, which can be an early indication of bankruptcy. In recent years, ESG implementation, the ability to generate free cash flow, and good corporate governance have become important concerns because they are considered capable of supporting a company's stability and long-term sustainability. This study employed a quantitative method with a panel data approach. Purposive sampling was employed to select 93 companies with a total of 279 observations. The research data consisted of secondary data obtained from annual reports and company sustainability reports. Financial distress was measured using the Altman Z Score model, and ESG was measured using the Sustainability Report Disclosure Index (SRDI) in accordance with the 2021 GRI Standards. Free cash flow was calculated using operational cash flow and capital expenditures, while corporate governance was measured using 15 corporate governance indicators. Data analysis was performed using E-Views 12 software. The results of the study show that ESG, free cash flow, and corporate governance do not have a significant effect on financial distress. Findings- This shows that the level of ESG disclosure, the company's ability to generate free cash flow, and the implementation of corporate governance have not been able to optimally reduce the risk of financial distress in non-cyclical consumer sector companies. Limitations- This research is limited to a research scope that only covers one company sector, and the use of independent variables are still limited. Originality-This study examines the factors that influence ESG, Free Cash Flow, and Corporate Governance in finding evidence of whether there is a risk of Financial Distress.

• semanticscholar https://conference.ut.ac.id/index.php/isbest/article/download/9109/3513first seen 2026-10-10 05:57:04