PERAN ESG<i> DISCLOSURE </i>DALAM MEMODERASI PENGARUH STRATEGI BISNIS DAN KINERJA KEUANGAN TERHADAP <i>FINANCIAL DISTRESS</i>

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🔬研究者:Provides empirical evidence on the moderating role of ESG disclosure in financial distress, useful for extending stakeholder theory.

🏢実務担当者:Highlights the importance of liquidity and ESG disclosure in managing financial distress risk, relevant for corporate risk management.

🏛政策担当者:Suggests that ESG disclosure can serve as a risk mitigation tool, informing policy on disclosure requirements.

Penelitian ini menguji pengaruh strategi bisnis dan kinerja keuangan terhadap financial distress, serta peran moderasi ESG disclosure pada sektor consumer cyclicals di BEI periode 2023–2024. Strategi bisnis yang direpresentasikan melalui diferensiasi dan cost leadership sedangkan kinerja keuangan melalui likuiditas dan leverage. ESG disclosure diukur dengan indeks pengungkapan, sedangkan Altman Z-Score digunakan untuk mengukur financial distress. Sampel ditentukan dengan purposive sampling dan dianalisis menggunakan regresi moderasi. Hasil penelitian menunjukkan bahwa likuiditas memiliki pengaruh negatif yang signifikan terhadap kesulitan keuangan, yang sejalan dengan hipotesis yang diajukan. Meskipun leverage juga memiliki pengaruh negatif yang signifikan, arah pengaruhnya berlawanan dengan hubungan positif yang dihipotesiskan; oleh karena itu, hipotesis mengenai leverage ditolak. Kedua strategi bisnis tidak memiliki dampak yang signifikan, ESG disclosure hanya memoderasi hubungan antara likuiditas dan financial distress. Temuan ini menunjukkan bahwa strategi bisnis tidak secara langsung mengurangi risiko kesulitan keuangan selama periode pengamatan. Sebaliknya, likuiditas muncul sebagai penentu utama kesulitan keuangan, sementara pengaruh negatif yang signifikan dari leverage bertentangan dengan hipotesis yang diajukan. Selain itu, pengungkapan ESG hanya memoderasi hubungan antara likuiditas dan kesulitan keuangan. Penelitian ini berkontribusi pada pengembangan stakeholder theory, bahwa ESG disclosure berperan sebagai mekanisme mitigasi risiko yang tidak selalu memperkuat seluruh hubungan antar variabel.This study examines the influence of business strategy and financial performance on financial distress, as well as the moderating role of ESG disclosure in the consumer cyclicals sector on the Indonesia Stock Exchange (IDX) for the 2023–2024 period. Business strategy is represented by differentiation and cost leadership, while financial performance is represented by liquidity and leverage. ESG disclosure is measured by the disclosure index, while the Altman Z-Score is used to measure financial distress. The sample was determined by purposive sampling and analyzed using moderated regression. The results show that liquidity has a significant negative effect on financial distress, consistent with the proposed hypothesis. Although leverage also has a significant negative effect, its direction is opposite to the hypothesized positive relationship; therefore, the leverage hypothesis is rejected. These findings indicate that business strategy does not directly reduce the risk of financial distress during the observation period. Instead, liquidity emerges as the primary determinant of financial distress, whereas the significant negative effect of leverage contradicts the proposed hypothesis. Furthermore, ESG disclosure only moderates the relationship between liquidity and financial distress. This study contributes to the development of stakeholder theory, stating that ESG disclosure acts as a risk mitigation mechanism that does not always strengthen the overall relationship between variables.

• openalex https://doi.org/10.24843/eeb.2026.v15.i07.p10first seen 2026-08-14 05:06:29