ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG), INTELLECTUAL CAPITAL, DAN FIRM VALUE : PENGARUH MODERASI BUSINESS COMPLEXITY
DOI:
https://doi.org/10.31539/costing.v7i6.13400Keywords:
ESG, Intellectual Capital, Firm Value, Business ComplexityAbstract
Penelitian ini bertujuanuntuk menganalisis pengaruh antara ESG terhadap Firm Value, menganalisis pengaruh antara Intellectual Capital terhadap Firm Value, menganalisis pengaruh antara Business Complexity terhadap Firm Value, menganalisis pengaruh moderasi Business Complexity terhadap hubungan antara ESG dan Firm Value, dan menganalisis pengaruh moderasi Business Complexity terhadap hubungan antara Intellectual Capital dan Firm Value. Pendekaatan yang digunakan pada penelitian ini adalah penelitian kuantitatif dengan menggunakan Moderated Regression Analysis (MRA) menggunakan bantuan software eviews 12. Hasil penelitian menunjukkan bahwa Koefisien determinasi penelitian ini menunjukan pada angka 18,29% yang berarti bahwa variabel bebas hanya mampu menjelaskan variabel terikat dengan 18,29% sedangkan sisanya sebesar 81,61% dipengaruhi oleh faktor lain di luar model ini.
References
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Barney, Jay. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Behl, A., Kumari, P. S. R., Makhija, H., & Sharma, D. (2022). Exploring The Relationship of ESG Score and Firm Value Using Cross-Lagged Panel Analyses: Case of The Indian Energy Sector. Annals of Operations Research, 313(1), 231–256. https://doi.org/10.1007/s10479-021-04189-8
Blake, M. (2016). Valuing Early Stage Technology Firms. Technological Innovation: Generating Economic Results, 26(1), 311–340. https://doi.org/10.1108/S1048-473620160000026011
Bontis, N. (2001). Assessing knowledge assets: a review of the models used to measure intellectual capital. International Journal of Management Reviews, 3(1), 41–60. https://doi.org/10.1111/1468-2370.00053
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan (14 Buku 1). Jakarta: Salemba Empat.
Cahyono, S., & Ardianto, A. (2024). Intellectual Capital, Political Connection, and Firm Performance: Exploring from Indonesia. Risks, 12(7), 105–120. https://doi.org/10.3390/risks12070105
Chen, G., Huang, S., Meyer‐Doyle, P., & Mindruta, D. (2021). Generalist versus specialist and acquisitions: Two‐sided matching and the impact of characteristics on firm outcomes. Strategic Management Journal, 42(6), 1184–1214. https://doi.org/10.1002/smj.3258
Chen, X., You, X., & Chang, V. (2021). FinTech and commercial banks’ performance in China: A leap forward or survival of the fittest? Technological Forecasting and Social Change, 166, 120645–120655. https://doi.org/10.1016/j.techfore.2021.120645
Chipalkatti, N., Le, Q. V., & Rishi, M. (2021). Sustainability and Society: Do Environmental, Social, and Governance Factors Matter for Foreign Direct Investment? Energies, 14(19), 6039–6057. https://doi.org/10.3390/en14196039
Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, 20(1), 92–117.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835–2857.
Edvinsson, M. S., & Malone, L. (1997). Intellectual capital: Realizing your company’s true value by finding its hidden brain power. HarperBusiness.
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Escrig‐Olmedo, E., Muñoz‐Torres, M. J., & Fernández‐Izquierdo, M. Á. (2013). Sustainable Development and the Financial System: Society’s Perceptions About Socially Responsible Investing. Business Strategy and the Environment, 22(6), 410–428. https://doi.org/10.1002/bse.1755
Feng, Z., & Wu, Z. (2023). ESG Disclosure, REIT Debt Financing and Firm Value. The Journal of Real Estate Finance and Economics, 67(3), 388–422. https://doi.org/10.1007/s11146-021-09857-x
Freeman, R. E. (1984). Strategic Management: A Stakeholder Theory. Journal of Management Studies, 39(1), 1–21.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Semarang: Badan Penerbit Universitas Diponegoro.
Guler, I., & Guillen, M. F. (2010). he impact of global competition on the value of firms in emerging markets. Academy of Management Perspectives, 24(2), 45–62.
Harun, M. S., Hussainey, K., Mohd Kharuddin, K. A., & Farooque, O. Al. (2020). CSR Disclosure, Corporate Governance and Firm Value: a study on GCC Islamic Banks. International Journal of Accounting and Information Management, 28(4), 607–638. https://doi.org/10.1108/IJAIM-08-2019-0103
Hill, R. P., Ainscough, T., Shank, T., & Manullang, D. (2007). Corporate Social Responsibility and Socially Responsible Investing: A Global Perspective. Journal of Business Ethics, 70(2), 165–174. https://doi.org/10.1007/s10551-006-9103-8
Husain, A. (2019). Ketahanan Dasar Lingkungan. Makassar: Sah Media.
Jain, K., & Tripathi, P. S. (2023). Mapping The Environmental, Social and Governance Literature: A Bibliometric and Content Analysis. Journal of Strategy and Management, 16(3), 397–428. https://doi.org/10.1108/JSMA-05-2022-0092
Jeanice, J., & Kim, S. S. (2023). Pengaruh Penerapan ESG Terhadap Nilai Perusahaan di Indonesia. Owner, 7(2), 1646–1653. https://doi.org/10.33395/owner.v7i2.1338
Junius, D., Adisurjo, A., Rijanto, Y. A., & Adelina, Y. E. (2020). The Impact of ESG Performance to Firm Performance. Jurnal Aplikasi Akuntansi, 5(1), 21–41.
Kamath, G. B. (2007). The intellectual capital performance of Indian banking sector. Journal of Intellectual Capital, 8(1), 96–123. https://doi.org/10.1108/14691930710715088
Liu, C., Li, Q., & Lin, Y.-E. (2023). Corporate transparency and firm value: Does market competition play an external governance role? Journal of Contemporary Accounting & Economics, 19(1), 100334–100361. https://doi.org/10.1016/j.jcae.2022.100334
Lukman, H., & Tanuwijaya, H. (2021). The Effect of Financial Performance and Intellectual Capital on Firm Value with CSR as a Mediating Variable in Banking Industry. Proceedings of the Ninth International Conference on Entrepreneurship and Business Management (ICEBM 2020), 353–359. https://doi.org/10.2991/aebmr.k.210507.054
Mohamad, N. (2020). Do Environmental, Social, and Governance Practices (ESG) Signify Firm Value? Evidence from FTSE4Good Bursa Malaysia (F4GBM). Global Business and Management Research: An International Journal, 12(4), 365–376.
Mollah, M. A. S., & Rouf, M. A. (2022). The impact of intellectual capital on commercial banks’ performance: evidence from Bangladesh. Journal of Money and Business, 2(1), 82–93. https://doi.org/10.1108/JMB-07-2021-0024
Nguyen, A. H., & Doan, D. T. (2020). The Impact of Intellectual Capital on Firm Value: Empirical Evidence From Vietnam. International Journal of Financial Research, 11(4), 74–86. https://doi.org/10.5430/ijfr.v11n4p74
Ni, Y., Cheng, Y.-R., & Huang, P. (2021). Do Intellectual Capitals Matter to Firm Value Enhancement? Evidences from Taiwan. Journal of Intellectual Capital, 22(4), 725–743. https://doi.org/10.1108/JIC-10-2019-0235
Nurazizah, S. F., Irawan, D., Juanda, A., & Uli, S. (2024). Intellectual capital on organizational performance through the mediation of intrinsic motivation in indonesian universities. Journal of Accounting and Investment, 25(3), 841–856. https://doi.org/10.18196/jai.v25i3.23009
Otoritas Jasa Keuangan. (2016). Laporan Tahunan OJK 2015.
Putri, I. A. J. (2023). The Effect of Growth, Intellectual Capital, Financial Performance on Firm Value. JPPI (Jurnal Penelitian Pendidikan Indonesia), 9(4), 250–256. https://doi.org/10.29210/020233026
Rahelliamelinda, L., & Handoko, J. (2024). Profitabiltas Sebagai Moderating Pengaruh Kinerja Esg , Green Innovation , Eco-Efficiency. 19(1), 145–170.
Salvatore, D. (2005). Ekonomi Manajerial (2nd ed.). Jakarta: Salemba Empat.
Setya Permana, A. B., & Tjahjadi, B. (2020). Pengaruh Pengungkapan Lingkungan dan Karbon terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 30(4), 932–945. https://doi.org/10.24843/EJA.2020.v30.i04.p11
Seuring, S., & Müller, M. (2008). From A Literature Review to A Conceptual Framework for Sustainable Supply Chain Management. Journal of Cleaner Production, 16(15), 1699–1710. https://doi.org/10.1016/j.jclepro.2008.04.020
Shaikh, I. (2022). Environmental, Social, and Governance (ESG) Practice and Firm Performance: An International Evidence. Journal of Business Economics and Management, 23(1), 218–237. https://doi.org/10.3846/jbem.2022.16202
Soewarno, N., Hilal, A., & Ramadhan, A. (2020). The Effect of Ownership Structure and Intellectual Capital on Firm Value with Firm Performance as an Intervening Variable. International Journal of Innovation, Creativity and Change. Www.Ijicc.Net, 10(12), 215–236.
Stewart, T. A. (1997). Intellectual Capital: The New Wealth of Organizations. New York: Doubleday/Currency.
Susanti, N., Widajatun, V. W., Aji, M. B., & Nugraha, N. M. (2020). Implications of Intellectual Capital Financial Performance and Corporate Values (Studies on Goods and Consumption Sector 2013-2017 period). International Journal of Psychosocial Rehabilitation, 24(07), 6588–6599.
Tsai, C. H., & Mutuc, E. B. (2020). Intellectual Capital, Corporate Financial Performance, and CSR in Asian Food Industry. Sustainability, 17(2), 663–681.
United Nations Environment Programme Finance Initiative. (2021). Finance Initiative.
Vicente-Saez, R., & Martinez-Fuentes, C. (2018). Open Science now: A systematic literature review for an integrated definition. Journal of Business Research, 88, 428–436. https://doi.org/10.1016/j.jbusres.2017.12.043
Wan, W. P., Hoskisson, R. E., Short, J. C., & Yiu, D. W. (2011). Resource-based theory and corporate diversification: Accomplishments and opportunities. Journal of Management, 37(5), 1335–1368. https://doi.org/10.1177/0149206310391804
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39(1), 1–18. https://doi.org/10.1016/j.frl.2020.101593
Wu, S., Li, X., Du, X., & Li, Z. (2022). The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure. Sustainability, 14(21), 14507–14519. https://doi.org/10.3390/su142114507
Xaviera, A., & Rahman, A. (2023). Pengaruh Kinerja ESG Terhadap Nilai Perusahaan dengan Siklus Hidup Perusahaan Sebagai Moderasi : Bukti dari Indonesia. Jurnal Akuntansi Bisnis, 16(2), 226–247. https://doi.org/10.30813/jab.v16
Yawika, M. K., & Handayani, S. (2019). The Effect of ESG Performance on Economic Performance in the High Profile Industry in Indonesia. Journal Of International Business And Economics, 7(2), 1–10. https://doi.org/10.15640/jibe.v7n2a12
Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability, 14(24), 16940–16953. https://doi.org/10.3390/su142416940
Yudhanto, W., & Simamora, A. J. (2023). Environmental, Social, and Governance Risk on Firm Performance: The Mediating Role of Firm Risk. Binus Business Review, 14(2), 223–234. https://doi.org/10.21512/bbr.v14i2.8935
Zhang, D., & Liu, L. (2022). Does ESG Performance Enhance Financial Flexibility? Evidence from China. Sustainability, 14(18), 11324–11355. https://doi.org/10.3390/su141811324
Zumente, I., & Bistrova, J. (2021). ESG Importance for Long-Term Shareholder Value Creation: Literature vs Practice. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 127–139. https://doi.org/10.3390/joitmc7020127
Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG Disclosure and Firm Performance Before and After COVID-19: The Moderating Role of Governance Mechanisms. International Journal of Accounting & Information Management, 29(1), 1–17. https://doi.org/10.1108/IJAIM-08-2020-0129
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG Performance on Firm Value and Profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management. 17(1), 99–120.
Barney, Jay. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Behl, A., Kumari, P. S. R., Makhija, H., & Sharma, D. (2022). Exploring The Relationship of ESG Score and Firm Value Using Cross-Lagged Panel Analyses: Case of The Indian Energy Sector. Annals of Operations Research, 313(1), 231–256. https://doi.org/10.1007/s10479-021-04189-8
Blake, M. (2016). Valuing Early Stage Technology Firms. Technological Innovation: Generating Economic Results, 26(1), 311–340. https://doi.org/10.1108/S1048-473620160000026011
Bontis, N. (2001). Assessing knowledge assets: a review of the models used to measure intellectual capital. International Journal of Management Reviews, 3(1), 41–60. https://doi.org/10.1111/1468-2370.00053
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan (14 Buku 1). Jakarta: Salemba Empat.
Cahyono, S., & Ardianto, A. (2024). Intellectual Capital, Political Connection, and Firm Performance: Exploring from Indonesia. Risks, 12(7), 105–120. https://doi.org/10.3390/risks12070105
Chen, G., Huang, S., Meyer‐Doyle, P., & Mindruta, D. (2021). Generalist versus specialist and acquisitions: Two‐sided matching and the impact of characteristics on firm outcomes. Strategic Management Journal, 42(6), 1184–1214. https://doi.org/10.1002/smj.3258
Chen, X., You, X., & Chang, V. (2021). FinTech and commercial banks’ performance in China: A leap forward or survival of the fittest? Technological Forecasting and Social Change, 166, 120645–120655. https://doi.org/10.1016/j.techfore.2021.120645
Chipalkatti, N., Le, Q. V., & Rishi, M. (2021). Sustainability and Society: Do Environmental, Social, and Governance Factors Matter for Foreign Direct Investment? Energies, 14(19), 6039–6057. https://doi.org/10.3390/en14196039
Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, 20(1), 92–117.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835–2857.
Edvinsson, M. S., & Malone, L. (1997). Intellectual capital: Realizing your company’s true value by finding its hidden brain power. HarperBusiness.
Elkington, J. (2013). Enter the triple bottom line. The Triple Bottom Line: Does It All Add Up, 1(1986), 1–16. https://doi.org/10.4324/9781849773348
Escrig‐Olmedo, E., Muñoz‐Torres, M. J., & Fernández‐Izquierdo, M. Á. (2013). Sustainable Development and the Financial System: Society’s Perceptions About Socially Responsible Investing. Business Strategy and the Environment, 22(6), 410–428. https://doi.org/10.1002/bse.1755
Feng, Z., & Wu, Z. (2023). ESG Disclosure, REIT Debt Financing and Firm Value. The Journal of Real Estate Finance and Economics, 67(3), 388–422. https://doi.org/10.1007/s11146-021-09857-x
Freeman, R. E. (1984). Strategic Management: A Stakeholder Theory. Journal of Management Studies, 39(1), 1–21.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Semarang: Badan Penerbit Universitas Diponegoro.
Guler, I., & Guillen, M. F. (2010). he impact of global competition on the value of firms in emerging markets. Academy of Management Perspectives, 24(2), 45–62.
Harun, M. S., Hussainey, K., Mohd Kharuddin, K. A., & Farooque, O. Al. (2020). CSR Disclosure, Corporate Governance and Firm Value: a study on GCC Islamic Banks. International Journal of Accounting and Information Management, 28(4), 607–638. https://doi.org/10.1108/IJAIM-08-2019-0103
Hill, R. P., Ainscough, T., Shank, T., & Manullang, D. (2007). Corporate Social Responsibility and Socially Responsible Investing: A Global Perspective. Journal of Business Ethics, 70(2), 165–174. https://doi.org/10.1007/s10551-006-9103-8
Husain, A. (2019). Ketahanan Dasar Lingkungan. Makassar: Sah Media.
Jain, K., & Tripathi, P. S. (2023). Mapping The Environmental, Social and Governance Literature: A Bibliometric and Content Analysis. Journal of Strategy and Management, 16(3), 397–428. https://doi.org/10.1108/JSMA-05-2022-0092
Jeanice, J., & Kim, S. S. (2023). Pengaruh Penerapan ESG Terhadap Nilai Perusahaan di Indonesia. Owner, 7(2), 1646–1653. https://doi.org/10.33395/owner.v7i2.1338
Junius, D., Adisurjo, A., Rijanto, Y. A., & Adelina, Y. E. (2020). The Impact of ESG Performance to Firm Performance. Jurnal Aplikasi Akuntansi, 5(1), 21–41.
Kamath, G. B. (2007). The intellectual capital performance of Indian banking sector. Journal of Intellectual Capital, 8(1), 96–123. https://doi.org/10.1108/14691930710715088
Liu, C., Li, Q., & Lin, Y.-E. (2023). Corporate transparency and firm value: Does market competition play an external governance role? Journal of Contemporary Accounting & Economics, 19(1), 100334–100361. https://doi.org/10.1016/j.jcae.2022.100334
Lukman, H., & Tanuwijaya, H. (2021). The Effect of Financial Performance and Intellectual Capital on Firm Value with CSR as a Mediating Variable in Banking Industry. Proceedings of the Ninth International Conference on Entrepreneurship and Business Management (ICEBM 2020), 353–359. https://doi.org/10.2991/aebmr.k.210507.054
Mohamad, N. (2020). Do Environmental, Social, and Governance Practices (ESG) Signify Firm Value? Evidence from FTSE4Good Bursa Malaysia (F4GBM). Global Business and Management Research: An International Journal, 12(4), 365–376.
Mollah, M. A. S., & Rouf, M. A. (2022). The impact of intellectual capital on commercial banks’ performance: evidence from Bangladesh. Journal of Money and Business, 2(1), 82–93. https://doi.org/10.1108/JMB-07-2021-0024
Nguyen, A. H., & Doan, D. T. (2020). The Impact of Intellectual Capital on Firm Value: Empirical Evidence From Vietnam. International Journal of Financial Research, 11(4), 74–86. https://doi.org/10.5430/ijfr.v11n4p74
Ni, Y., Cheng, Y.-R., & Huang, P. (2021). Do Intellectual Capitals Matter to Firm Value Enhancement? Evidences from Taiwan. Journal of Intellectual Capital, 22(4), 725–743. https://doi.org/10.1108/JIC-10-2019-0235
Nurazizah, S. F., Irawan, D., Juanda, A., & Uli, S. (2024). Intellectual capital on organizational performance through the mediation of intrinsic motivation in indonesian universities. Journal of Accounting and Investment, 25(3), 841–856. https://doi.org/10.18196/jai.v25i3.23009
Otoritas Jasa Keuangan. (2016). Laporan Tahunan OJK 2015.
Putri, I. A. J. (2023). The Effect of Growth, Intellectual Capital, Financial Performance on Firm Value. JPPI (Jurnal Penelitian Pendidikan Indonesia), 9(4), 250–256. https://doi.org/10.29210/020233026
Rahelliamelinda, L., & Handoko, J. (2024). Profitabiltas Sebagai Moderating Pengaruh Kinerja Esg , Green Innovation , Eco-Efficiency. 19(1), 145–170.
Salvatore, D. (2005). Ekonomi Manajerial (2nd ed.). Jakarta: Salemba Empat.
Setya Permana, A. B., & Tjahjadi, B. (2020). Pengaruh Pengungkapan Lingkungan dan Karbon terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 30(4), 932–945. https://doi.org/10.24843/EJA.2020.v30.i04.p11
Seuring, S., & Müller, M. (2008). From A Literature Review to A Conceptual Framework for Sustainable Supply Chain Management. Journal of Cleaner Production, 16(15), 1699–1710. https://doi.org/10.1016/j.jclepro.2008.04.020
Shaikh, I. (2022). Environmental, Social, and Governance (ESG) Practice and Firm Performance: An International Evidence. Journal of Business Economics and Management, 23(1), 218–237. https://doi.org/10.3846/jbem.2022.16202
Soewarno, N., Hilal, A., & Ramadhan, A. (2020). The Effect of Ownership Structure and Intellectual Capital on Firm Value with Firm Performance as an Intervening Variable. International Journal of Innovation, Creativity and Change. Www.Ijicc.Net, 10(12), 215–236.
Stewart, T. A. (1997). Intellectual Capital: The New Wealth of Organizations. New York: Doubleday/Currency.
Susanti, N., Widajatun, V. W., Aji, M. B., & Nugraha, N. M. (2020). Implications of Intellectual Capital Financial Performance and Corporate Values (Studies on Goods and Consumption Sector 2013-2017 period). International Journal of Psychosocial Rehabilitation, 24(07), 6588–6599.
Tsai, C. H., & Mutuc, E. B. (2020). Intellectual Capital, Corporate Financial Performance, and CSR in Asian Food Industry. Sustainability, 17(2), 663–681.
United Nations Environment Programme Finance Initiative. (2021). Finance Initiative.
Vicente-Saez, R., & Martinez-Fuentes, C. (2018). Open Science now: A systematic literature review for an integrated definition. Journal of Business Research, 88, 428–436. https://doi.org/10.1016/j.jbusres.2017.12.043
Wan, W. P., Hoskisson, R. E., Short, J. C., & Yiu, D. W. (2011). Resource-based theory and corporate diversification: Accomplishments and opportunities. Journal of Management, 37(5), 1335–1368. https://doi.org/10.1177/0149206310391804
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39(1), 1–18. https://doi.org/10.1016/j.frl.2020.101593
Wu, S., Li, X., Du, X., & Li, Z. (2022). The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure. Sustainability, 14(21), 14507–14519. https://doi.org/10.3390/su142114507
Xaviera, A., & Rahman, A. (2023). Pengaruh Kinerja ESG Terhadap Nilai Perusahaan dengan Siklus Hidup Perusahaan Sebagai Moderasi : Bukti dari Indonesia. Jurnal Akuntansi Bisnis, 16(2), 226–247. https://doi.org/10.30813/jab.v16
Yawika, M. K., & Handayani, S. (2019). The Effect of ESG Performance on Economic Performance in the High Profile Industry in Indonesia. Journal Of International Business And Economics, 7(2), 1–10. https://doi.org/10.15640/jibe.v7n2a12
Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability, 14(24), 16940–16953. https://doi.org/10.3390/su142416940
Yudhanto, W., & Simamora, A. J. (2023). Environmental, Social, and Governance Risk on Firm Performance: The Mediating Role of Firm Risk. Binus Business Review, 14(2), 223–234. https://doi.org/10.21512/bbr.v14i2.8935
Zhang, D., & Liu, L. (2022). Does ESG Performance Enhance Financial Flexibility? Evidence from China. Sustainability, 14(18), 11324–11355. https://doi.org/10.3390/su141811324
Zumente, I., & Bistrova, J. (2021). ESG Importance for Long-Term Shareholder Value Creation: Literature vs Practice. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 127–139. https://doi.org/10.3390/joitmc7020127
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2024-12-06
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