KEBERLANJUTAN DAN PROFITABILITAS: FINANCIAL SLACK SEBAGAI MODERATOR HUBUNGAN ENVIRONMENT, SOCIAL, AND GOVERNANCE (ESG) DAN FINANCIAL PERFORMANCE PADA SEKTOR PERTAMBANGAN INDONESIA

Refiana Dwi Maghfiroh

doi:10.35906/jep.v11i2.2577

KEBERLANJUTAN DAN PROFITABILITAS: FINANCIAL SLACK SEBAGAI MODERATOR HUBUNGAN ENVIRONMENT, SOCIAL, AND GOVERNANCE (ESG) DAN FINANCIAL PERFORMANCE PADA SEKTOR PERTAMBANGAN INDONESIA

Refiana Dwi Maghfiroh

Abstract

ABSTRAK

Sejak tahun 2022, lonjakan kasus kerusakan ekologis dan kontroversial industri pertambangan di Indonesia telah meningkatkan tekanan yang massif dari masyarakat, investor, dan regulator. Kondisi ini secara fundamental mendorong perusahaan mengintegrasikan keberlanjutan ke dalam usahanya. Akibatnya, metrik ESG kini bukan lagi sekadar pertimbangan etika, melainkan menjadi faktor risiko dan peluang yang menentukan nilai perusahaan. Pada konteks yang menantang ini, kemampuan untuk menangani krisis dan mempertahankan profitabilitas menjadi fokus kritikal bagi perusahaan. Oleh karena itu, secara spesifik penelitian ini bertujuan menguji pengaruh ESG terhadap kinerja keuangan dengan menyelidiki peran financial slack sebagai variabel moderasi pada sektor pertambangan tahun 2022-2024. Financial slack dipandang sebagai strategi yang memungkinkan perusahaan menyeimbangkan tuntutan keberlanjutan tanpa mengorbankan imbal hasil finansial. Studi ini mengadopsi pendekatan kuantitatif dengan desain eksplanatori kausal dengan desain eksplanatori kausal untuk menelaah hubungan ESG, financial performance, dan financial slack. Data yang digunakan berjenis sekunder yang diperoleh melalui dokumentasi dari laporan tahunan dan skor ESG dengan SEM-PLS sebagai teknik analisis. Pengambilan sampel menggunakan teknik purposive yaitu perusahaan yang konsisten merilis laporan tahunan serta skor ESG dalam tiga tahun pengamatan, dan menghasilkan 36 perusahaan. Temuan mengungkapkan adanya hubungan positif yang nyata dan signifikan antara praktik ESG perusahaan dan financial slack terhadap financial performance perusahaan pertambangan Indonesia. Namun, financial slack tidak memoderasi hubungan antara kinerja ESG dan financial performance.

ABSTRACT

Since 2022, the surge of ecological degradation and the growing controversies surrounding the mining industry in Indonesia have intensified, mounting pressure from society, investors, and regulators. This situation has fundamentally compelled firms to embed sustainability into their business. Consequently, ESG metrics are no longer perceived merely as ethical considerations but have evolved into critical risk and opportunity factors that shape corporate value. Within this challenging landscape, the capacity to navigate crises while maintaining profitability has become a pivotal concern for mining companies. Against this backdrop, the present study specifically aims to examine the impact of ESG on financial performance by investigating the moderating role of financial slack in the mining sector during 2022–2024. Financial slack is considered a strategic buffer that enables firms to reconcile sustainability imperatives without compromising financial returns. This study employs a quantitative approach with a causal-explanatory design to explore the nexus among ESG, financial performance, and financial slack. The analysis relies on secondary data obtained from annual reports and ESG scores, applying SEM-PLS as the analytical technique. The sampling procedure used purposive sampling, selecting mining firms consistently publishing both annual reports and ESG disclosures over the three-year observation period, resulting in a final sample of 36 firms. The findings reveal a significant and positive relationship between ESG practices, financial slack, and the financial performance of Indonesian mining companies. However, financial slack does not moderate the relationship between ESG performance and financial outcomes.

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