Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/325927 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Cogent Business & Management [ISSN:] 2331-1975 [Volume:] 11 [Issue:] 1 [Article No.:] 2293302 [Year:] 2024 [Pages:] 1-30
Verlag: 
Taylor & Francis, Abingdon
Zusammenfassung: 
Recent studies have addressed the impact of Environment, Social, and Governance responsibility on corporate financial performance and value, but often ignore its impact on non-financial performance. Whereas the ultimate goal of ESG responsibilities is non-financial matters, that is, to incorporate socially acceptable norms into business activities to reach sustainable goals for society. Employing an unbalance panel data model for listed companies in Indonesian Stock Exchange from 2016 to 2022, this study provides empirical evidence on the indirect impact of ESG implementation on firms’ non-financial performance. Consistent with the stakeholder theory, this study found a positive impact of ESG implementation on firm values. The predictability of ESG performance in future financial performance is in line with the resource-based views. ESG-related financial performance has a positive impact on non-financial performance. Firms are willing to increase their commitment to ESG activities if these activities can primarily improve their financial performance. The regulatory policy with dual materiality characteristic is effective in mitigating the mere financial motives of ESG implementation to the more substantive outcomes on ESG-related issues. The effective law enforcement is able to encourage the companies not only to symbolically implement the ESG but to go beyond the legitimate substantive strategic implementation.
Schlagwörter: 
ESG implementation
firm value
ESG-related financial performance
non-financial performance
law enforcement
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