The Effect of ESG on Financial Distress with Gender Diversity Moderating

Barikah, Aminatul (2025) The Effect of ESG on Financial Distress with Gender Diversity Moderating. Jurnal Ilmiah Komputerisasi Akuntansi, 18 (2). pp. 794-804. ISSN 2621-6248

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Abstract

This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and corporate financial distress, with board gender diversity examined as a moderating variable. Using 96 firm-year observations from manufacturing companies listed on the Indonesia Stock Exchange (2022–2024), the analysis employs variance-based Structural Equation Modelling (SEM). The findings reveal that ESG performance does not exert a statistically significant effect on financial distress, and gender diversity does not moderate this relationship. These non-significant results constitute the central empirical contribution of the study, highlighting that ESG engagement and gender diversity have yet to translate into financial resilience in the Indonesian manufacturing context. The study underscores the importance of contextual factors—such as implementation costs, authenticity of ESG disclosures, and limited female representation on boards—in shaping the effectiveness of sustainability practices. The results provide theoretical implications for Stakeholder and Agency Theory and offer practical insights for managers, regulators, and investors in emerging markets

Item Type: Article
Uncontrolled Keywords: ESG Performance, Financial Distress, Gender Diversity
Subjects: Economic And Business > Accounting
Economic And Business
Divisions: Faculty of Economic and Business > Accounting Study Program
Library of Congress Subject Areas > Accounting Study Program
Accounting Study Program
Depositing User: Aminatul Barikah
Date Deposited: 02 Jun 2026 12:29
Last Modified: 02 Jun 2026 12:29
URI: http://eprints.umg.ac.id/id/eprint/16466

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