Ernawati, Anita (2026) Integrasi Pengungkapan ESG, Transformasi Digital, dan Intellectual Capital terhadap Kinerja Keuangan: Peran Financial Slack sebagai Variabel Moderasi pada Perusahaan Manufaktur di Indonesia. Magister (S2) thesis, Universitas BPD.
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Abstract
This study aims to analyze the effects of Environmental, Social, and Governance (ESG), Digital Transformation (DT), and Intellectual Capital (IC) on Financial Performance (FP) in Indonesian manufacturing firms during 2022–2024, while also examining the mediating role of IC in the DT–FP relationship and the moderating role of Financial Slack (FS). The research employs a quantitative approach using panel data from 69 firms (207 observations), collected from annual and sustainability reports. Data were analyzed using PLS-SEM with SmartPLS. The findings show that ESG and IC have a positive and significant effect on FP, whereas DT has a significant but negative effect on FP. DT does not significantly affect IC; therefore, IC does not mediate the effect of DT on FP. Moderation testing indicates that FS strengthens the effect of DT on FP, does not significantly moderate the ESG–FP relationship, and negatively moderates the IC–FP relationship at the 5% significance level. These findings highlight that, within the Resource-Based View (RBV), knowledge-based capabilities and sustainability practices are more consistently associated with improved financial performance, while the effectiveness of digital transformation depends on organizational readiness and appropriate management of financial slack.
| Item Type: | Thesis (Magister (S2)) |
|---|---|
| Additional Information: | Penelitian ini bertujuan menganalisis pengaruh Environmental, Social, and Governance (ESG), Digital Transformation (DT), dan Intellectual Capital (IC) terhadap Financial Performance (FP) pada perusahaan manufaktur di Indonesia periode 2022–2024, serta menguji peran mediasi IC pada hubungan DT terhadap FP dan peran moderasi Financial Slack (FS). Penelitian menggunakan pendekatan kuantitatif dengan data panel 69 perusahaan (207 observasi) yang diperoleh dari laporan tahunan dan laporan keberlanjutan. Analisis dilakukan menggunakan metode PLS-SEM dengan bantuan SmartPLS. Hasil pengujian menunjukkan bahwa ESG dan IC berpengaruh positif dan signifikan terhadap FP, sedangkan DT berpengaruh signifikan terhadap FP namun dengan arah negatif. DT tidak terbukti berpengaruh signifikan terhadap IC, sehingga IC juga tidak memediasi pengaruh DT terhadap FP. Pengujian moderasi menunjukkan bahwa FS memperkuat pengaruh DT terhadap FP, tidak memoderasi secara signifikan hubungan ESG terhadap FP, serta memoderasi hubungan IC terhadap FP dengan arah negatif pada taraf signifikansi 5%. Temuan ini menegaskan bahwa dalam kerangka Resource-Based View (RBV), kapabilitas internal berbasis pengetahuan (IC) dan praktik keberlanjutan (ESG) lebih konsisten berkaitan dengan peningkatan kinerja keuangan, sementara efektivitas DT sangat bergantung pada kesiapan organisasi dan pengelolaan slack keuangan yang tepat. |
| Uncontrolled Keywords: | ESG; Digital Transformation; Intellectual Capital; Financial Slack; Financial Performance |
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | Wisudawan S2 |
| Date Deposited: | 21 Aug 2026 06:19 |
| Last Modified: | 21 Aug 2026 06:19 |
| URI: | https://eprints.ubpd.ac.id/id/eprint/51 |
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