The Effect of Green Innovation on Firm Performance with ESG Performance as a Mediating Variable and Financial Constraints as a Moderating Variable
Pengaruh Inovasi Hijau terhadap Kinerja Perusahaan dengan Kinerja ESG sebagai Variabel Mediasi dan Kendala Keuangan sebagai Variabel Moderasi
DOI:
https://doi.org/10.21070/ups.11004Keywords:
Green Innovation, Firm Performance, ESG, Financial DistressAbstract
This study aims to examine the effect of Green Innovation on Firm Performance with ESG Performance as a Mediating Variable and Financial Constrains as a Moderating Variable. This study used a quantitative method with secondary data from 30 non-cyclical consumer goods sector companies listed on the Indonesia Stock Exchange for the 2020-2024 period. The sample was selected through purposive sampling in the form of unbalanced panel data. The analysis was conducted using multiple linier regression with the help of SPSS 26. The results show that Green Innovation has no effect on ESG Performance, but has a significant positive effect on Firm Performance. ESG Performance has a significant negative effect on Firm Performance and does not mediate the effect of Green Innovation on Firm Performance. Financial Constrains positively moderate the effect of ESG Performance on Firm Performance. Green innovation directly improves performance, suggesting management need not rely on ESG metrics.
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