The Impact of ESG Disclosure, Competitive Advantage, and Cash Holding on Financial Performance and Firm Valuation
Pengaruh Pengungkapan ESG, Keunggulan Kompetitif, dan Kepemilikan Kas terhadap Kinerja Keuangan dan Nilai Perusahaan
DOI:
https://doi.org/10.21070/ups.11125Keywords:
ESG Disclosure, Competitive Advantage, Cash Holding, Financial Performance, Firm ValueAbstract
This study examines the effects of Environmental, Social, and Governance (ESG) Disclosure, Competitive Advantage, and Cash Holding on Financial Performance and Firm Value. Using quantitative methods and secondary data from 50 companies listed on the Indonesia Stock Exchange during 2020–2024, the study applies multiple linear regression analysis. The findings show that Cash Holding positively and significantly affects Financial Performance and Firm Value. ESG Disclosure has no significant effect on either variable, indicating that ESG practices are not yet a key consideration for investors. Competitive Advantage positively affects Financial Performance but has no significant impact on Firm Value, suggesting it contributes more to operational efficiency than market perception. These results indicate that sustainability initiatives have not yet produced direct financial impacts, while strong competitive positioning improves company performance. The study offers insights for managers and investors in decision making.
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