Research Aims: This study aims to analyze the effect of Environmental, Social, Governance (ESG) and Intellectual Capital on the financial performance of energy companies listed on the Indonesia Stock Exchange, with environmental performance as a moderating variable. Design/methodology/approach: The research is descriptive with a quantitative approach. The data analysis method used is panel data moderation regression, processed with EViews 12 software. The sampling technique applied is purposive sampling, with a sample of 22 energy companies listed on the Indonesia Stock Exchange during the 2019-2023 period. Research Findings: The results show that ESG and Intellectual Capital have a positive and significant impact on financial performance. Environmental performance, however, does not have a significant impact on financial performance and does not moderate the relationship between ESG and financial performance, nor does it moderate the effect of Intellectual Capital on financial performance. Theoretical Contribution/Originality: This study contributes to the literature by showing that ESG and Intellectual Capital significantly influence financial performance, while environmental performance does not have a significant moderating effect. The research emphasizes the importance of ESG and Intellectual Capital in improving the financial performance of energy companies in Indonesia. Keywords: Financial Performance, Environmental, Social, Governance (ESG), Intellectual Capital, Environmental Performance.
Mukti et al. (Wed,) studied this question.
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