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September 28, 2025Golden Ratio of Finance ManagementOpen Access

When Risk-Taking Meets ESG: Implications for Firm Performance in Indonesia

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Authors

HHHesniati HesniatiUniversity of International BusinessCSChristine StefaniInternational University of BatamJBJohny BudimanUniversitas Batam

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Overview

Panel data analysis of 86 firms indicates risk-taking improves performance, but ESG moderates negatively.

Key Points

  • Risk-taking significantly enhances firm performance, supporting the risk-return trade-off theory.
  • The interaction of ESG practices negatively affects the risk-taking and firm performance relationship.
  • Implementation of ESG can lead to more cautious strategies, potentially reducing short-term financial success.
  • The findings emphasize ESG's dual role as a performance enhancer and risk-control factor in emerging markets.

Cite This Study

Hesniati et al. (2025) studied this question.

synapsesocial.com/papers/68d909fc41e1c178a14f5d42https://doi.org/10.52970/grfm.v5i2.1670
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