The Impact of Corporate Environmental, Social, and Governance Disclosure on Cash Holdings: Moderating the Influence of Financial Uncertainty

Harfiahani Indah Rakhma Ningtyas

doi:10.53567/jtsyb.v16i2.89

Authors

Harfiahani Indah Rakhma Ningtyas

DOI:

https://doi.org/10.53567/jtsyb.v16i2.89

Keywords:

ESG, cash holding, financial uncertainty, perusahaan manufaktur, Bursa Efek Indonesia.

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh penerapan prinsip Environmental, Social, and Governance (ESG) terhadap kebijakan cash holding perusahaan, serta menguji peran moderasi financial uncertainty dalam hubungan tersebut. Penelitian ini metode kuantitaif. Hasil penelitian menunjukkan bahwa penerapan prinsip ESG berpengaruh positif terhadap kebijakan cash holding. Perusahaan dengan skor ESG yang lebih tinggi cenderung mempertahankan lebih banyak kas, yang digunakan untuk mengantisipasi biaya tambahan terkait dengan kebijakan keberlanjutan, seperti investasi dalam teknologi ramah lingkungan atau pemenuhan standar sosial dan lingkungan. Selain itu, ketidakpastian finansial terbukti memperkuat hubungan antara ESG dan cash holding. Dalam kondisi ketidakpastian yang tinggi, perusahaan lebih konservatif dalam pengelolaan kas dan lebih memilih untuk menyimpan kas sebagai cadangan. Penelitian ini menyarankan perusahaan untuk berhati-hati dalam mengelola cash holding, mengingat adanya kebutuhan likuiditas tambahan yang timbul akibat ketidakpastian finansial. Peneliti selanjutnya disarankan untuk mengeksplorasi faktor kontekstual lain yang dapat mempengaruhi hubungan ini, serta untuk merancang kebijakan yang mendukung implementasi ESG tanpa menghambat likuiditas perusahaan.

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