The Effect of ESG Risk and Eco-Efficiency on Financial Performance of Food and Beverage Companies
DOI:
https://doi.org/10.68376/IJECRE.v1.i2.a79Keywords:
ESG Risk, Eco-Efficiency, Financial Performance, Return on Assets (ROA)Abstract
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) Risk and Eco-Efficiency on the financial performance of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. This study employed a quantitative causal approach using secondary data obtained from annual reports. The population consisted of food and beverage companies listed on the IDX during the 2022–2024 period, and the sample was determined using a purposive sampling technique, resulting in 13 companies with 39 firm-year observations. Data were analyzed using multiple linear regression with the assistance of SPSS, including classical assumption tests, the coefficient of determination (R²), the t-test, and the F-test. The results show that ESG Risk has a positive and significant effect on financial performance, while Eco-Efficiency has a positive but not significant effect on financial performance. Furthermore, ESG Risk and Eco-Efficiency simultaneously have a significant effect on financial performance, with an Adjusted R Square of 0.506, indicating that the two independent variables jointly explain 50.6% of the variation in financial performance.
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