Yosta, Petrus Kanisius (2026) Peran ESG disclosure dalam memoderasi pengaruh kinerja keuangan terhadap peringkat obligasi perusahaan. Jurakunman (Jurnal Akuntansi dan Manajemen), 19 (2). pp. 86-101. ISSN p-ISSN: 2086-681x; e-ISSN: 2654-8216
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Abstract
This study examines the relationship between financial performance and bond ratings and assesses the role of Environmental, Social, and Governance (ESG) disclosures in shaping that relationship. Financial performance is measured through liquidity, solvency, and profitability. This study employs a quantitative, cross-sectional approach involving 52 companies. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that liquidity and solvency influence bond ratings, whereas profitability does not. In the moderation model, ESG disclosure was found to have an effect, and all interactions between financial performance variables and ESG also had an effect. These findings indicate that ESG plays a significant role in strengthening the relationship between financial performance and bond ratings. Furthermore, the adjusted R-squared value increased after the inclusion of the moderation variable, indicating an improvement in the model’s ability to explain the variation in bond ratings. Thus, bond ratings are determined not only by a company’s financial condition but also by the quality of ESG disclosure, which enhances transparency and investor confidence. These findings confirm that ESG is a critical factor in assessing a company’s credit risk.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | Bond ratings, ESG, financial performance |
| Subjects: | Widya Mandala Catholic University on Madiun Campus > Faculty of Business > Accounting Undergraduate Study Program Business > Accounting Digital Business Management > Business > Accounting |
| Divisions: | Journal Publication |
| Depositing User: | Petrus Kanisius Yosta |
| Date Deposited: | 21 Aug 2026 07:47 |
| Last Modified: | 21 Aug 2026 07:47 |
| URI: | https://repositori.ukwms.ac.id/id/eprint/47714 |
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