Peran Efisiensi Operasional dan Reputasi Perusahaan dalam Memediasi Pengaruh Green Innovation dan ESG Disclosure Terhadap Financial Resilience

Abstract

This study aims to analyze the effects of Green Innovation and ESG Disclosure on Financial Resilience and to examine the mediating roles of operational efficiency and corporate reputation in energy sector companies listed on the Indonesia Stock Exchange during the 2021–2025 period. This study is motivated by increasing business uncertainty arising from energy price volatility, the energy transition, and growing sustainability demands, which have encouraged companies to strengthen their Financial Resilience. This study employs an explanatory quantitative approach using panel data. The research sample comprises 20 energy sector companies selected through purposive sampling over a five-year observation period from 2021 to 2025, resulting in 100 observations. Data analysis was conducted using panel data regression and path analysis. Financial Resilience is proxied by cash holdings, while Green Innovation is measured using the Green Innovation Disclosure Index. ESG Disclosure is measured using an ESG Disclosure index based on the Global Reporting Initiative (GRI). Operational efficiency is proxied by the Operating Expense Ratio (OER), while corporate reputation is measured using market share. The mediating effects are examined using the Sobel Test. The results show that Green Innovation has no effect on Financial Resilience. In contrast, ESG Disclosure, operational efficiency, and corporate reputation have positive effects on Financial Resilience. Furthermore, Green Innovation has a positive effect on operational efficiency, while ESG Disclosure has a positive effect on corporate reputation. The mediation test results indicate that operational efficiency fully mediates the effect of Green Innovation on Financial Resilience. Meanwhile, corporate reputation partially mediates the effect of ESG Disclosure on Financial Resilience. This study provides a theoretical contribution by supporting the Resource-Based View and Signaling Theory in explaining the mechanisms through which corporate sustainability practices contribute to Financial Resilience. From a practical perspective, the findings suggest that energy sector companies should optimize the implementation of Green Innovation to enhance operational efficiency and strengthen the quality of ESG Disclosure to build corporate reputation and improve long-term Financial Resilience.