Purpose – The research purpose are to give empirical evidence that whether ESG
scores positively impact on operating performance and financial Performance in
Indonesian companies specialist in non-cyclical.
Design/methodology/approach – This study gathers data from three primary
sources: ESG Intelligence, the Indonesia Stock Exchange, and Yahoo Finance. The
final sample comprises 150 firm years from non-cyclical Indonesian firms. Robust
regression analysis is employed to examine the effects of ESG factors on both
operating and financial performance.
Findings – the regression result support the hypothesis, whereas ESG score
positively impact to operating and financial performance.
Originality/Value – This study contributes to the literature by offering empirical
evidence on the relationship between ESG scores and operating as well as financial
performance. It fills a significant gap in the research and serves as a foundational
reference for future studies exploring the impact of ESG scores on operating and
financial performance specifically in non-cyclical firms.