Efficiency as the Missing Link: Exploring How ESG Practices Shape Cash Holding Decisions
DOI:
https://doi.org/10.26740/jim.v14n2.p399-413Kata Kunci:
cash holdings, ESG performance, firm efficiency, financial flexibility, emerging marketAbstrak
Penelitian ini mengkaji hubungan antara kinerja environmental, social, and governance (ESG) dan cash holdings perusahaan dengan meneliti peran mediasi efisiensi perusahaan pada perusahaan non-keuangan di Indonesia selama periode 2018–2022. Dengan menggunakan 405 observasi firm-year dan analisis regresi panel berbasis mediasi, penelitian ini berupaya menjawab perdebatan mengenai apakah praktik ESG menurunkan atau justru meningkatkan insentif perusahaan untuk menahan kas. Hasil penelitian menunjukkan bahwa meskipun kinerja ESG tidak berpengaruh langsung terhadap cash holdings perusahaan, ESG secara signifikan meningkatkan efisiensi perusahaan, dan peningkatan efisiensi tersebut selanjutnya berpengaruh positif signifikan terhadap cash holdings, yang menunjukkan adanya mediasi penuh. Dengan demikian, praktik ESG secara tidak langsung memengaruhi kebijakan likuiditas perusahaan melalui peningkatan kapabilitas operasional, bukan semata-mata melalui mekanisme tata kelola secara langsung. Lebih lanjut, hubungan positif antara efisiensi perusahaan dan cash holdings menunjukkan bahwa perusahaan yang lebih efisien secara operasional cenderung mempertahankan cadangan kas yang besar sebagai bentuk fleksibilitas keuangan strategis, sehingga cash holdings tidak selalu mencerminkan masalah keagenan atau alokasi sumber daya yang tidak efisien. Dalam konteks pasar berkembang seperti Indonesia, dengan kondisi pendanaan eksternal masih relatif mahal dan volatil, perusahaan yang efisien dapat secara sengaja mengakumulasi kas untuk mendukung investasi keberlanjutan, menjaga ketahanan perusahaan, dan mengurangi potensi kendala pendanaan di masa depan. Penelitian ini berkontribusi pada literatur ESG dan keuangan dengan menyoroti peran efisiensi perusahaan sebagai mekanisme transmisi penting yang menghubungkan praktik ESG dan kebijakan likuiditas perusahaan, serta memberikan bukti bahwa cash holdings di pasar berkembang dapat mencerminkan kesiapan strategis dan kapasitas pendanaan internal, bukan semata-mata oportunisme manajerial.
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