Ashari, Aviva Putri (2026) PENGARUH ESG PERFORMANCE DAN BOARD INDEPENDENCE TERHADAP COST OF DEBT DENGAN AGENCY COST SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN YANG TERDAFTAR DI BEI TAHUN 2020-2024. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
This study aims to analyze the effects of ESG Performance and Board Independence on the Cost of Debt, with Agency Cost as a moderating variable, among non-financial companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This study employs Signaling Theory and Agency Theory as the theoretical foundation to explain the relationships among ESG Performance, Board Independence, Agency Cost, and Cost of Debt. The population of this study consists of all non-financial companies listed on the Indonesia Stock Exchange. The sample was selected using a purposive sampling technique, resulting in 40 companies and 200 firm-year observations over a five-year period. The study employs the Fixed Effect Model, selected based on the Chow test and Hausman test, while Leverage and Firm Size are included as control variables. The findings indicate that ESG Performance is associated with higher Cost of Debt, suggesting that ESG implementation has not yet been fully perceived as a factor capable of reducing corporate borrowing costs. Board Independence does not exhibit a clear relationship with Cost of Debt, indicating that the presence of independent commissioners has not become a primary consideration for creditors in determining borrowing costs. Agency Cost alters the relationship between ESG Performance and Cost of Debt, implying that the effectiveness of ESG in influencing borrowing costs depends on the level of Agency Cost. Conversely, Agency Cost does not alter the relationship between Board Independence and Cost of Debt. These findings suggest that, in addition to ESG implementation and corporate governance mechanisms, other factors also contribute to determining the Cost of Debt of non-financial companies in Indonesia. Keywords: ESG Performance, Board Independence, Agency Cost, Cost of Debt.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting | ||||||||
| Divisions: | Faculty of Economic and Business > Departement of Accounting | ||||||||
| Depositing User: | AVIVA AVIVA PUTRI ASHARI | ||||||||
| Date Deposited: | 20 Oct 2026 07:15 | ||||||||
| Last Modified: | 20 Oct 2026 07:47 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/61028 |
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