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ARIN MUTIARA MULIA SAPUTRI

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Abstrak (Bhs. Indonesia)

Penelitian ini merupakan penelitian kuantitatif yang bertujuan menganalisis pengaruh ESG Disclosure, Debt Maturity, Free Cash Flow, dan Tax Avoidance terhadap Investment Efficiency dengan Financial Constraint sebagai variabel moderasi. Populasi penelitian mencakup seluruh perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2024. Sampel dipilih menggunakan metode purposive sampling. Data dianalisis menggunakan regresi data panel dengan bantuan perangkat lunak EViews 12. Hasil penelitian menunjukkan bahwa ESG Disclosure dan Free Cash Flow berpengaruh positif terhadap Investment Efficiency, sedangkan Debt Maturity dan Tax Avoidance tidak berpengaruh signifikan. Financial Constraint terbukti memoderasi hubungan antara variabel independen dan Investment Efficiency, yaitu memperlemah pengaruh ESG Disclosure dan Free Cash Flow, serta memperkuat pengaruh Debt Maturity terhadap Investment Efficiency. Namun, Financial Constraint tidak mampu memoderasi pengaruh Tax Avoidance terhadap Investment Efficiency.

Abtrak (Bhs. Inggris)

This study employs a quantitative research design aimed at analyzing the effects of ESG Disclosure, Debt Maturity, Free Cash Flow, and Tax Avoidance on Investment Efficiency, with Financial Constraint as a moderating variable. The research population consists of all energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The sample was selected using purposive sampling. The data were analyzed using panel data regression with the assistance of EViews 12 software. The results indicate that ESG Disclosure and Free Cash Flow have a positive effect on Investment Efficiency, while Debt Maturity and Tax Avoidance do not have a significant effect. Financial Constraint is proven to moderate the relationship between the independent variables and Investment Efficiency by weakening the effects of ESG Disclosure and Free Cash Flow and strengthening the effect of Debt Maturity on Investment Efficiency. However, Financial Constraint does not moderate the effect of Tax Avoidance on Investment Efficiency.

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