Studi ini mengkaji dampak kontroversi ESG terhadap kinerja keuangan dan biaya utang perusahaan dengan peran moderasi dari kinerja ESG dan tata kelola perusahaan. Tata kelola perusahaan diukur melalui independensi dewan dan keberagaman gender. Penelitian menggunakan sampel perusahaan publik non-keuangan terdaftar di bursa efek ASEAN-5 selama 2019-2023. Hasil penelitian menunjukkan kontroversi ESG berdampak negatif terhadap kinerja perusahaan dan berdampak positif terhadap biaya utang. Kinerja ESG mampu memperlemah pengaruh kontroversi ESG terhadap kinerja perusahaan. Independensi dewan hanya mampu memperlemah hubungan kontroversi ESG dengan biaya utang. Keberagaman gender mampu memperlemah hubungan kontroversi ESG dengan kinerja perusahaan dan biaya utang melalui uji robustness.

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This study examines the impact of ESG controversies on firm performance and cost of debt with the moderating role of ESG performance, board independence, and board gender diversity. The research utilize a sample of non-financial public companies listed on ASEAN-5 stock exchanges in 2019-2023. The findings reveal that ESG controversies negatively affect firm performance and positively impact cost of debt. ESG performance mitigates influence of controversies ESG on firm performance. Board independence only moderates relationship between ESG controversies and cost of debt. Gender diversity mitigates relationship between ESG controversies and firm performance and cost of debt, as confirmed by robustness test.