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All Journal Jurnal Ilmu Pertanian Indonesia Jurnal Manajemen dan Agribisnis Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Owner : Riset dan Jurnal Akuntansi Jurnal Ilmiah Manajemen Kesatuan Jurnal Ilmiah Akuntansi Kesatuan Studi Akuntansi, Keuangan, dan Manajemen Eduvest - Journal of Universal Studies Indonesian Journal of Sustainability Accounting and Management Economics Development Analysis Journal Greenation International Journal of Economics and Accounting AI, Big Data and Quantitative Methods in Finance
Noer Azam Achsani
IPB School Of Business, Bogor, Indonesia
Aerospace Engineering Agriculture, Biological Sciences & Forestry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Health Professions Neuroscience Social Sciences

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The Study of Relation Among Green Bonds and Other Financial Assets: A Systematic Literature Review Tita Nurvita; Noer Azam Achsani; Lukytawati Anggraeni; Tanti Novianti
Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 2 (2023): December 2023
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28992/ijsam.v7i2.734

Abstract

The purpose of this study is to provide a literature review of green bonds and their relation with other financial assets. Most of the research that has been conducted has focused on the spillover transmission from the financial asset market to the green bond market. The method used to select and analyze the results of journal reviews is Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA). The journals used in this study are Scopus-indexed journals, which are searched using the keywords green bond, cointegration, transmission, and spillover. The result indicates that green bonds can be used as an alternative in diversifying portfolio instruments. Based on previous studies, it was found that there was spillover transmission from the financial asset market to the green bond market. This indicates that volatility in the financial market will spill over and affect the green bond market. This study can be used as a strategy for making investment decisions, especially in building investment portfolios.
How Business Studies Address Sustainability Consciousness: A Bibliometric Analysis Desi Elvera Dewi; Joyo Winoto; Noer Azam Achsani; Suprehatin
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 1 (2026): JABM, Vol. 12 No. 1, January 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.1.50

Abstract

Background: Sustainability has emerged as one of the most critical global challenges, making its integration into business studies, essential. Business studies play a crucial role in shaping leaders amid escalating global challenges, such as climate change, inequality, and resource degradation. However, current curricula often emphasize technical knowledge over the deeper ethical and cognitive dimensions required for sustainable decision making. Traditional business programs have been criticized for creating a disconnect between business practices and ethical accountability. Furthermore, business curricula often fail to fully integrate the ethical shifts necessary to internalize sustainability as a core value.Purpose: To map the trends, patterns, and gaps in the literature on sustainability consciousness in business studies, with a particular focus on identifying how this concept has been addressed in previous research.Design/methodology/approach: A bibliometric analysis was conducted on 2,767 Scopus-indexed publications (1993–2022) using VOSviewer to identify trends and gaps in sustainability consciousness research in business studies. The problem formulation was guided by the PICO framework to define the key elements of the research question in academic research studies.Findings/Result: Although sustainability topics in business studies are widely studied, research on “sustainability consciousness” remains underexplored. Keywords such as ‘consciousness” and “awareness” are absent from the central clusters, highlighting a significant gap in the literature. This finding indicates that, despite extensive research on sustainability, there is a limited focus on addressing the concepts of consciousness and awareness within business studies research.Conclusion: There is a significant gap in integrating sustainability consciousness into business education. Current curricula lack an emphasis on the ethical, cognitive, and affective aspects of sustainability.Originality/value (State of the art): This study is one of the first to map the research landscape of sustainability consciousness in business studies. By identifying this gap, this study contributes to the growing body of knowledge by highlighting the urgent need for a holistic approach that emphasizes sustainability consciousness in business education and practice. Keywords:    bibliometric analysis, business study, curriculum integration, sustainability awareness, sustainability consciousness
Determinants of Transfer Pricing Risk at the Operating Profit Margin Level: Evidence from Foreign Direct Investment Firms in Indonesia Yulian Tri Darmawan; Noer Azam Achsani; Bayu Bandono
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 3 (2026): JIMKES Edisi Mei 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i3.5159

Abstract

This study investigated the determinants of transfer pricing risk at the operating profit margin level among foreign direct investment companies. The research addresses whether multinational ownership structures and affiliated transaction types contribute differently to profitability deviations relative to comparable independent firms. Using panel data from 131 foreign-owned companies (318 firm-year observations) during 2020–2024, the study applies a random effects model with robust standard errors, complemented by FGLS and System GMM for robustness checks. The findings show that foreign ownership, intangible goods transactions, intercompany loan transactions, and leverage have positive and significant effects on transfer pricing risk, while business turnover has a negative effect. Tangible goods and service transactions, as well as the number of related entities, do not exhibit significant effects. The results indicate that transfer pricing risk is concentrated in transactions characterized by valuation discretion and financial structuring complexity. By employing operating profit margin-based comparability analysis as a measurable risk indicator, this study contributes empirical evidence to support risk-based tax supervision strategies and highlights high-risk transaction categories for more targeted transfer pricing audits.
The Role of Capital Adequacy Ratio in Enhancing Regional Development Banks' Stability: An Empirical Study from 2012-2022 Lukmanul Hakim Aziz; Hermanto Siregar; Noer Azam Achsani; Tony Irawan
Eduvest - Journal of Universal Studies Vol. 5 No. 6 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i6.51304

Abstract

This study aims to analyze the role of the Capital Adequacy Ratio (CAR) in moderating factors affecting the stability (Z-score) of Regional Development Banks (BPD) in Indonesia from 2012 to 2022. Using quarterly panel data regression, this research categorizes BPDs into two groups: Category-1 banks that have not met the minimum capital requirements and Category-2 banks that have met these requirements. The findings reveal significant differences in how various factors influence stability across these categories. In Category-1 banks, factors such as market competition (Lerner Index), market share of loans (MSL), and deposits (MSD) have a more pronounced impact on stability, highlighting their reliance on external conditions. Conversely, Category-2 banks exhibit greater resilience, with CAR positively contributing to stability, while factors like efficiency (TEF and SEF) and macroeconomic conditions (regional GDP) play a crucial role in risk management. The study also finds that factors such as Loan to Deposit Ratio (LDR) and Non-Performing Loans (NPL) affect stability differently across categories, emphasizing the need for tailored risk management strategies. These insights provide practical implications for policymakers and banking management in optimizing regulatory frameworks and enhancing the stability of BPDs.
Unusual Market Activity Di Bursa Efek Indonesia Periode Tahun 2021 - 2023 Adytia Rahman; Noer Azam Achsani; Bayu Bandono
Owner : Riset dan Jurnal Akuntansi Vol. 9 No. 1 (2025): Artikel Riset Periode Januari 2025
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v9i1.2567

Abstract

The capital market plays a crucial role in a country's economy, enabling companies to raise funds through the sale of securities, with the Indonesia Stock Exchange (IDX) overseeing the trading of these securities to ensure transparency and protect investors. One of IDX's surveillance mechanisms is Unusual Market Activity (UMA), which identifies unusual stock price movements that may not necessarily violate regulations. This study highlights the function of UMA in maintaining market order, analyzing its impact on abnormal returns, and evaluating the effectiveness of UMA policies in creating a transparent, fair, and efficient market in Indonesia. The research investigates the influence of UMA announcements on stock trading activity and abnormal returns for companies listed on the IDX from January 2021 to December 2023. The data includes daily stock prices and transactions from IDX, KPEI, and KSEI, focusing on the observation period from H-5 to H+5 around UMA announcements. A purposive sampling technique was employed to select stocks on the UMA list during the study period. Using an event study methodology, the analysis includes descriptive statistics, normality tests, Wilcoxon Signed Rank Tests to measure changes in Trading Volume Activity (TVA) and abnormal returns before and after UMA announcements. The results reveal that after UMA announcements, the average abnormal return decreased from -0.112 to -0.253, and TVA declined from 0.0278 to 0.0184. The Wilcoxon test confirmed significant differences in AR and TVA before and after UMA, indicating that UMA impacts the market through declines in stock prices and trading activity.
Factors Determining the Performance of the Indonesian Agricultural Sector in the Era of Climate Change Qiki Qilang Syachbudy; Yusman Syaukat; Noer Azam Achsani; Nia Kurniawati Hidayat
Jurnal Ilmu Pertanian Indonesia Vol. 30 No. 3 (2025): Jurnal Ilmu Pertanian Indonesia
Publisher : Institut Pertanian Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18343/jipi.30.3.490

Abstract

The agricultural sector plays a crucial role in Indonesia, serving as both a provider of food and a key driver of economic growth. This study aims to analyze the factors influencing Indonesia’s agricultural sector from 1981 to 2021, focusing on agricultural production and its economic value. Climate change has emerged as a critical issue affecting agriculture, with greenhouse gas emissions serving as proxies for measuring its impact. This study employs the Autoregressive Distributed Lag (ARDL) model to examine both short- and long-term relationships. The findings indicate that, in the long run, agricultural land area and economic growth significantly affect the agricultural sector. In the short term, agricultural land area, economic growth, and fertilizer usage are the key factors. However, climate change did not have a significant negative impact on agricultural decline. In contrast, fertilizer usage was positively correlated with agricultural production. These findings highlight the essential role of government policy in fostering agricultural sector development in Indonesia. Strategic initiatives should focus on ensuring an adequate fertilizer supply, expanding agricultural land, and promoting key economic sectors that drive growth and support agricultural sustainability. Keywords: agricultural sector, ARDL model, climate change, Indonesia
Determinants of Liquidity Risk in the Banking System: a Systematic Literature Review Muhammad Fikra Yafi Ulhaqqi; Noer Azam Achsani; Mohammad Iqbal Irfany
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 2 (2026): JABM, Vol. 12 No. 2, May 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.2.696

Abstract

Background: Post-2008, managing liquidity risk banks' ability to meet short-term obligations without major losses has become crucial. Regulatory measures like Basel III's LCR and NSFR emerged to ensure stability. With the rise of fintech, understanding liquidity determinants is increasingly relevant for stability.Purpose: This review analyzes primary determinants of liquidity risk in the banking sector, examining systematic (macroeconomic and policy-driven) and non-systematic (bank-specific) factors. It also evaluates the impact of digital banking and fintech innovations on liquidity management to inform effective risk strategies.Design/Methodology/Approach: A systematic literature review (SLR) of 30 empirical studies most relevant published from 2010 to 2024 was conducted, examining factors such as non-performing loan (financing), capital adequacy, leverage, bank size, profitability, and corporate governance. Keywords used in this study are “Liquidity and Risk” or “Management and Bank” & "Determinants" or "Factors" and "Liquidity Risk" and "Bank*” or “Banking System" or “Banking Sector*”.Finding/Result: Key liquidity risk drivers include bank size, capital buffers, macroeconomic factors, and regulatory frameworks like Basel III. Larger banks with diverse funding face lower risks, while smaller banks, especially in emerging markets, are more vulnerable. Fintech and digital banking support real-time liquidity management but raise cybersecurity concerns.Conclusion: Liquidity risk is shaped by both internal and external factors. Larger, well-capitalized banks manage it more effectively, while fintech offers new tools that require careful risk oversight. Basel III remains vital, and ESG considerations are influencing sustainable liquidity practices.Originality/value/research gap: Current research emphasizes integrating Basel III, fintech, and crisis management. Real-time tools like AI enhance liquidity management, although cybersecurity risks remain. ESG factors and the COVID-19 pandemic highlight the need for robust, sustainable liquidity frameworks. This research focuses on the role of technology advancement in liquidity risk management, which has not been widely explored in the context of emerging markets. Keywords:   bank liquidity management, basel III, emerging market, liquidity risk, technology advancement
ESG, Ownership Structure, and Firm Performance: Evidence from Indonesia Febriann Dedy Syahputra; Noer Azam Achsani; Linda Karlina Sari
Economics Development Analysis Journal Vol. 15 No. 1 (2026): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v15i1.42051

Abstract

Understanding how firms sustain performance under heightened uncertainty remains a prior issue in corporate finance, particularly in emerging markets characterized by institutional constraints. This study examines the effects of Environmental, Social, and Governance performance, ownership structure, and the COVID-19 crisis on firm performance in Indonesia. This study uses panel data of 39 ESG-committed listed firms over the period 2015–2024, the analysis applies static panel regression and dynamic Difference Generalized Method of Moments to address endogeneity and unobserved heterogeneity. This study shows that Environmental, Social, and Governance performance is positively associated with firm performance in Indonesia. The mean difference tests and scatter plot analysis indicate that firms with higher ESG engagement tend to exhibit higher return on assets and greater performance stability, particularly during the COVID-19 period. These patterns are confirmed by the dynamic GMM results, which reveal a positive and statistically significant effect of ESG performance on return on assets after accounting for endogeneity. The GMM estimates further show that liquidity and firm size positively influence asset-based profitability, while the COVID-19 shock exerts a negative effect on firm performance. Overall, the findings suggest that ESG integration enhances operational efficiency and functions as an effective risk-mitigation mechanism, underscoring the importance of embedding sustainability into core business strategies and strengthening ESG-related policy frameworks in emerging markets.
Environmental, Social, and Governance, Investment, and Firm Value: Insights from a Bibliometric and Systematic Review Auliyah Rizky Suhasmoro; Tanti Novianti; Noer Azam Achsani; Trias Andati
Studi Akuntansi, Keuangan, dan Manajemen Vol 5 No 4 (2026): April
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v5i4.6322

Abstract

Purpose: This study synthesizes the literature on the relationship between Environmental, Social, and Governance (ESG) factors, investment outcomes, and firm value. Despite the growth of ESG research, the findings remain fragmented, particularly regarding which ESG dimensions are materially relevant for valuation and investment decisions. Research Methodology: A systematic literature review combined with a bibliometric analysis was conducted using the Scopus database. A total of 67 peer-reviewed journal articles published between 2017 and 2025 were selected based on predefined inclusion criteria, including relevance, accessibility, and journal quality (Q1–Q2 journals). Bibliometric techniques—keyword co-occurrence, author co-citation, and bibliographic coupling—were performed using VOSviewer to identify the key themes and intellectual foundations. Results: The results show a sharp rise in ESG-related research after 2021, with a 35% increase in the number of publications. Themes such as ESG performance, corporate governance, and firm valuation metrics, such as Tobin’s Q, are central. However, studies relying on aggregate ESG scores dominate, and research on specific ESG indicators and dynamic ESG risks, such as controversies, is limited. Conclusions: The findings reveal substantial heterogeneity across institutional and market contexts, explaining the inconsistent empirical evidence. ESG research has grown significantly, but more granular and context-sensitive studies are needed to explore the varying impacts across industries and regions. Limitations: This study was limited to Scopus-indexed, English-language, open-access Q1–Q2 journal articles and did not assess causal relationships. This may exclude relevant studies from non-English journals or other sources. Contributions: This study provides a bibliometric synthesis of ESG investment firm value research, highlighting gaps and encouraging future studies focused on indicator-specific ESG measures and dynamic risks.
The Impact of the Basel III Framework Implementation on Banking Performance in Indonesia Andri Tri Wibowo; Noer Azam Achsani; Zenal Asikin
Jurnal Ilmiah Akuntansi Kesatuan Vol. 14 No. 1 (2026): JIAKES Edisi Februari 2026
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v14i1.4805

Abstract

Banking stability is crucial to Indonesia’s financial resilience. Following the 2008 global crisis, Basel III was introduced to reinforce banks’ capital, leverage, and liquidity frameworks. This study aims to analyze the impact of the implementation of the Basel III framework on the financial performance of Indonesian banks, particularly on profitability and operational efficiency during the 2018-2024 period. This study uses secondary quantitative data obtained from the annual financial statements and published reports of publicly listed conventional commercial banks. The collected data include information related to Basel III implementation. Data processing methods used descriptive analysis and dynamic common correlated effects panel data regression analysis. The research data are sourced from financial reports officially published by each bank. The results show that the success of Basel III implementation depends not only on compliance levels but also on each bank’s ability to balance stability, efficiency, and growth. For banks, capital optimization, leverage management, and adaptive liquidity strategies are key. Regulators require proportional policy calibration and risk-based supervision. With the right approach, Basel III can be a strategic instrument for sustainably strengthening the competitiveness and resilience of the national banking system.
Co-Authors Adytia Rahman Andri Tri Wibowo Annisa Ramadanti Anny Ratnawati Arif Imam Suroso Auliyah Rizky Suhasmoro Bayu Bandono Bayu Bandono Desi Elvera Dewi Febriann Dedy Syahputra Heni Hasanah Hermanto Siregar Herry Nugraha Joyo Winoto Linda Karlina Sari Lukmanul Hakim Aziz Lukytawati Anggraeni Mohammad Iqbal Irfany Muhammad Fikra Yafi Ulhaqqi Nia Kurniawati Hidayat, Nia Kurniawati Qiki Qilang Syachbudy Rita Nurmalina Suprehatin Sylvia Sandyazmara Devi Tanti Novianti Tita Nurvita Tony Irawan Trias Andati Trincy Nissi Yulian Tri Darmawan Yusman Syaukat Zenal Asikin