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All Journal Diponegoro Journal of Management
Harjum Muharam
Fakultas Ekonomika dan Bisnis, Universitas Diponegoro
Decision Sciences, Operations Research & Management

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Peran Komitmen Science Based Target Initiatives dalam Memoderasi Pengaruh Tingkat Emisi Gas Karbon terhadap Kinerja Keuangan Perusahaan (Studi Pada Negara Maju dan Berkembang Kawasan Asia Pasifik) Munandar Isna Septian A; Harjum Muharam
Diponegoro Journal of Management Volume 14, Nomor 4, Tahun 2025
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Climate change presents a real threat to global ecosystems and economic activities, marked by rising global temperatures, extreme weather, and sea-level rise. With 2023 recorded as the hottest year since 1850, the urgency for corporate sustainability has intensified. This study investigates the relationship between carbon emission intensity (CI) and corporate financial performance, measured by Return on Assets (ROA) and Tobin’s Q, while examining the moderating role of Science Based Targets initiative (SBTi) participation. Using panel data of 2,514 listed companies across 13 Asia-Pacific countries from 2016 to 2023, we employ a fixed-effects regression model with robust standard errors and control for firm size, leverage, growth, and year-sector-country fixed effects. Our findings indicate that higher carbon emissions negatively affect both profitability and market valuation. Although SBTi participation is positively associated with Tobin’s Q, its moderating effect on the emissions-performance relationship is not statistically significant. Subgroup analyses reveal that the negative effects of emissions are more pronounced in developing countries and non-carbon-intensive sectors, where SBTi sends a stronger market signal. The study contributes to the ESG-finance nexus by highlighting the importance of institutional and sectoral contexts. Limitations include the absence of Scope 3 data and long term SBTi tracking, which future research should address using dynamic panel models.
The Impact of Corporate Social Responsibility Disclosure on Profitability (Roa): A Study on Manufacturing Companies In Asean–5 Countries 2019-2023 Marsandha Azzahra Paramita; Harjum Muharam
Diponegoro Journal of Management Volume 15, Nomor 2, Tahun 2026
Publisher : Faculty of Economics and Business Diponegoro University

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This research aims to analyze the impact Corporate Social Responsibility (CSR) has on the Profitability of manufacturing companies across the ASEAN-5 countries during the 2019-2023 period. The variables identified are dependent variable Profitability, measured through Return on Assets (ROA), and independent variable, Corporate Social Responsibility (CSR) calculated according to the GRI standards. Samples used to conduct this research were collected through purposive sampling from 87 manufacturing companies listed in Indonesia Stock Exchange (IDX), Bursa Malaysia, Singapore Exchange (SGX), Stock Exchange of Thailand (SET) and Philippines Stock Exchange (PSE) during 2019-2023 as data required to analyze the calculation of variables in this study. Research data were obtained from companies annual or sustainability report and the Bloomberg terminal. The data was examined through multiple linear regression analysis and Hypothesis Testing in EViews version 12. This concludes the relationship indicated between the variable CSR and Profitability (ROA) results in a significant positive impact. Thus, hypothesis for this study is accepted. Furthermore, this study incorporates control variables SIZE, AGE, and GROWTH. Findings indicates a positive significant impact GROWTH has on ROA, while others show insignificancy.
Co-Authors Marsandha Azzahra Paramita Munandar Isna Septian A