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All Journal Jurnal Ekonomi Manajemen Sistem Informasi Journal of Creative Power and Ambition (JCPA)
Bagas Brian Pratama
Universitas Ma Chung, Malang, Indonesia
Economics, Econometrics & Finance

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Does ESG Disclosure Enhance Firm Value? The Moderating Role of Profitability in Indonesia's ESG Leaders Index Stefanny Wachyudi; Bagas Brian Pratama
Journal of Creative Power and Ambition (JCPA) Vol. 4 No. 01 (2026): Journal of Creative Power and Ambition (JCPA)
Publisher : CV Edujavare Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70610/jcpa.1402

Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value and analyze the role of profitability as a moderating variable in IDX ESG Leaders companies during the 2021–2025 period. This study uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, and corporate financial statements. The sample was selected using purposive sampling, resulting in 15 companies with a total of 75 observations. Firm value is proxied by Tobin's Q, ESG disclosure is measured using an ESG disclosure index, while profitability is proxied by Return on Equity (ROE). The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that ESG disclosure has no significant effect on firm value, and profitability is unable to moderate this relationship. These findings indicate that, among IDX ESG Leaders companies, ESG disclosure tends to serve as a sustainability and legitimacy standard, but has not yet become a primary factor that directly increases firm value.
The Influence of Intellectual Capital and Corporate Sustainability on Bank Performance: Innovation as a Mediator Ingrid Susanto; Tarsisius Renald Suganda; Bagas Brian Pratama
Jurnal Ekonomi Manajemen Sistem Informasi Vol. 7 No. 6 (2026): Jurnal Ekonomi Manajemen Sistem Informasi (Juli - Agustus 2026)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jemsi.v7i6.8970

Abstract

This study aims to examine the effect of Intellectual Capital and Corporate Sustainability on the financial performance of banks in Indonesia with innovation as a mediating variable. The banking sector faces demands not only to achieve profitability but also to maintain business sustainability and governance quality, while previous research results show inconsistencies regarding the direct effects of Intellectual Capital and Corporate Sustainability on financial performance. This study employs a quantitative causality approach with a sample of eighteen commercial banks listed on the Indonesia Stock Exchange during the 2018–2023 period, yielding 68 observations. Secondary data was obtained from annual financial reports and sustainability reports. Data analysis was conducted using partial least squares. The results show that Intellectual Capital has a positive and significant effect on financial performance, as do Corporate Sustainability and innovation. Both Intellectual Capital and Corporate Sustainability have positive and significant effects on innovation. Furthermore, innovation is proven to partially mediate the effect of Intellectual Capital on financial performance and partially mediate the effect of Corporate Sustainability on financial performance. These findings confirm that innovation serves as a crucial transformation mechanism that converts the potential of intangible assets and sustainability commitments into tangible economic value for banks in Indonesia.
The Effect of Intangible Assets, Cash Holdings, and Advertising Investment on Startup Firm Value Felensia Clara Santa Hendriyanto; Bagas Brian Pratama; Lalu Rahmat Sohdi
Journal of Creative Power and Ambition (JCPA) Vol. 4 No. 02 (2026): Journal of Creative Power and Ambition (JCPA)
Publisher : CV Edujavare Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70610/jcpa.1535

Abstract

Investor decisions are influenced not only by a company’s current financial condition but also by expectations regarding future business prospects. This study aims to examine the effect of intangible assets, cash holdings, and advertising investment on firm value in startup companies listed on the Indonesia Stock Exchange (IDX). This research is motivated by the tech winter phenomenon, which has led to declining startup funding and increased pressure on firms to maintain their value amid economic uncertainty. This study employed a quantitative approach using panel data regression analysis. The research sample consisted of technology-based startup companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period that met the research criteria. Data were obtained from annual financial reports and analyzed using EViews 13. The dependent variable in this study is firm value measured by Tobin’s Q, while the independent variables consist of intangible assets, cash holdings, and advertising investment. The results show that intangible assets do not significantly affect firm value. Meanwhile, cash holdings have a significant positive effect on firm value, whereas advertising investment has a significant negative effect on firm value. These findings indicate that liquidity plays an important role in enhancing startup firm value, while excessive advertising spending may negatively influence market perceptions during periods of economic uncertainty.
Co-Authors Felensia Clara Santa Hendriyanto Ingrid Susanto Lalu Rahmat Sohdi Stefanny Wachyudi Tarsisius Renald Suganda