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All Journal KEUNIS Mandiri: Jurnal Akuntansi dan Keuangan International Transactions on Artificial Intelligence (ITALIC)
Mekani Vestari
Universitas BPD
Computer Science & IT Control & Systems Engineering Economics, Econometrics & Finance Library & Information Science

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Beyond Financial Metrics: Can ESG Activities Attenuate Financing Anomalies in Sharia-Indexed Firms? Mekani Vestari; Fuad Fuad; Dwi Ratmono
KEUNIS Vol. 14 No. 2 (2026): JULY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i2.7417

Abstract

When making investment decisions, investors are increasingly taking into account environmental, social, and governance (ESG) elements as non-financial metrics, whose scores indicate a firm’s ESG-related activities. As debt financing rises, stakeholders are putting more pressure on firms to integrate ESG into their business operations. To date, various studies have provided empirical evidence concerning financing anomalies. This study aims to expand the existing literature on this topic by examining the effects of ESG on financing anomalies in non-financial firms included in the Indonesia Sharia Stock Index (ISSI) from 2018 to 2022 using panel data regression. The results confirm the existence of financing anomalies. Furthermore, ESG activities have been found to reduce financing anomalies, thereby mitigating the negative impact of debt financing on long-term stock performance. This demonstrates the moderating role of ESG on financing anomalies. Since ESG standards align with Sharia principles, the issuance of Sharia-compliant stock indices is, therefore, essential to protect investors, particularly those who adhere to these principles.
Pengaruh Free Cash Flow Dan Growh Optionterhadap Sustainability Performance Dengan Creditor Pressure Sebagai Variabel Moderasi Muhammad Agil Syah Rizal Pahlevi; Mekani Vestari
Mandiri : Jurnal Akuntansi dan Keuangan Vol. 5 No. 2 (2026): Juni 2026
Publisher : Lembaga Riset Ilmiah, Yayasan Mentari Meraki Asa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59086/jak.v5i2.1924

Abstract

Penelitian ini bertujuan menguji pengaruh free cash flow dan growth option terhadap sustainability performance dengan creditor pressure sebagai variabel moderasi pada perusahaan sektor non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2023–2024. Penelitian menggunakan data sekunder dengan teknik purposive sampling dan memperoleh 271 observasi yang dianalisis menggunakan regresi data panel. Kebaruan penelitian terletak pada penggunaan Katadata ESG Index sebagai proksi sustainability performance yang memberikan pengukuran ESG yang lebih relevan dalam konteks Indonesia. Hasil penelitian menunjukkan bahwa free cash flow tidak berpengaruh terhadap sustainability performance, sedangkan growth option berpengaruh positif. Selain itu, creditor pressure tidak memoderasi pengaruh free cash flow, namun memperlemah pengaruh positif growth option terhadap sustainability performance. Temuan ini berkontribusi pada pengembangan literatur mengenai determinan sustainability performance dan memberikan implikasi praktis bagi manajemen, investor, dan kreditur dalam mempertimbangkan faktor ESG dalam pengambilan keputusan strategis dan investasi.   This study aims to examine the effect of free cash flow and growth options on sustainability performance, with creditor pressure serving as a moderating variable, in non-financial companies listed on the Indonesia Stock Exchange during the 2023–2024 period. The study employs secondary data and purposive sampling techniques, resulting in 271 observations analyzed using panel data regression. The novelty of this study lies in the use of the Katadata ESG Index as a proxy for sustainability performance, providing a more relevant ESG measurement within the Indonesian context. The results indicate that free cash flow has no significant effect on sustainability performance, whereas growth options have a positive effect. Furthermore, creditor pressure does not moderate the relationship between free cash flow and sustainability performance but weakens the positive effect of growth options on sustainability performance. These findings contribute to the literature on the determinants of sustainability performance and provide practical implications for managers, investors, and creditors in considering ESG factors in strategic decision-making and investment activities.
Adaptive Fuzzy Hybrid AI for Urban Energy Traffic Decision Support Qurotul Aini; Andriyansah Andriyansah; Mekani Vestari; Po Abas Sunarya; Carlos Perez
International Transactions on Artificial Intelligence Vol. 4 No. 2 (2026): May
Publisher : Pandawan Sejahtera Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33050/italic.v4i2.1049

Abstract

Urban energy and traffic systems are two highly interdependent components of smart city infrastructures, both of which operate under significant uncertainty caused by fluctuating demand, human mobility patterns, weather variability, and policy constraints. While Artificial Intelligence (AI) techniques particularly machine learning and deep learning have demonstrated strong predictive capabilities in these domains, their black box nature limits interpretability, trust, and adoption in real world urban governance. Methods: This study proposes an adaptive fuzzy hybrid artificial intelligence framework that integrates fuzzy inference systems with ensemble machine learning models to support uncertainty aware and explainable decision making in urban energy and traffic management. The proposed framework is validated using real world secondary data obtained from open government and smart city data portals, including urban energy demand, traffic flow, and environmental indicators. The primary objective of this research is to develop a robust and interpretable decision-support model capable of dynamically adapting to uncertain urban conditions while maintaining high predictive performance. Experimental evaluations demonstrate that the proposed fuzzy hybrid AI framework consistently outperforms standalone machine learning approaches in terms of decision stability, robustness under uncertainty, and interpretability across multiple urban scenarios. Conclusion: The findings indicate that adaptive fuzzy hybrid AI offers a practical, scalable, and policy aligned solution for urban energy traffic decision support, contributing to sustainable smart city governance and supporting evidence-based decision making in line with global sustainability agendas.
Co-Authors Andriyansah . Carlos Perez Dwi Ratmono Fuad Fuad Muhammad Agil Syah Rizal Pahlevi Po Abas Sunarya Qurotul Aini