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All Journal Jurnal Ekonomi, Manajemen, Akuntansi Journal of Management Economics and Financial Accounting
Fakhmi Zakaria
Dian Nuswantoro University
Economics, Econometrics & Finance Social Sciences

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Ecological Efficiency, Investment Opportunity Set, and Capital Structure: The Path to Sustainable Financial Performance Salma Aqila; Ana Kadarningsih; Linda Ayu Oktoriza; Fakhmi Zakaria
Journal of Management Economics and Financial Accounting Vol. 2 No. 1 (2026): June: Journal of Management Economics and Financial Accounting (JOMEFA)
Publisher : Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/4xfykh77

Abstract

This research is motivated by the dual pressures faced by Indonesia’s energy sector in balancing the acceleration of renewable energy transition with the necessity to sustain solid financial results. This research examines the influence of ecological efficiency, investment opportunity set (IOS), and capital structure on financial performance of energy sector firms listed on the Indonesia Stock Exchange (IDX) during 2022-2024. A quantitative method was applied, using panel data regression on 129 firm-year observations from 43 companies selected through purposive sampling. Based on the Chow test, Hausman test, and Lagrange Multiplier test, the Common Effect Model (CEM) emerged as the most suitable estimation approach. The findings reveal that ecological efficiency does not significantly impact financial performance within the short-term observation window of this study, as its economic benefits follow a lagging effect pattern that has yet to materialize in immediate profitability. In contrast, IOS shows a positive and significant influence on financial performance, indicating that companies with greater investment opportunities allocate resources more effectively to enhance ROA. Capital structure negatively and significantly affect financial performance, suggesting that excessive debt reliance reduces profitability due to higher interest expenses and financial risk. Simultaneously, all variables significantly influence financial performance. The findings conclude that investment decisions and capital structure management are more immediate determinants of short-term financial performance, while ecological efficiency requires a longer time horizon to generate measurable economic value.
The Role of Credit Risk, Liquidity, and Capital in Influencing Banking Profitability in Indonesia, 2020–2024 Ella Fitriana; Dian Prawitasari; Usman Usman; Fakhmi Zakaria
Journal of Management Economics and Financial Accounting Vol. 2 No. 1 (2026): June: Journal of Management Economics and Financial Accounting (JOMEFA)
Publisher : Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/87xfnx60

Abstract

This investigation is intended to evaluate the impact of Credit Quality Ratio (NPL), Funding Utilization Ratio (LDR), and Capital Buffer Indicator (CAR) regarding the earnings capability of banks traded on the Indonesia Stock Exchange within 2020–2024. The investigation utilized an explanatory quantitative design supported by panel data regression techniques. The observed sample included 23 banks determined by purposive sampling, generating 110 research observations. Estimation was performed using the Stochastic Effects Approach (SEA) combined with Estimated Generalized Least Squares (EGLS) and robust standard errors for overcoming heteroscedasticity and autocorrelation problems. Findings reveal that NPL exerts a significant detrimental impact on earnings performance measured through ROA. LDR shows no significant relationship with ROA, suggesting that loan expansion alone cannot directly enhance profitability when credit quality remains insufficient. Conversely, CAR demonstrates a meaningful improvement in ROA, suggesting stronger capital resilience strengthens banks in creating earnings. Collectively, NPL, LDR, and CAR exert a significant influence on profitability, reflected by an Adjusted R-squared of 40.68%. The results suggest that preserving credit quality and reinforcing capital adequacy constitute crucial measures to enhance banking profitability in Indonesia.
Implikasi ESG dan CSRDI Terhadap Nilai Perusahaan dengan Komitmen Publik sebagai Variabel Mediasi Pada Perusahaan Sektor Pertambangan Fatkhiyatul Azizah; Suhita Whini Setyahuni; Amalia Nur Chasanah; Fakhmi Zakaria
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 5 No. 4: Mei 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v5i4.15890

Abstract

Penelitian ini bertujuan menganalisis pengaruh Environmental, Social, and Governance (ESG) dan Corporate Social Responsibility Disclosure Index (CSRDI) terhadap Nilai Perusahaan dengan Komitmen Publik sebagai variabel mediasi pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Studi menggunakan pendekatan kuantitatif kausal dengan data sekunder dari laporan tahunan dan keberlanjutan. Analisis dilakukan melalui statistik deskriptif, uji asumsi klasik, dan path analysis menggunakan SPSS 27.0. Kelayakan model diuji dengan koefisien determinasi (R2) serta uji Sobel untuk mengonfirmasi peran mediasi. Hasil menunjukkan nilai R2 sebesar 60,3% yang mengindikasikan kemampuan prediksi model tergolong kuat. ESG dan CSRDI terbukti berpengaruh positif dan signifikan terhadap Nilai Perusahaan pada taraf 5%. Keduanya juga berpengaruh signifikan dalam membangun Komitmen Publik sebagai bentuk legitimasi sosial. Analisis jalur memperlihatkan bahwa Komitmen Publik berperan sebagai full mediator, di mana pengaruh tidak langsung kinerja keberlanjutan terhadap nilai perusahaan melalui kepercayaan publik lebih dominan dibandingkan pengaruh langsung. Temuan ini menegaskan bahwa pada sektor pertambangan, investasi pada ESG dan CSR bukan sekadar biaya, melainkan strategi peningkatan nilai. Komitmen publik berfungsi sebagai mekanisme penyangga risiko yang dikonversi pasar menjadi peningkatan valuasi saham serta stabilitas ekonomi perusahaan.  
Co-Authors Amalia Nur Chasanah Ana Kadarningsih Dian Prawitasari Ella Fitriana Fatkhiyatul Azizah Oktoriza, Linda Ayu Salma Aqila Suhita Whini Setyahuni Usman Usman