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The Effect of Investment Decisions on Firm Value with CSR and Profitability as Moderating Variables Tedrick Soetedjo; Elsa Imelda
Eduvest - Journal of Universal Studies Vol. 6 No. 5 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i5.52648

Abstract

This study aims to analyze the effect of investment decisions on firm value, with Corporate Social Responsibility (CSR) and profitability serving as moderating variables. The research sample consists of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period, selected through purposive sampling based on predetermined criteria. The data used are secondary data derived from annual financial statements and sustainability reports obtained from the official IDX website. Data analysis is conducted using panel data regression with EViews software, and the best estimation model employed is the Fixed Effect Model (FEM). The results indicate that investment decisions proxied by the Price-to-Earnings Ratio (PER) do not have a significant effect on firm value proxied by Tobin's Q, suggesting that investment decisions have not become a primary indicator in assessing firm value in the energy sector. Furthermore, CSR measured using the Global Reporting Initiative (GRI) disclosure index does not significantly strengthen the relationship between investment decisions and firm value, indicating that CSR disclosure is not yet perceived as a strong signal by investors. In contrast, profitability proxied by Return on Equity (ROE) is found to significantly strengthen the effect of investment decisions on firm value, highlighting the role of profitability in reinforcing investment decision signals amid high earnings volatility in the energy sector.
Dualism of Legal Authority in Filing Suspension of Debt Payment Obligations Petitions Against Insurance Companies (Study Case: Decision No. 389/Pdt.Sus-PKPU/2020/PN Niaga.Jkt.Pst) Tedrick Soetedjo; Rasji
Lambung Mangkurat Law Journal Vol. 10 No. 1 (2025): March
Publisher : Program magister Kenotariatan Fakultas Hukum Universitas Lambung Mangkurat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32801/abc.v10i1.229

Abstract

This article critically examines the dualism of authority in initiating bankruptcy proceedings against insurance companies in Indonesia. On the one hand, Law No. 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations and Law No. 21 of 2011 on the Financial Services Authority strictly confine such authority to the Financial Services Authority. On the other hand, in practice, Financial Services Authority’s non-response to Policyholder requests has led to interpretations invoking the doctrine of fictitious positive decisions under Law No. 30 of 2014 on Government Administration. Through normative-juridical analysis and doctrinal interpretation of the case 389/Pdt.Sus-PKPU/2020/PN Niaga.Jkt.Pst, the findings reaffirm that although fictitious decisions aim to protect citizens’ procedural rights, they cannot override the lex specialis framework of financial regulation. However, administrative silence by Financial Services Authority may still constitute an unlawful act done by the government (onrechtmatige overheidsdaad), opening paths for administrative litigation via the State Administrative Court. This paper argues for institutional reform and the reconciliation of legal objectives to effectively address administrative inaction, without compromising financial stability under the Bankruptcy and Suspension of Debt Payment Obligations regime.