Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
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All Journal Owner : Riset dan Jurnal Akuntansi
Armadani Armadani
STAI Al-Kifayah Riau
Economics, Econometrics & Finance

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When ESG Meets Politics: The Role of Political Connections in Enhancing Firm Value in Indonesia Al Putri Oktavia; Armadani Armadani; Liza Ulfiana; Arif Mahasin Sondani
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 2 (2026): Artikel Research April 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i2.3125

Abstract

The purpose of this study is to examine the effect of ESG performance on firm value. Furthermore, this study also empirically analyzes the moderating role of political connections on the relationship between ESG performance and firm value. This study analyzes non-financial companies listed on the Indonesia Stock Exchange from 2016 to 2023, totaling 1,644. The hypotheses are tested using panel data regression. We also conduct several other tests, such as robustness tests and additional analyses, to deepen the study. This study reveals that ESG performance increases firm value. Furthermore, political connections strengthen the positive effect of ESG performance on firm value. Additional tests align with the main findings. Interestingly, when separating large and small firms, only large firms significantly influence both the direct influence of ESG on firm value and the role of political connections in strengthening this relationship. This study fills an important gap by providing large-sample evidence from an emerging market and demonstrating that political connections are not merely direct value drivers, but institutional mechanisms that amplify the market relevance of ESG practices.
Reassessing The Role of Political Embeddedness: ESG and Corporate Market Outcomes in Indonesia Sonya Meylina Prastiwi; Armadani Armadani; Zahroh Naimah
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3706

Abstract

This study aims to test and analyze the role of political embeddedness on the relationship between ESG and corporate market performance in Indonesia. This study used data from companies listed on the Indonesia Stock Exchange (IDX), excluding financial sector companies. The final sample size was 1,281 firm-years. Panel data regression analysis techniques were used to test the research hypotheses. Furthermore, several tests, including robustness tests and further testing, were conducted to deepen the research. Regression results reveal that ESG plays a role in building market confidence in a company, thus increasing its value. Furthermore, political embeddedness plays a significant role in strengthening ESG's influence on corporate market outcomes. The integration of political embeddedness, ESG, and corporate market outcomes into a research model, along with its comprehensive analysis, makes this study valuable for advancing the literature. This study addresses a research gap and provides a broad perspective on the model analyzed.
Co-Authors Al Putri Oktavia Arif Mahasin Sondani Liza Ulfiana Sonya Meylina Prastiwi Zahroh Naimah, Zahroh