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All Journal Inkubis: Jurnal Ekonomi dan Bisnis Media Akuntansi Perpajakan
Ferry Hendro Basuki
Universitas Pembangunan Nasional Veteran Jawa Timur
Economics, Econometrics & Finance Social Sciences

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The Effect of Environmental, Social, and Governance (ESG) Disclosures on Firm Value Measured by Tobin’s Q: Evidence from Hospital and Pharmaceutical Sectors in Indonesia (2021–2024) Yanuar Ramadhan; Ferry Hendro Basuki
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i3.220

Abstract

Background: ESG disclosure has become increasingly important, particularly in Indonesia’s healthcare sector, where hospitals and pharmaceutical companies must balance profit with environmental and social accountability amid growing regulatory and stakeholder demands. Objective: This study explores the link between ESG integration and healthcare company valuation, assessing firm value through Tobin’s Q, which compares a business’s market price to its recorded assets. Methods: Using EViews for analysis, this quantitative study applied multiple linear regression to evaluate how ESG factors influenced firm value between 2021 and 2024, drawing from public annual and sustainability reports. Results: The study indicates that a company’s value is partially driven by its social and environmental performance. Effective green practices and community engagement tend to foster more favorable perceptions from the investment community. However, since governance does not significantly affect valuation, investors appear to focus more on how firms treat the environment and society rather than on specific administrative or board-level policies. Conclusion: Findings from this study support legitimacy theory, suggesting that healthcare businesses prioritize building trust with communities and investors to align with social expectations. This strategic alignment enhances market standing and results in higher corporate valuation.
Analisis Kesehatan Finansial dan Going concern PT X dan PT Y di KAP T Sitaresmi Amarita Nirina; Nurul Fitriani; Ferry Hendro Basuki
Media Akuntansi Perpajakan Vol 11, No 1 (2026): Media Akuntansi Perpajakan
Publisher : Universitas 17 Agustus 1945 Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52447/map.v11i1.9690

Abstract

This study aims to analyze the financial health and evaluate the going-concern status of PT X and PT Y using financial ratio analysis and the Modified Altman Z-Score model (1995). A descriptive quantitative approach was employed, utilizing secondary data specifically audited financial statements for the 2023–2025 period obtained during an internship at Public Accounting Firm (KAP) T. The analysis involved measuring liquidity, solvency, and profitability ratios, which were then integrated with Altman Z-Score calculations to identify potential financial distress. The results indicate that both companies maintained healthy financial conditions throughout the observation period. PT X demonstrated strengths in liquidity and capital structure, with a current ratio of 2,448% and a debt-to-equity ratio of 6%, whereas PT Y exhibited superior profitability performance, recording a return on assets of 9% and a net profit margin of 26%. Altman Z-Score calculations consistently placed both PT X and PT Y in the Safe Zone, with scores of 20.30 and 18.40, respectively, in 2025. These findings suggest that neither entity showed signs of financial distress or material uncertainty casting significant doubt on their ability to continue as a going concern, thereby supporting the issuance of an Unqualified Opinion. Practically, this study demonstrates that combining financial ratio analysis with the Altman Z-Score model serves as an effective analytical procedure to support going-concern evaluations in accordance with Auditing Standards.
Co-Authors Nurul Fitriani Sitaresmi Amarita Nirina Yanuar Ramadhan