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All Journal Jurnal Ilmiah Manajemen Kesatuan Jurnal Ilmiah Akuntansi Kesatuan
Antonius Herusetya
Universitas Pelita Harapan, Indonesia
Economics, Econometrics & Finance Social Sciences

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The Influence of Environmental, Social, and Governance on Firm Value with Audit Quality and Ownership Structure as Moderators Charles Yuvinus; Antonius Herusetya
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 1 (2026): JIMKES Edisi January 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i1.4745

Abstract

In an increasingly competitive business environment, the disclosure of Environmental, Social, and Governance (ESG) practices has become a crucial factor in enhancing firm value. This study aims to examine the effect of ESG on firm value in the banking sector, considering audit quality and ownership structure as moderating variables. The sample consists of 22 banking companies listed on the Indonesia Stock Exchange during the 2017–2024 period. The research employs panel data regression analysis using the Fixed Effects Model, processed through STATA software. The findings indicate that ESG positively and significantly increases bank firm value, with audit quality acting as a positive moderator that strengthens this effect. In contrast, ownership structure does not moderate the relationship between ESG and firm value, suggesting that variations in ownership do not influence the positive impact of ESG implementation. These results highlight the importance of ESG adoption supported by high-quality audits in creating higher and sustainable firm value.
Analysis of Internal and External Factors Affecting Stock Prices in the Energy Sector Listed on the Indonesia Stock Exchange During 2020–2024 Destian Fazri Almadi; Antonius Herusetya
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 6 (2025): JIAKES Edisi Desember 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i6.4748

Abstract

The Indonesian energy sector plays a strategic role in supporting economic resilience, yet its stock performance has been highly volatile in recent years due to global commodity price fluctuations, macroeconomic instability, and major external shocks. This study aims to investigate the influence of internal financial indicators and external macroeconomic factors on the stock prices of energy-sector firms listed on the Indonesia Stock Exchange during the period 2020–2024. This study uses a quantitative method using multiple linear regression tests. The analysis includes 315 firm-year observations from 63 companies selected using purposive sampling. Profitability and leverage represent internal performance variables, while crude oil price, coal reference price, inflation, and exchange rate serve as macroeconomic predictors. The results reveal that profitability has a negative and significant effect on stock prices, while leverage shows no significant impact. Regarding macroeconomic factors, crude oil prices negatively influence stock prices, whereas coal prices, inflation, and the exchange rate exert positive and significant effects. The study concludes that stock price movements in the Indonesian energy sector are more strongly shaped by external macroeconomic conditions than by firm-specific financial ratios. These findings provide important insights for investors, managers, and policymakers in navigating the dynamics of a commodity-driven market.
Co-Authors Charles Yuvinus Destian Fazri Almadi