Article Per Year (5 Year)
p-Index From 2021 - 2026
0.61
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All Journal Enrichment: Journal of Multidisciplinary Research and Development Jurnal Indovisi
Andam Dewi Syarif
Universitas Mercu Buana, Indonesia
Humanities Economics, Econometrics & Finance Engineering Health Professions Social Sciences

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The Impact of ESG Factors on Firm Value with Profitability as a Moderator in the Healthcare Industry Annisa Rulitasari; Andam Dewi Syarif
Enrichment: Journal of Multidisciplinary Research and Development Vol. 3 No. 11 (2026): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v3i11.618

Abstract

The healthcare industry faces increasing pressure to enhance firm value while complying with Environmental, Social, and Governance (ESG) standards. Environmental costs related to medical waste management, social accountability, and governance structures are critical issues for hospitals and laboratories listed on the Indonesia Stock Exchange. However, empirical findings regarding the effect of ESG factors on firm value remain inconsistent, particularly concerning the moderating role of profitability. This study aims to examine the effect of Environmental Sustainability Disclosure, Social Sustainability Disclosure, and Managerial Ownership on Firm Value proxied by Tobin's Q, with profitability (ROA) as a moderating variable. The research employs a quantitative approach using panel data from seven healthcare companies during 2019–2024. Data were analyzed using Moderated Regression Analysis (MRA) with EViews software. The results indicate that Social Sustainability Disclosure and profitability significantly influence firm value, whereas Environmental Sustainability Disclosure and Managerial Ownership do not have a direct significant effect. Profitability strengthens the relationship between Environmental Sustainability Disclosure and firm value but fails to moderate Social Sustainability Disclosure and negatively moderates Managerial Ownership. In conclusion, profitability plays a strategic moderating role, and social disclosures are more strongly valued by investors compared to environmental and governance factors in the Indonesian healthcare sector.
The Influence Of Liquidity, Profitability, Leverage, And Firm Size On Stock Returns With Environmental Performance As A Moderating Variable In Energy Sector Companies Beni Alansjah; Andam Dewi Syarif
Enrichment: Journal of Multidisciplinary Research and Development Vol. 3 No. 6 (2025): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v3i6.482

Abstract

This study aims to analyze the influence of liquidity, profitability, leverage, and company size on stock returns, with environmental performance as a moderation variable in energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The method used is a quantitative approach with a panel data regression technique, using secondary data in the form of annual financial reports and PROPER scores from the Ministry of Environment and Forestry as indicators of environmental performance. The results of the study show that partially, only leverage has a significant negative effect on stock returns. Meanwhile, liquidity, profitability, and firm size did not show a significant influence. The environmental performance variable also does not have a significant effect on stock returns. However, the interaction between leverage and environmental performance has a significant positive effect, indicating that good environmental practices can moderate the negative impact of leverage on stock returns. These findings underscore the importance of integrating sustainability aspects into the company's financial strategy to increase investor confidence, especially in the energy sector which has high environmental risks.
Cryptocurrency regulation challenges for financial stability, investor protection, and monetary policy effectiveness worldwide across economies Hendri Setiadi; Andam Dewi Syarif; Gregorius Paulus Tahu; Ferry Novindra Idroes; Barnabas Tridig Silaban
Jurnal Indovisi Vol. 8 No. 1 (2026): Jurnal Indovisi
Publisher : Indonesian Indovisi Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32698/19075308

Abstract

The rapid growth of cryptocurrency markets has created significant regulatory challenges for governments, financial authorities, and policymakers worldwide. This study examined how regulatory fragmentation affected financial stability, investor protection, and monetary policy effectiveness across different economies. A qualitative library research approach was employed by reviewing academic literature, international policy reports, and regulatory documents concerning cryptocurrency governance. The findings revealed that differences in regulatory frameworks across jurisdictions created governance gaps, facilitated regulatory arbitrage, complicated cross-border supervision, and weakened risk management. Regulatory fragmentation also increased vulnerabilities to financial instability, limited the effectiveness of investor protection mechanisms, and created challenges for monetary policy implementation in increasingly digitalized financial systems. These challenges were interconnected and could not be effectively addressed through isolated national measures. The study concluded that stronger international regulatory coordination and greater consistency in cryptocurrency governance are essential to strengthen market integrity, financial resilience, investor confidence, and long-term monetary stability in the evolving global digital economy.
Co-Authors Annisa Rulitasari Barnabas Tridig Silaban Beni Alansjah Ferry Novindra Idroes Gregorius Paulus Tahu Hendri Setiadi