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All Journal PENG: Jurnal Ekonomi dan Manajemen
Muslimin
University of Lampung
Economics, Econometrics & Finance

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The Influence of Good Corporate Governance on ESG Risk Scores in Companies Listed on the Indonesia Stock Exchange in 2023 Nabilla Ayu Zahra; Muslimin
PENG: Jurnal Ekonomi dan Manajemen Vol. 2 No. 3 (2025): Juli-September, Education, Economic dan Social Studies
Publisher : Teewan Journal Solutions

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62710/ykt0c382

Abstract

This study aims to analyze the effect of good corporate governance as measured by the proportion of independent commissioners, gender diversity of the board of directors, and sustainability committee on ESG risk scores in companies listed on the Indonesia Stock Exchange in 2023, with profitability and company size as control variables. This study uses a sample of 79 companies assessed by Sustainalytics, taken using purposive sampling technique. The data used is secondary data analyzed using the Statistical Package for Social Sciences (SPSS) version 27 program with data testing techniques based on descriptive statistical analysis, classical assumption test, multiple linear regression analysis and hypothesis testing. The results showed that the proportion of independent commissioners and gender diversity of the board of directors have a negative and significant effect on ESG risk scores. However, the existence of a sustainability committee has no significant effect on the company's ESG risk score. This study proves that increasing the proportion of independent commissioners and gender diversity of the board of directors is effective in reducing ESG risk, while the existence of a sustainability committee has not been proven effective in reducing corporate ESG risk.
Factors Influencing Stock Price Underpricing During IPOs on the Indonesia Stock Exchange(Empirical Study on Companies Listed on IDX from 2019 to 2023) Sella Septianita; Muslimin
PENG: Jurnal Ekonomi dan Manajemen Vol. 2 No. 3 (2025): Juli-September, Education, Economic dan Social Studies
Publisher : Teewan Journal Solutions

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62710/j3x62942

Abstract

The phenomenon of underpricing is characterized by a significant increase in stock prices in the secondary market compared to their initial offering prices. This reflects the presence of information asymmetry and market uncertainty regarding the true value of newly listed companies. Underpricing can lead to potential losses for issuing firms while offering early investors the opportunity to gain initial returns. This study aims to examine the influence of profitability, leverage, firm size, and underwriter reputation on underpricing. The research focuses on companies that conducted an Initial Public Offering (IPO) on the Indonesia Stock Exchange during the 2019–2023 period. From a population of 297 companies, a purposive sampling technique was applied based on specific criteria, resulting in a sample of 202 companies. The study employs secondary data and applies multiple linear regression analysis, grounded in signaling theory. The findings reveal that profitability, leverage, firm size, and underwriter reputation collectively have a significant effect on underpricing. Partially, profitability has a significant negative effect on underpricing, while leverage shows a significant positive effect. In contrast, firm size and underwriter reputation do not have a significant impact on underpricing. These results suggest that investors place greater emphasis on financial performance indicators such as profitability and leverage when deciding to invest in IPO firms, as they believe that companies with strong financial performance will yield favorable returns in the future, prompting them to pay a premium for such stocks.
Co-Authors Nabilla Ayu Zahra Sella Septianita