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All Journal International Journal of Economics, Education, Law and Social Sciences (IJEELSC)
Wiwik Tiswiyanti
Master of Accounting, Universitas Jambi, Indonesia
Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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THE IMPACT OF ENVIRONMENTAL MANAGEMENT ACCOUNTING, GREEN INVESTMENT, AND ESG DISCLOSURE ON FIRM VALUE: AN EMPIRICAL STUDY OF THE ENERGY SECTOR ON THE INDONESIA STOCK EXCHANGE 2020-2024 PERIOD Disya Yuke Farhana; Mukhzarudfa; Ratih Kusumastuti; Wiwik Tiswiyanti
International Journal of Economics, Education, Law and Social Sciences (IJEELSC) Vol. 2 No. 1 (2026): January
Publisher : PT. ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijeelsc.v2i2.36

Abstract

This study examines the impact of Environmental Management Accounting (EMA), Green Investment (GI), and ESG Disclosure on firm value (Tobin's Q) among 16 energy sector companies listed on the Indonesia Stock Exchange (IDX) from 2020-2024. Using a quantitative approach and multiple linear regression, the study analyzed 80 observations selected through purposive sampling. The results indicate that the model significantly explains 66.4% of the variation in firm value (Adjusted R² = 0.664). In partial analysis, only EMA was found to have a significant positive effect on firm value (β = 0.997; t = 12.482; p < 0.001). Conversely, Green Investment (β = 0.128; t = 1.506; p = 0.136) and ESG Disclosure (β = -0.022; t = -0.632; p = 0.529) showed no significant impact. These findings suggest that the systematic internalization of environmental costs through EMA is a key driver of market perception in Indonesia's energy sector. Consequently, firms and regulators should prioritize the depth of internal environmental management practices over mere formal disclosure to effectively enhance investor confidence and corporate value.
THE EFFECT OF OWNERSHIP STRUCTURE ON CORPORATE FINANCIAL PERFORMANCE: AN EMPIRICAL STUDY OF INDUSTRIAL SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2020–2024 PERIOD Salsa Vonni Indrayani; Ratih Kusumastuti; Mukhzarudfa; Wiwik Tiswiyanti
International Journal of Economics, Education, Law and Social Sciences (IJEELSC) Vol. 2 No. 1 (2026): January
Publisher : PT. ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/c6ydjq10

Abstract

This study aims to analyze the effect of institutional ownership and managerial ownership on firm financial performance, measured using Tobin’s Q, in industrial sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study adopts a quantitative approach using panel data regression with 70 observations from 14 companies selected through purposive sampling. The selection of the most appropriate model was conducted using the Chow test and the Hausman test, which indicate that the Fixed Effect Model (FEM) is the most suitable model for the analysis. The results show that, partially, both institutional ownership and managerial ownership do not have a statistically significant effect on Tobin’s Q. However, simultaneously, both variables have a significant effect on firm financial performance. These findings suggest that ownership structure mechanisms are more effective in explaining firm performance when operating simultaneously within a corporate governance framework. Based on agency theory, these results confirm that the combination of ownership mechanisms can serve as a more effective monitoring tool in reducing conflicts of interest between managers and shareholders. This study provides empirical contributions to the corporate governance literature in developing countries, particularly in the Indonesian industrial sector.
Co-Authors Disya Yuke Farhana Mukhzarudfa Ratih Kusumastuti Salsa Vonni Indrayani