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All Journal Equity E-Jurnal Akuntansi
Widya Perwitasari
Universitas Indonesia
Economics, Econometrics & Finance

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KINERJA ESG (ENVIRONMENTAL, SOCIAL, GOVERNANCE) & KINERJA KEUANGAN: EFEK MODERASI TATA KELOLA PERUSAHAAN Najmi Nabila; Widya Perwitasari
EQUITY Vol 28 No 2 (2025): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v28i2.11830

Abstract

ESG is important factor in running a business, where its optimal implementation is believed to drive a company success and make it more attractive to investor. Through testing and analysis, this research investigates the relationship between the size of the board of directors and shareholder ownership concentration can moderate the relationship between ESG performance and financial performance. The sample uses data from 29 public companies in Indonesia operating outside the financial sector, for the period 2020-2024. The data was obtained from Refinitiv Eikon and company annual reports. The proxy variable for ESG performance in this study is the ESG Score, the number of board directors, and the top three largest shareholdings, the study aims to examine their influence in strengthening or weakening the relationship between ESG performance and financial performance. Empirical findings indicate that the effectiveness of ESG relationship and financial performance depends on the existence of a board of directors, but it is not influenced by concentrated share ownership structures. Keywords: ESG Performance; Board of Directors; Shareholder Ownership Concentration; Financial Performance.
The Cliff Effect Following the OJK Restructuring on the Credit Quality of ABC Rural Bank Audita Salsabila Nasution; Widya Perwitasari
E-Jurnal Akuntansi Vol. 36 No. 6 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2026.v36.i06.p03

Abstract

This study aims to analyze the cliff effect phenomenon on the asset quality of Rural Banks (BPR) following the termination of the Financial Services Authority's (OJK) credit restructuring policy. Employing a descriptive quantitative approach, this study utilizes year-on-year trend, comparative, and pre-post policy analyses to identify structural changes in the Non-Performing Loan (NPL) ratio through discontinuity analysis before and after the revocation of POJK No. 11/POJK.03/2020 in March 2024. The data utilized consist of the published financial statements of BPR ABC for the 2020–2024 period. The results indicate a structural discontinuity across three phases. The average NPL during the full relaxation phase (2020–2022) at 5.67% spiked in two waves, reaching 9.79% in 2023 and 15.47% in 2024. This total increase of 9.80 percentage points indicates a cliff effect. These findings demonstrate that countercyclical policies can create distortions in risk signals, potentially misleading decision-making processes. This study provides significant implications for regulators and bank management in designing more adaptive risk mitigation policies.
Co-Authors Audita Salsabila Nasution Najmi Nabila