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All Journal JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Reviu Akuntansi, Manajemen, dan Bisnis
Erika Jimena Arilyn
Trisakti School of Management, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics Social Sciences

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ESG Performance, Firm Size, and Profitability: Evidence from listed non-financial firms in Indonesia and Singapore Erika Jimena Arilyn; Beny Beny; Maya Sova; Nicken Destriana
Reviu Akuntansi, Manajemen, dan Bisnis Vol 6 No 3 (2026): September
Publisher : Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/rambis.v6.n3.p103-120.2026

Abstract

Purpose: This study examines whether Environmental, Social, and Governance (ESG) performance is associated with Return on Equity (ROE), whether firm size moderates the ESG–ROE relationship, and whether this differs between listed non-financial firms in Indonesia and Singapore during 2021–2024, integrating resource-based, agency, stakeholder, legitimacy, and signaling perspectives in a comparative panel framework.Research Methodology: This study uses a quantitative panel-data design with 130 firm-year observations from 48 listed non-financial firms in Indonesia and Singapore over 2021–2024 (from 208 potential observations, excluding 78 incomplete cases). Firm size is the log of total assets in U.S. dollars from Bloomberg. Hypotheses are tested with firm fixed-effects models and clustered standard errors, with Driscoll–Kraay errors, leverage controls, and winsorization as robustness checks.Results: The analysis yields robust null results across specifications; neither ESG performance, firm size, nor their interaction predicts ROE. Supplementary analysis, however, points to a marginally significant, more positive ESG–profitability relationship among Indonesian firms than Singaporean peers.Conclusions: These results caution against assuming favorable global ESG-financial performance evidence transfers to this ASEAN panel, offering standard-setters, investors, and managers evidence on whether firm size is a precondition for ESG performance to pay off.Limitations: The sample is restricted to publicly listed, non-financial firms with disclosed ESG scores, so findings do not extend to private or small unlisted firms.Contributions:The study provides standard-setters, investors, and managers in Indonesia and Singapore evidence on whether firm size conditions ESG performance payoffs, informing how ASEAN regulators tailor disclosure rules across firms of different sizes.
Does Firm Size Strengthen the Effect of Liquidity on Corporate Cash Holding? Beny Beny; Erika Jimena Arilyn; Wahyuni Rusliyana Sari; Silvy Christina
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p243-256.2026

Abstract

Purpose: This study investigates the direct effect of non-cash working-capital liquidity on corporate cash holdings and evaluates whether firm size acts as a moderating variable within the liquidity-intensive property and real estate sector listed on the Indonesia Stock Exchange.Research Methodology: A quantitative explanatory approach using panel data was conducted on 42 property and real estate firms (252 firm-year observations) listed from 2018 to 2023. Data were analyzed using regression analysis by EViews 12 software.Results: Statistical findings demonstrate that liquidity has a significant negative direct effect on cash holdings. Importantly, firm size significantly moderates the relationship between liquidity and cash holding in a positive direction, confirming its role as a pure moderator that attenuates liquidity substitution behavior.Conclusions: Organizational scale fundamentally alters corporate liquidity management; while smaller firms substitute non-cash liquidity for physical cash, larger enterprises leverage superior credit access and scale advantages to accumulate internal liquid reserves alongside working capital growth.Limitations: The scope is limited strictly to audited financial disclosures of property and real estate companies in a single emerging market over a six-year period, unobserving qualitative governance factors.Contributions: The study provides financial managers with insights to optimize cash conversion cycles and offers Investors and Regulators (Otoritas Jasa Keuangan-OJK) a diagnostic scale-adjusted framework for evaluating corporate liquidity risk
Co-Authors Beny Beny Maya Sova Nicken Destriana SILVY CHRISTINA Wahyuni Rusliyana Sari