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All Journal Riset Akuntansi dan Keuangan Indonesia
Nandya Octanti Pusparini
Faculty of Economics and Business, Universitas Muhammadiyah Surakarta
Economics, Econometrics & Finance

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Examining The Role of Foreign Ownership and Media Exposure in Environmental Performance: Evidence from Indonesia Nandya Octanti Pusparini; Handy Nugraha; Santi Putriani
Riset Akuntansi dan Keuangan Indonesia Vol. 11 No. 2 (2026): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v11i2.20482

Abstract

This study aims to examine the effect of foreign ownership on environmental performance and to analyze the role of media exposure as a moderating variable. Foreign ownership is regarded as a governance mechanism capable of promoting corporate transparency and accountability, whereas media exposure is presumed to intensify the legitimacy pressure faced by firms. This study employs a sample of 74 firm-year observations from basic materials sector companies actively listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period. The sample was selected using a purposive sampling method. Data were analyzed using multiple regression and Moderated Regression Analysis (MRA) with SPSS. The results show that foreign ownership has a positive and significant effect on environmental performance. The moderation test results reveal that media exposure weakens the positive relationship between foreign ownership and environmental performance, indicating a substitutive relationship between the two monitoring mechanisms. These findings provide theoretical contributions to the literature, particularly the ESG and corporate governance literature, as well as practical implications for investors, management, and regulators in formulating strategies to improve corporate environmental performance.
Co-Authors Handy Nugraha Santi Putriani