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Journal : Asian Journal of Management Analytics

The Effect of Environmental Social Governance on the Company's Financial Performance with Company Size as a Moderating Variable Qofi’ah, Rohmawati; Lismawati, Lismawati
Asian Journal of Management Analytics Vol. 4 No. 2 (2025): April 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ajma.v4i2.14122

Abstract

This study aims to determine how the impact of ESG on the financial performance of manufacturing companies in Indonesia. The population of this study is 35 companies in a 4-year period, so the sample includes 140 companies. This study applies a quantitative approach with data analysis through panel data regression and Moderated Regression Analysis (MRA) is implemented to determine whether the company size variable can strengthen or weaken the correlation of ESG's influence on financial performance with Eviews 12. The test results with panel data regression implementing the Fixed Effect Model (FEM) indicate the t-statistic value for the ESG variable is -2.153039 which indicates that ESG has a negative impact on financial performance and company size as moderation is able to weaken the correlation of ESG to the financial performance of manufacturing companies in Indonesia listed on the IDX during the 2020-2023 period.
The Moderating Role of Firm Size in the Relationship Between Board Size and Executive Incentives on Firm Performance Khairani, Rizka; Lismawati, Lismawati
Asian Journal of Management Analytics Vol. 4 No. 2 (2025): April 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ajma.v4i2.14145

Abstract

This study examines the effect of board size and executive incentives on firm performance in banking companies listed on the Indonesia Stock Exchange from 2020 to 2023. Firm size is tested as a moderating variable. A total of 45 banking companies were selected using purposive sampling, resulting in 180 firm-year observations, which were analyzed through panel data regression and Moderated Regression Analysis (MRA) using EViews 12. The results show that board size and executive incentives have a positive effect on firm performance, as measured by Return on Assets (ROA). However, firm size does not significantly affect firm performance and does not moderate the relationship between board size and performance. Notably, firm size negatively moderates the relationship between executive incentives and firm performance. These findings contribute to a better understanding of corporate governance dynamics in the banking sector.
Co-Authors Aastiqomah, Aastiqomah Abdurrohman, Abdurrohman Adilah, Fathiyyah Agussalim, Agussalim Agustin, Eka Sonya Aisyah Aisyah Al-Faid, Mahesa Alfarobi, Thufail Alfi, Badrina Ali Hardana Alviana, Lia Amalia, Nala AMELIA, NUR Amir, Paisal Anam, Haikal Fadhil Andi AR Angga Prayoga Anita Puji Astutik Aprila, Nila Ariani, Dinie Arifuddin, Farchan Aryadi, Ikhsan Asbari, Masduki Assoburu, Selvia Asti M, Choirunnisa AUDITYA, LUCY Awaliyah, Dien Putri Azizah, Syawalia Baskoro, Ilham Fajar Chaeruel, M Cucum Novianti, Cucum Desi, Natsar Despira, Despira Diany Mairiza Dimas Chaerul Ekty Saputra Djamal Abdi, Djamal Ernawati Erniati Bachtiar Fadila, Nurul Fadli Fadli Fasya, Cut Dwi Octaviona Fatur, Abdul Hasan Fauzi, Abi Felix Kasim Ferdiansyah, Muhammad Ichsan Firmansyah, Putra Futri, Irianna Gusty, Sri Hadi Suyono Handary, Alvyta Nur Handayani, Indrastuti Hari Setiawan Harun, A. Muh. Yusuf Hayati, Kardina Helmizar, Roland Hijriani, Zhulfi Hilmiyati, Fitri Husaini Husaini Hutabarat, Anjeli Imas Ratna Ermawati, Imas Ratna Indri Indri Indriyanti Indriyanti, Indriyanti Iryanti, Shobah Shofariyani Iskandar Iskandar Jalil, Nurlina Jelmila, Sri Nani Jum'a, Hikmatis Khairani, Rizka Khoirunnisa Istiqomah Kholifah, Alista Pristantika Nur Khoriroh, Syamilatul Khumayroh, Desy Kusnadi liana, nana Maemunah Maemunah Mahfudz Mahfudz Mahmud Mahmud Marlina, Nina Siti Melina, Gita Meliyana, Reza Rosa Mifta Hasda Mohd. Winario Muhammad Arifin Rahmanto Muhammad Syaipudin Muhammad Zakir Muryadi, Elvaro Islami Mutiah, Nur Nabilah Siregar Ningsih, Nia Kurnia Noviyanti, Mirana NUR AINI Nuringsih, Nuringsih Nurrohman Nurrohman Nurul Aisyah Oktaviana, Fadilla Perangin-angin, Norong Perangin-Angin, Riska Wani Putri Permana, Gama Phann, Raksmey Pitriani, Pitriani Purba, Wulan Sari Putri Aisyatun Najwa Putri, Berliana Putri, Dea Ananda Qofi’ah, Rohmawati Rahmat Hidayat Rahmawati, Rahmawati Ramadhan, Alif Rizky Ramadhan, Satria Putra Rezky Amalia Rifqil Khairi Rizky Nazmia, Mutiara Rofiq, Abdullah Khairur Ruhsyahadati, Ruhsyahadati Sari, Indri Putriana Dewita Saru Reza Sembiring, Armeysa Sholeh, Mohamad Agus Sihombing, Heny Indriyani Sinaga, Ria Enjeli Br. Siregar, Siti Halimah Siti Aisyah Sofyan, Mohamad Sukawati, Anita Sulistia Ayu, Nur Meity Sulistianingsih Sulistianingsih Syafrina Dewi Dalimunthe Syafrudin, Vina Syatriawati Syatriawati Syifa, Ahmad Tarihoran, Naf’an Trimulato Trimulato, Trimulato Triyana, Rahma Utami, Try Wahyu Vernando, Vellix Vina Ayu Lestari Wahyu Febri Ramadhan Sudirman Wasehudin, Wasehudin Wicaksono, Triadi Wijayanti, Indah Oktari Wisri Wisri, Wisri Yudha Prawira Yuli Yusnita Yulia Wulandari, Yulia Yulyani, Arti Zubaidah Assyifa Zuhriyah, Nabilaa Faizatuz