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All Journal Jurnal Manajemen Terapan dan Keuangan Jurnal Kajian Manajemen Bisnis Journal of Applied Finance & Accounting JAKU (Jurnal Akuntansi & Keuangan Unja) (e-journal) Jurnal Ilmiah Universitas Batanghari Jambi al-Uqud : Journal of Islamic Economics EKONOMIS : Journal of Economics and Business J-MAS (Jurnal Manajemen dan Sains) ILTIZAM Journal of Sharia Economic Research Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Akademi Akuntansi (JAA) Journal of Management - Small and Medium Enterprises (SME's) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) JURNAL ILMIAH GLOBAL EDUCATION Action Research Literate (ARL) Formosa Journal of Multidisciplinary Research (FJMR) Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) Journal of Comprehensive Science Asian Journal of Management Analytics Jurnal Karya Abdi Masyarakat Asian Journal of Applied Business and Management (AJABM) Jambi Accounting Review (JAR) Jurnal Pengabdian Kepada Masyarakat Jurnal Ekonomi, Teknologi dan Bisnis Madani : Jurnal Pengabdian Kepada Masyarakat Trending: Jurnal Manajemen dan Ekonomi Jurnal Riset Akuntansi Jurnal Akuntansi, Keuangan, Perpajakan dan Tata Kelola Perusahaan Journal of Management and Innovation Entrepreneurship (JMIE) Neraca Manajemen, Akuntansi, dan Ekonomi JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, dan Akuntansi Journal of Innovative and Creativity JUPEMA Accounting Studies and Tax Journal Journal of Management, Economic, and Financial Jurnal Akuntansi dan Governance Andalas International Journal of Economics, Business and Innovation Research Greenation International Journal of Economics and Accounting Jurnal Cakrawala Akuntansi International Journal of Economics, Education, Law and Social Sciences (IJEELSC) Oikonomia : Journal of Management Economics and Accounting Maneggio Nomico
Mukhzarudfa, Mukhzarudfa
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Religion Agriculture, Biological Sciences & Forestry Humanities Astronomy Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Mechanical Engineering Public Health Social Sciences Other

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Ownership Structure and Financial Performance of the Technology Sector on the Indonesia Stock Exchange (2020–2024) Apriani, Tari; Mukhzarudfa; Kusumastuti, Ratih; Tiswiyanti, Wiwik
Action Research Literate Vol. 10 No. 4 (2026): Action Research Literate
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/arl.v10i4.3090

Abstract

This research aims to examine the effect of ownership structure on the financial performance of technology sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Ownership structure is proxied by institutional ownership, managerial ownership, and foreign ownership, while financial performance is measured using Tobin's Q as a market-based indicator of firm value. This study uses a causal-associative quantitative approach with panel data. The sample consists of 20 technology sector companies listed on the Indonesia Stock Exchange, selected through purposive sampling, resulting in 100 firm-year observations. Data drawn from annual reports, audited financial statements, and stock price records were analyzed using panel data regression with EViews 13. The results show that, simultaneously, institutional ownership, managerial ownership, and foreign ownership have a significant effect on the financial performance of technology sector companies. Partially, institutional ownership and managerial ownership have a positive and significant effect on Tobin's Q, indicating that stronger institutional monitoring and greater alignment of managerial interests contribute to higher firm value. In contrast, foreign ownership has a positive but statistically insignificant effect on financial performance. These findings indicate that domestic governance mechanisms, particularly institutional and managerial ownership, play a more important role in enhancing market valuation in the Indonesian technology sector during the post-pandemic and technology sector correction period. This study contributes to the corporate governance literature by providing evidence on the role of ownership structure in explaining firm value in a knowledge-based industry within an emerging market context.
The Quality of Sustainability Reporting by Infrastructure Sector Companies Listed on the Indonesia Stock Exchange for the 2020–2024 Period Achmad, Muhardi; Mukhzarudfa, Mukhzarudfa; Tiswiyanti, Wiwik; Kusumastuti, Ratih
Asian Journal of Management Analytics Vol. 5 No. 2 (2026): April 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ajma.v5i2.16458

Abstract

This study aims to investigate the quality of sustainability reporting of infrastructure sector companies listed on the Indonesia Stock Exchange for the period 2020-2024. The sample consisted of 6 companies from the infrastructure sector (out of 70 companies) chosen by purposive sampling, based on consistency and availability of sustainability reports during the observation period. The degree of compliance with disclosure requirements was quantified using dichotomous scoring. The findings indicate a steady improvement in the quality of sustainability reporting, with the total ESG compliance score reaching 54.31%. The average compliance score rose from 39.35% in 2020 to 67.44% in 2024. The main results show that environmental disclosure significantly improved after the adoption of GRI Standards 2021, while governance reached the highest level of compliance, indicating a change in corporate transparency and responsibility.
Kualitas Pengungkapan Sustainability Report Berbasis GRI pada Perusahaan Sektor Energi di Bursa Efek Indonesia Periode 2020–2024 Mulyani, Suci; Mukhzarudfa; Kusumastuti, Ratih; Tiswiyanti, Wiwik
JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, dan Akuntansi Vol. 3 No. 4 (2026): April
Publisher : CV. Muris Global Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62421/jibema.v3i4.236

Abstract

Penelitian ini bertujuan menganalisis tingkat pengungkapan pelaporan keberlanjutan pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2024 berdasarkan kerangka GRI Standard 2021. Penelitian menggunakan pendekatan kuantitatif deskriptif dengan metode content analysis terhadap laporan keberlanjutan dan laporan tahunan perusahaan. Dari 91 perusahaan sektor energi, diperoleh 16 perusahaan sampel melalui teknik purposive sampling. Pengukuran dilakukan menggunakan 97 indikator GRI yang dikelompokkan dalam dimensi Environmental (31 item), Social (36 item), dan Governance (30 item) dengan skoring dikotomis. Hasil penelitian menunjukkan bahwa rata-rata skor pengungkapan ESG meningkat dari 45,28% pada tahun 2020 menjadi 83,11% pada tahun 2024. Dimensi Governance memiliki tingkat pengungkapan tertinggi, sedangkan dimensi Environmental dan Social masih relatif lebih rendah. Sebagian besar perusahaan telah mencapai tingkat pengungkapan yang tinggi pada akhir periode penelitian. Temuan ini menunjukkan bahwa kualitas pelaporan keberlanjutan perusahaan sektor energi di Indonesia mengalami peningkatan, meskipun masih terdapat kesenjangan antar dimensi ESG.
The Influence of Budgeting, Human Resources, and Leadership on Transparency and Accountability in Village Fund Management with Community Participation as a Moderating Variable Susanti, Novriani; Hizazi, Achmad; Mukhzarudfa, Mukhzarudfa; Arum, Enggar Diah Puspa
Nomico Vol. 3 No. 4 (2026): Nomico- May
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/gc8kpy77

Abstract

This research is motivated by the importance of transparency and accountability in Village Fund management as key indicators of village governance success. Although Village Fund allocations have continuously increased, various problems remain in management practices, particularly regarding low transparency and accountability. This study aims to analyze the influence of budgeting, human resources (HRM), and leadership on transparency and accountability in Village Fund management, with community participation as a moderating variable. A quantitative approach with explanatory research design was employed, using primary data collected through structured questionnaires. The analytical technique used is Structural Equation Modeling-Partial Least Squares (SEM-PLS). Results show that budgeting, HRM, and leadership have a positive and significant influence on both transparency and accountability. Furthermore, community participation is proven to significantly strengthen these relationships. These findings indicate that good Village Fund governance is not only influenced by internal factors of the village government, but also by the active involvement of the community. Thus, improving the quality of budgeting, HRM capacity, leadership, and community participation are key to achieving optimal transparency and accountability in Village Fund management.
Financial Performance Analysis of the Jambi Province Local Government Using the Value for Money Method (2017-2024 Period) Tiara, Zelvi; Mukhzarudfa, Mukhzarudfa; Prasetyo, Eko
Jurnal Ilmiah Global Education Vol. 7 No. 2 (2026): JURNAL ILMIAH GLOBAL EDUCATION (In Press)
Publisher : LPPM Institut Pendidikan Nusantara Global

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/jige.v7i2.5891

Abstract

This study aims to analyze the financial performance of the Jambi Provincial Government using the Value for Money approach, which covers the aspects of economy, efficiency, and effectiveness during the 2017–2024 period. The population of this study consists of all financial reports of the Jambi Provincial Government, while the sample is the Budget Realization Reports for the observed years, selected using a time series technique based on data availability. This research employs a quantitative approach with a descriptive research design. The data used include secondary data obtained from official budget realization reports and primary data collected through interviews conducted at the Jambi Provincial Finance and Asset Agency. Data collection techniques comprise documentation and interviews, and data analysis is carried out using economic, efficiency, and effectiveness ratios within the Value for Money framework. The results show that the financial performance of the Jambi Provincial Government during the study period is categorized as economical, as the expenditure realization ratio is below 100 percent, indicating budget savings. However, in terms of efficiency, the performance is still considered inefficient because the ratio exceeds 100 percent, which means expenditure realization is higher than revenue realization. Meanwhile, in terms of effectiveness, financial performance is classified as effective since revenue realization has met and even exceeded the predetermined targets. In conclusion, the Jambi Provincial Government has managed its budget economically and effectively, but improvements are still required to enhance efficiency in regional financial management.
Financial Performance Analysis of Transportation and Logistics Sector Companies Listed On the Indonesia Stock Exchange Using a Financial Ratio Approach in 2014-2024 Pintania, Revita; Mukhzarudfa, Mukhzarudfa; Olimsar, Fredy
Jurnal Ilmiah Global Education Vol. 7 No. 2 (2026): JURNAL ILMIAH GLOBAL EDUCATION (In Press)
Publisher : LPPM Institut Pendidikan Nusantara Global

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/jige.v7i2.6002

Abstract

This study aims to analyze the financial performance of transportation and logistics companies listed on the Indonesia Stock Exchange (IDX) during the 2014–2024 period using a financial ratio approach. This study employed a quantitative method with a purposive sampling technique, resulting in 10 companies meeting the research criteria with a total of 110 observations. Financial performance analysis was conducted through three ratio groups: liquidity ratios (current ratio and cash ratio), solvency ratios (debt to asset ratio and debt to equity ratio), and profitability ratios (return on investment and return on equity). The results showed that the financial performance of transportation and logistics companies experienced significant fluctuations during the observation period, particularly during the COVID-19 pandemic and the economic recovery phase. In general, several companies demonstrated good ability to maintain liquidity levels and control their capital structure, despite pressure on profitability in the 2020–2021 period. Based on the comprehensive analysis, PT Eka Sari Lorena Transport Tbk (NELY) and PT Samudera Indonesia Tbk (SMDR) demonstrated relatively better and more stable financial performance compared to other companies during the study period. These findings imply that liquidity management, debt structure, and operational efficiency are important factors in maintaining financial performance stability, particularly in sectors that are sensitive to macroeconomic dynamics.
SUSTAINABILITY REPORTING QUALITY IN THE BASIC MATERIALS SECTOR OF COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE Sri Wahyuni; Mukhzarudfa, Mukhzarudfa; Ratih Kusumastuti; Wiwik Tiswiyanti
Jurnal Akuntansi, Keuangan, Perpajakan dan Tata Kelola Perusahaan Vol. 3 No. 3 (2026): Maret
Publisher : Yayasan Nuraini Ibrahim Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70248/jakpt.v3i3.3629

Abstract

This study aims to examine the quality of Environmental, Social, and Governance (ESG) reporting and its relationship with the performance and resilience of Basic Materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Based on stakeholder theory and legitimacy theory, this study analyzes the effect of ESG risk transparency on operational stability and market trust. The method used is content analysis with a priori coding based on GRI G4 indicators on 11 companies selected through purposive sampling. The results show a significant transformation in ESG risk profiles; issuers such as TINS, ANTM, SMGR, and INTP successfully achieved the lowest risk category (Negligible to Low Risk) by 2024. The findings reveal that ESG risk management has a strong linear correlation with operational efficiency and access to green financing. Conversely, companies categorized as Severe Risk are more vulnerable to regulatory pressure and market volatility. This study confirms that ESG compliance is a crucial determinant in closing the legitimacy gap and enhancing global competitiveness. The practical implications emphasize the importance of integrating green technology and transparent governance for the basic materials sector to ensure business sustainability in the low-carbon economy era. Kata kunci: Sustainability Report, ESG (Enviromental, Social, and Governance), Firm Performance.
Financial Performance Mediation Model on the Influence of Islamic Corporate Governance on Sustainability Reports Moderated by Corporate Social Responsibility Musdalifa, Musdalifa; Afrizal, Afrizal; Mukhzarudfa, Mukhzarudfa; Hizazi, Achmad
Maneggio Vol. 3 No. 2 (2026): APRIL- MJ
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/p10xh090

Abstract

This research is motivated by the importance of implementing Islamic Corporate Governance in improving the performance and sustainability of Islamic banking, which still faces various challenges, such as low contribution to the economy and the quality of sustainability reporting. This study aims to analyze the effect of Islamic Corporate Governance on Sustainability Reports, with financial performance as a mediating variable and Corporate Social Responsibility as a moderating variable. This study uses a quantitative approach with secondary data in the form of annual reports and sustainability reports of Islamic Commercial Banks in Indonesia for the period 2019–2024. Data analysis was conducted to test the direct, indirect, and moderating effects between variables in the research model. The results show that Islamic Corporate Governance has a positive and significant effect on financial performance and Sustainability Reports. Financial performance is proven to act as a mediating variable, while Corporate Social Responsibility acts as a moderating variable that strengthens the relationship between governance and sustainability reporting. These findings indicate that the implementation of Sharia-based governance, supported by good financial performance and effective CSR practices, can improve corporate transparency and sustainability. The conclusion of this study confirms that the integration of Islamic Corporate Governance, sharia-based financial performance, and Corporate Social Responsibility is a key factor in improving the quality of Sustainability Reports in Islamic banking in Indonesia.
The Effect of Environmental Cost, Carbon Emission Disclosure, and Sustainability Reporting on Financial Performance of Consumer Non-Primary Sector Companies Listed on the Indonesia Stock Exchange:A Management Accounting Perspective with E-Views Analysis Osman, Rani Nur Az-zahra; Mukhzarudfa, Mukhzarudfa; Kusumastuti, Ratih; Tiswiyanti, Wiwik
Oikonomia : Journal of Management Economics and Accounting Vol. 3 No. 3 (2026): Oikonomia - May
Publisher : PT. Hafasy Dwi Nawasena

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61942/oikonomia.v3i3.577

Abstract

This study analyzes the effect of environmental cost, carbon emission disclosure, and sustainability reporting on financial performance proxied by Return on Assets (ROA) in consumer non-primary sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The research population includes all consumer non-primary sector companies on the IDX, with a sample of 18 companies selected through purposive sampling technique, yielding 90 observation data (balanced panel). Data analysis employs panel data regression using E-Views 13 software, encompassing Common Effect, Fixed Effect, and Random Effect model estimation selected through the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results indicate that: (1) environmental cost has a significant negative effect on ROA; (2) carbon emission disclosure has a significant positive effect on ROA; and (3) sustainability reporting has a significant positive effect on ROA. Simultaneously, the three independent variables significantly affect financial performance with a coefficient of determination (adjusted R²) of 0.6572 or 65.72%. These findings imply the importance of integrating environmental cost information and sustainability reporting into management accounting systems to support corporate strategic decision-making.
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.
Co-Authors - Afrizal Abd Aziz, Marwa Abelia Fitri Rahman Achmad Hizazi Achmad, Muhardi Adi Surahmat Agung Pratama Ahmad Nur Budi Utama Alfala, Miftakul Khoir Amirul Afif Muhamat Anjarsari, Putri Salsa Apriani, Tari Apriyanti, Nur Ulyana Ariani, Lia Dedi Setiawan Dedy Setiawan Diana Safutri Dica Lady Silvera Dica Lady Silvera, Dica Lady Silvera Dilla Dwi R.R Dini Zaskya Disya Yuke Farhana Eko Prasetyo Emilia Fornia Enggar Diah PA Enggar Diah PA Enggar Diah Puspa Arum Esthie Nur W.A Esty Octesy Etik Umiyati Fadhilah, Afifah Nurul Fatricia Rofalina Febrila, Ariqo Feranika, Ayu Ferinluary, Fadila Finti Eka S Firmansyah Firmansyah Fitrini Mansur Fredy Olimsar FRIYANI, RITA Gowon, Muhammad Hamzah, Hamzah Handoko, Kris Hanna Septiani Hazmi Arimiko S Heriberta Heriberta Hernando, Riski Hurriyah Hurriyah Iin Tamarisa Ilham Wahyudi Izzuddin, Muhammad Jamaili, Salman Jordhi Arfito Jullani Kelvin Setiawan Kurniawati, Rizki Kusumawati, Indah Laga, Anastasya Lestari, Rinda liana parahdila Liana, Jenny M Indra Gunawan M Sholihin Malau, Yemima Christiani Maratusholihah Abd Latif Mardini, Sasra Martha Yurdila J Melfa Asi Gres Br Silalahi Meri Novita Sari Merry Wiraswasti S Mike Maya S Minati, Jurnia Moh. Ihsan Muhammad Gowon Muhammad Ridwan Mulyani, Suci Musa Adikusuma Musdalifa Musdalifa Nanda Afrimelta Ningsih, Maryati Ningtyas, Arie Dea Nisa Oktavia Nora Triandini Novialdi . Novita Eka P. Novita Sari Nurfani Amelia Putri Nurfitriani , Nurfitriani Nurhasniwati Nuri Andriyani Nurul Tsalatsa Azizah Okta Sulviana Oktavia, Nisa Osman, Rani Nur Az-zahra Parkhurst, Helen Parmadi Pintania, Revita Puspita, Deta Qodri, Muhammad Amin Rachmani, Diah Ayu Rafiqoh R. Rahayu , Rahayu Rainiyati Rainiyati Ramadhanty, Della Ratih Kusumastuti Rega C Reni Yustien Reni Yustien Rezi Abdurrahman Rico Wijaya Z Riman Abimayu Riski Hernando Rita Friyani Robby Erviando Z Rusadi, Lia Atthahira Safittri, Wahyu Salman Jumaili Salsa Vonni Indrayani Saraswati, Leli Sari, Dwi Rahmita Sidratul Fadil Sisti Nurjanah Siswahyudianto Sri Handayani Sri Rahayu SRI RAHAYU Sri Wahyuni Sri Widiyati, Sri Suridar Sanah SUSANTI, NOVRIANI Susfayetti, Susfayetti Syada Aryanto Syindy Cantika Tesa Hikmatia R Tiara, Zelvi Tona Aurora L Tona Aurora L Tona Aurora Lubis Wahyono Wahyono Wahyu MZ, Gandy Wasti Margaretha, Widya Wawan Anggara Winda Wulan S Wiralestari, Wiralestari Wiralestari, Wiralestari Wirmie Eka Putra Wiwik Tiswiyanti Wulandari Wulandari Yudi Yudi Yudi Yudi Yudi Yuliana Yuliusman Yuliusman - Zesmi Kusmila Zulfanetti, Zulfanetti Zulma, Gandy Wahyu Maulana