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DOES ESG AFFECT FIRM PERFORMANCE? EVIDENCE FROM INDONESIA Hesniati, Hesniati; Richard, Richard; Suprapto, Yandi; Candra, Tony
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 9 No 3 (2025): Edisi September - Desember 2025
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v9i3.6651

Abstract

This study analyzes how Environmental, Social, and Governance (ESG) affects the value of companies listed on the Indonesia Stock Exchange (IDX). Researchers applied a purposive sampling method to select 86 companies that had a clear ESG score from Refinitiv and were listed on the IDX during the 2018–2022 period. It employs Ordinary Least Squares (OLS) for data analysis, to examine the relationships between the variables. Findings show that environmental and governance performance are negatively related to firm value, this tells that companies with high environmental and governance performance will has a higher spendings which will lower the company’s value, while social performance has a positive impact when considered alongside the other ESG components. A key limitation of this study is its exclusive focus on the Indonesian market, where distinctive regulatory frameworks, ESG disclosure practices, cultural factors, and investor preferences may shape the relationship between ESG performance and firm value in ways that differ from other countries, thereby limiting the extent to which the findings can be generalized to broader global contexts.
THE INFLUENCE OF SELF-CONTROL, OVERCONFIDENCE & FINANCIAL LITERACY ON INVESTMENT DECISIONS OF HIGH RISK ASSETS AMONG THE MILLENNIAL GENERATION AND GENERATION Z Suprapto, Yandi; Joycelyn; Wisnu Yuwono
JMD : Jurnal Riset Manajemen & Bisnis Dewantara Vol. 8 No. 2 (2025): Juli (2025) - Desember (2025)
Publisher : STIE PGRI Dewantara Jombang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26533/jmd.v8i2.1445

Abstract

This research is aimed to perform an investigation regarding the capability of financial literacy, including overconfidence bias and self-control proceed a significant influence on shaping Gen Z and Millennials’ decision to invest. Furthermore, the research also examines how risk tolerance mediating role in the relationship between independent-dependent variables. By employing quantitative approach, utilizing PLS-SEM modelling, the research gained data which is derived from 168 active investors in the capital market of Indonesia. The findings shown the significant influence of financial literacy, self-control, and overconfidence in shaping risk tolerance, which also turns out as a bridge towards the decision of individuals to invest. In this context, financial literacy highly encourages higher overconfidence distorts the perception of risk, well-examined risk taking, and self-control which able to foster such impulsive actions, which further shape the decisions of investment choices. The findings also offers such major insights regarding young investors’ behaviour in the capital market and underlines the requirement to utilize an effective and well-targeted financial education and training of behavioural finance. Those results might be applicable for further literatures looking forward in the development of these theoretical models for further financial professionals, purposed in showing more support to client in investigating the emerging landscape of investment.
Factors Effecting Phone Brand’s Purchase Decision, Mediated By Purchase Intention Suprapto, Yandi; Halim, Wiliana; Kesumahati, Eriliana
At-Tadbir : jurnal ilmiah manajemen Vol 10, No 1 (2026): At-Tadbir: jurnal ilmiah manajemen
Publisher : Islamic University of Kalimantan MAB Banjarmasin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31602/atd.v10i1.21273

Abstract

As the global market continues to change dynamically, smartphone brands industry constantly developing and innoovate new features to fulfill the market demands. The rising of new demands feature resulting businesses to have to intensify their efforts to address those needs, while still maintaining continues rise of sales to earn revenues. This research was done with the intention to study further the role of purchase intention mediating the relationships between social media marketing, brand image, E-WOM, and purchase decision as the dependent. By using quantitive method to obtain the data for this research, a sum of 253 different respondents was gathered all over Indonesia with the type of sampling used was nonprobability. The data gathered were then proceesed by using Smart PLS 3 and SPSS 27. This research resulted that all hypothesis is accepted, except for those who’re involved with the social media marketing variable are rejected. In essence, these findings indicate that businesses can utilize better aspects such as brand image and EWOM in gaining customers willingness to purhcase their products.
Inovasi dan Tata Kelola dalam Pengungkapan Emisi Karbon Manufaktur Indonesia Yanti, Evi; Haryanto, Hery; Suprapto, Yandi
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9074

Abstract

Manufacturing companies contribute significantly to carbon emissions, making transparency in carbon emission disclosure an important issue in supporting environmental sustainability. However, the level of carbon emission disclosure in Indonesia still varies and is influenced by internal company factors. This study aims to analyze the effect of green innovation on carbon emission disclosure and examine the moderating role of internal governance, which consists of ownership concentration, executive political connections, and director compensation. This study is a quantitative study with a causal approach using secondary data. The research sample included 154 manufacturing companies listed on the Indonesia Stock Exchange during the 2019–2023 period with a total of 770 observations. The analysis technique used is ordinary least squares (OLS) to test the relationship between variables and moderating effects. The results show that green innovation has a significant negative effect on carbon emission disclosure. In terms of moderating variables, ownership concentration and executive political connection are not proven to moderate this relationship. Meanwhile, director compensation was found to moderate the relationship between green innovation and carbon emission disclosure in a negative direction, indicating that the director compensation system actually weakens the transparency of carbon emission disclosure. The novelty of this study lies in the simultaneous testing of internal governance mechanisms as moderating variables in the relationship between green innovation and carbon emission disclosure in the context of manufacturing companies in Indonesia. This study contributes theoretically to the literature on environmental accounting and corporate governance, as well as providing practical implications for management and regulators in formulating sustainability and environmental transparency policies.
When Sustainability Meets Emissions: Factors Shaping ESG Performance in Indonesian Manufacturing Firms Haryanto, Hery; Akbar Nanditama, Muhammad; Suprapto, Yandi
Jurnal Proaksi Vol. 13 No. 1 (2026): Januari - Maret 2026
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v13i1.8414

Abstract

Main Purpose - This research investigates the impact of R&D spending, eco-friendly innovation, and Corporate Social Responsibility on Environmental, Social, and Governance performance. It additionally examines the moderating effect of carbon emissions in these connections among Indonesian manufacturing firms. Method - A quantitative explanatory strategy was utilized, employing panel data from 23 manufacturing companies listed on the Indonesia Stock Exchange (2019–2023), chosen through purposive sampling. Panel regression and moderated regression analysis in STATA were utilized to analyze secondary data from annual reports, sustainability reports, and ESG rating databases. Main Findings - To achieve sustainable development, Indonesian policymakers and industry executives need to promote cohesive corporate strategies. Policies must encourage companies to integrate environmental innovation (R&D, green technology) and emissions management with fundamental ESG frameworks to improve long-term competitiveness and sustainable development. Theory and Practical Implications - To achieve sustainable development, Indonesia's policymakers and industry leaders need to promote cohesive corporate strategies. Policies ought to encourage companies to integrate environmental innovation R&D, green technology, and emission management with essential ESG frameworks to boost long-term competitiveness and sustainable development. Novelty - This research adds to the knowledge by treating ESG performance as the dependent variable and incorporating carbon emissions as a new moderating factor, offering vital empirical insights from a less studied emerging market scenario.
Peran Customer Online Review dalam Memediasi Niat Beli Produk Skincare Suprapto, Yandi; Hasan, Golan; Feby
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 11 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i11.9515

Abstract

This research examines the influence of digital marketing on purchase intention in the skincare industry, focusing on the role of social media marketing, e-WOM, brand image, and influencer endorsers mediated by customer online reviews. According to Statista (2020), the skincare industry experienced significant growth with a total value reaching USD 335.6 billion in 2020, increasing by 3.6% from the previous year and projected to reach USD 344.4 billion in 2021. This research aims to analyze the causal relationships between digital marketing variables (social media marketing, e-WOM, brand image, influencer endorsers) on purchase intention with customer online reviews as a mediating variable. The research method uses a quantitative approach with path analysis to test nine proposed hypotheses. The results show that SMM, e-WoM, and Brand Image have a significant influence on Customer Online Review, while Influencer Endorser shows no significant influence. This research extends previous studies by integrating the role of customer online reviews as a mediator in influencing consumer purchase intention
THE MODERATING ROLE OF FINANCIAL LITERACY ON THE IMPACT OF BEHAVIORAL BIASES TOWARD INVESTMENT DECISIONS AMONG GENERATION Z IN INDONESIA Wilson, Wilson; Suprapto, Yandi; Candy, Candy
Jurnal Keuangan dan Bisnis Vol. 24 No. 1 (2026): Jurnal Keuangan Dan Bisnis Volume 24, Number 1, Maret 2026
Publisher : Catholic University Musi Charitas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32524/jkb.v24i1.1927

Abstract

Purpose : This study examines the influence of behavioral biases including anchoring bias herding bias loss aversion bias and mental accounting bias on investment decisions and evaluates the moderating role of financial literacy among Generation Z investors in Indonesia Design Methodology Approach : A quantitative survey approach was applied using data collected from Generation Z investors with prior investment experience Data analysis was conducted using Partial Least Squares Structural Equation Modeling with SmartPLS to assess direct and moderating effects Findings : Loss aversion and mental accounting biases show a significant positive effect on investment decisions while anchoring and herding biases show positive but not significant effects Financial literacy significantly moderates the relationship between anchoring bias and herding bias with investment decisions while no moderating effect is observed in the relationships involving loss aversion and mental accounting Practical Implications : Financial literacy demonstrates a selective role in mitigating behavioral biases particularly those related to heuristic driven decision making Therefore targeted financial education programs are required to improve rational investment behavior among Generation Z investors Originality Value : Evidence is provided that the effectiveness of financial literacy as a moderating mechanism depends on the type of behavioral bias thereby offering a more nuanced understanding of behavioral finance in emerging market investor settings